Tesco Savings DDs

teddysmum

colsten wrote: »

This had to happen, given the onslaught of MSEers. I am surprised it lasted that long.

Already it is difficult to service a Tesco current account (since the changes), if you have other accounts for real bills' direct debits, so perhaps they have decided to prevent people using their saver to service other banks' accounts, too.

Yorkshire_Pud

Could be that some of the banks stipulating 2 or more direct debits on current accounts that are effectively savings accounts will,in the face of the Tesco withdrawal, relax some of their requirements, e.g. No DDs?

I mean why does anyone need THREE BOS current accounts anyway?!;)

Kim_13

Yorkshire_Pud wrote: »

Could be that some of the banks stipulating 2 or more direct debits on current accounts that are effectively savings accounts will,in the face of the Tesco withdrawal, relax some of their requirements, e.g. No DDs?

I mean why does anyone need THREE BOS current accounts anyway?!;)

Doubt it. If they were going to relax them, they'd have done it soon afterwards if it appeared that because of Tesco, the changes weren't having the desired effect.

Tesco's changes only make it more likely that the DD requirement is going to do what BOS intended.

polymaff

teddysmum wrote: »

Already it is difficult to service a Tesco current account (since the changes), if you have other accounts for real bills' direct debits, so perhaps they have decided to prevent people using their saver to service other banks' accounts, too.

I wouldn't draw any conclusions. Tesco's allowing of multiple DDs to fund savings accounts is anomalous, full stop. The fact that some twerps have been trying to implement foolishly low-value DDs has probably contributed to Tesco's decision to get rid of them. Let's be grateful that a) they took so long, and b)they have given us six months notice.

There's plenty of evidence of said twerps still not recognising their twerpiness so, rather as a lot of MSE'ers agreed to keep quiet about the Tesco facility, the same group will probably not want to publicise post-Tesco alternatives.

djpailo

polymaff wrote: »

I wouldn't draw any conclusions. Tesco's allowing of multiple DDs to fund savings accounts is anomalous, full stop. The fact that some twerps have been trying to implement foolishly low-value DDs has probably contributed to Tesco's decision to get rid of them. Let's be grateful that a) they took so long, and b)they have given us six months notice.

There's plenty of evidence of said twerps still not recognising their twerpiness so, rather as a lot of MSE'ers agreed to keep quiet about the Tesco facility, the same group will probably not want to publicise post-Tesco alternatives.

I have always found it strange when people "keep things quiet". They are happy to learn about tricks from MSE but then don't want others to learn the same tricks. How strange is that?

The alternative at the moment is Paypal, if you can still see it in the app, and the Post office online saver. Other than that, it might be beneficial to open up some credit cards and use them for certain things. e.g. one for travel costs, one for supermarket shop, one for going out, etc etc.

I agree, as you say, its good that there is six months notice to come up with some alternatives.

djpailo

adindas wrote: »

Does anyone know a saving account which allow people to save by DD and could be weekly funded the one like Tesco saving account ??

Does Scottish widow allow weekly DD ??

Post Office saver

ColdIron

djpailo wrote: »

The alternative at the moment is Paypal

Not any more, the option is absent from the web interface and fast disappearing from the app. It'll all be over by Christmas

djpailo

ColdIron wrote: »

Not any more, the option is absent from the web interface and fast disappearing from the app. It'll all be over by Christmas

Yes I had heard about that, but I'm sure someone said this was a technical fault with paypal that was due to be fixed? Or more likely they just conveniently labelled it like that and have just removed it!

youngretired

Tesco was good allowing numerous accounts being connected to the Internet Saver, it will be sad when it stops. I'm going to have to give up some accounts as I need to find 11 DD's in April to fulfil all my accounts, so looks like I'll be sacrificing 2 of either Co-op, Halifax or Barclays. All the others DD's will be put on BOS x 2, Lloyds x 2, M&S and Santander (can't move DD's off this as cashback, but will move water as only 16p).

djpailo

youngretired wrote: »

Tesco was good allowing numerous accounts being connected to the Internet Saver, it will be sad when it stops. I'm going to have to give up some accounts as I need to find 11 DD's in April to fulfil all my accounts, so looks like I'll be sacrificing 2 of either Co-op, Halifax or Barclays. All the others DD's will be put on BOS x 2, Lloyds x 2, M&S and Santander (can't move DD's off this as cashback, but will move water as only 16p).

Maybe the saving grace is that the bank of england interest rate MAY go up in two weeks and therefore the savings products on offer may improve.