Tesco Savings DDs

Mchambers

teddysmum wrote: »

Tesco's change has stopped my future plans to open two Lloyds accounts to take money whose time is up with TSB regular savers (probably have to go back into TSB's new lower paying)and cancelling a newspaper subscription as our main account with Co-op has 6 dds, including to a Tesco online saver, the newspaper account and a Sky subscription(due to end next month), which would leave 3 (one short).

Why ? The Tesco changes are happening during April/May 2018 so you can still go to Lloyds until then.

With regards Co-op, just open another d/debit with one of your Tesco accounts.

HTHs.

adindas

Probably good to keep in mind that Tesco Saving DD is a "controlled direct debit" where you are in full control how much it will be taken each month.
So it will not be the same with just replacing them with other DD such as DD from utilities, credit cards (unless CC with carefully controlled spending and usage).

Doing this to an account which do not pay interest with low balance will undermine the benefit of having DD in the first place.

If you get an overdrawn fee £25 (say) and mark on your credit file it will wipe out the benefit of having DDs in the first instance.

Charity might be a good substitute but it is difficult to control and it will not pay to your own pocket.

Zanderman

Mchambers wrote: »

You can change a direct debit amount. I did it a few weeks ago. In this instance, just phone the charity to change it.

Well, er, obviously. But that was my point.

Adindas was suggesting changing the DD to 1p so the charity 'wouldn't bother' to take it.
Which implies Adindas thought this was a method of keeping a live DD that wouldn't be taken, but could be reactivated later.
But you can't change the DD, only the charity can.Yes you can ask them to, obviously....
But if you rang a charity to ask for your £1 DD to be reduced to 1p they would (unless they are very stupid, which I doubt) simply say no, if you want to reduce it that much we'll just cancel it.

surreysaver wrote: »

By that sentence you are implying that charities have morals. If our society had morals, there would be no need for charities in the first place. Tesco are being immoral by removing the facility to fund their savings accounts by direct debit, thereby causing people to go running off to the charities in the first place.

I have no idea what you think you are saying here. My point was about the personal morality of messing charities about by setting up worthless DDs (the example being 1p ones that they wouldn't bother to process). As for charities v Tesco - charities are set up for moral purposes, Tesco is not.

polymaff

Oh, come off it, Scrooges.

A couple of quid (dare I suggest a fiver ) once each year to a charity will keep a £20k Santander churning out £300 per annum.

ASavvyBuyer

adindas wrote: »

You will not find any as it is not the role of the regulator to dictate way the saving is funded as long as there is not any suspicion of illegal activities.

If that is the case, it is just a T&C change by Tesco, rather than what was suggested above as a regulation change that all banks have to adopt.

Therefore the Post Office & Scottish Widows Savings Accounts, that allow DD, may still be viable alternatives for setting up some DD's.

adindas

ASavvyBuyer wrote: »

If that is the case, it is just a T&C change by Tesco, rather than what was suggested above as a regulation change that all banks have to adopt.

Therefore the Post Office & Scottish Widows Savings Accounts, that allow DD, may still be viable alternatives for setting up some DD's.

I believe that is the case.

If there is a changing in regulation not to allow saving by DD then it must be any news post on this thread.
https://forums.moneysavingexpert.com/discussion/5126573

ASavvyBuyer

adindas wrote: »

I believe that is the case.

If there is a changing in regulation not to allow saving by DD then it must be any news post on this thread.
https://forums.moneysavingexpert.com/discussion/5126573

Thanks for the link; forgot about that thread. Very Useful.

surreysaver

Mchambers wrote: »

Why ? The Tesco changes are happening during April/May 2018 so you can still go to Lloyds until then.

With regards Co-op, just open another d/debit with one of your Tesco accounts.

HTHs.

Correct me if I'm wrong, but with the Co-Op I believe just one direct debit suffices, if is taken weekly?

mhoc

adindas wrote: »

Probably good to keep in mind that Tesco Saving DD is a "controlled direct debit" where you are in full control how much it will be taken each month.
So it will not be the same with just replacing them with other DD such as DD from utilities, credit cards (unless CC with carefully controlled spending and usage).

Doing this to an account which do not pay interest with low balance will undermine the benefit of having DD in the first place.

If you get an overdrawn fee £25 (say) and mark on your credit file it will wipe out the benefit of having DDs in the first instance.

Charity might be a good substitute but it is difficult to control and it will not pay to your own pocket.

With that in mind I have a £24 balance in my Halifax which would have paid the two direct debits for a year.
£24 is not going to earn much interest anywhere so by keeping this in the account it is a sort of insurance policy that the DDs will always be paid .

ceredigion

surreysaver wrote: »

Correct me if I'm wrong, but with the Co-Op I believe just one direct debit suffices, if is taken weekly?

:shhh:


Not for long