Tesco Savings DDs

surreysaver

clivep wrote: »

Yorkshire Bank a/cs applied for yesterday but got "Unfortunately we couldn't confirm some of your details" message and am awaiting authorisation codes in the post. This may have been because their site was being overwhelmed by new applications as the processing seemed very slow.

It's not just me, then! I got the 'unable to confirm identity' rang them up, no evidence of my application. Started again from fresh, got through the identity check then the website crashed. So still no application gone through!

EachPenny

beefturnmail wrote: »

I think (at least for me) this is getting to the point where the effort and potential credit rating impact is outweighing the benefit...

...and people promoting 'crazy' schemes risks organisations like banks, charities, and the credit card companies taking a much tougher line in future, making it even harder for the rest of us to find a way of earning decent interest.

For example, there is simply no need to register cards with paypal and make 1p transactions. Almost everybody has some kind of 'normal' transactions they make on a regular basis. All you need to do is to ensure each card is used at least once each month for a 'normal' transaction - the worst you might lose is a few pence of cashback. Just integrate alternative arrangements into normal activities rather than constructing elaborate (and potentially damaging) schemes to squeeze out every last penny.

Some people would do well to stop and think why Tesco are withdrawing the DD facility. If we assume it isn't the cost of the electronic transaction, and we assume that Tesco aren't deliberately setting out to alienate customers, then it leaves a logical conclusion.... one that applies equally to all organisations if people take things to the extreme.

JohnRo

There's also the option of funding general investment accounts via monthly DD, the money can then be withdrawn back into your preferred bank account without charge.

A bit of a faff but there's quite a few GIA accounts to be had that don't currently charge ongoing admin fees. You'd need to check individual account criteria are met though or it might get expensive.

Mchambers

surreysaver wrote: »

It's not just me, then! I got the 'unable to confirm identity' rang them up, no evidence of my application. Started again from fresh, got through the identity check then the website crashed. So still no application gone through!

Mine worked fine. Already started the switch with my N/wide account that has 2 d/debits. Yorkshire have already confirmed my SO and account number. I have SOs setup to pay £1000 in/out of account after the switch has completed. Very easy £250.

EachPenny

adindas wrote: »

2. Keep your creditcard active. Keeping it dormant might result your CC be closed.

I would tentatively suggest that making a 1p transaction (only) on a regular monthly basis on a credit card would be a much better way of getting your account closed down than leaving it dormant for a few months.

adindas

EachPenny wrote: »

I would tentatively suggest that making a 1p transaction (only) on a regular monthly basis on a credit card would be a much better way of getting your account closed down than leaving it dormant for a few months.

It is just a hypothesis which is not necessary proven in reality. 1p item is just an extreme example but you could use it for any amount less than £1 (say).
All of that is going automatic, silent behind the screen, there is not any algorithm to check the very little amount you spend on the credit cards

beefturnmail wrote: »

I think (at least for me) this is getting to the point where the effort and potential credit rating impact is outweighing the benefit...

I think you are missing the point here. I am not suggesting that you apply for a new credit cards solely for this purpose. But you make use of the credit card you already have and hardly use. Your credit worthiness / credit rating is irrelevant in decision making as you already have it, irrespective whether you want to use it to generate a small DD or not.

Think about the longest credit cards you already have, credit cards for foreign transaction, mule credit card, Certainly you are not going to close this credit card. As it will be useful at some point.

If you have cash back Credit card, this is the card you will use for purchase most of the time, living other credit cards such as the credit card above you already have unused / dormant.

ColdIron

JohnRo wrote: »

There's also the option of funding general investment accounts via monthly DD, the money can then be withdrawn back into your preferred bank account without charge.

This has been the mainstay of my 2nd 123 account for years, something I am now having to re-address. Currently my plan is to swap them to one of my BoS accounts and dump the 123

JohnRo

ColdIron wrote: »

This has been the mainstay of my 2nd 123 account for years, something I am now having to re-address. Currently my plan is to swap them to one of my BoS accounts and dump the 123

I'm thinking of opening new GIAs specifically for the DD utility. Will just need to keep an eye on T&C changes to any admin costs.

Already have CSD and HL available, TD won't work now and IG don't have the facility but will check it all out over the next few weeks.

EachPenny

adindas wrote: »

Well not necessary. All of that is going automatic, silent, there is not any algorithm to check the very little amount you spend on the credit cards. It is just a hypothesis which is not necessary proven in reality. !p is just example you could use it for any amount less than £1 (say).

True. But then we could also hypothesise that Tesco didn't have a system in place which didn't notice large numbers of £1 DD's being automatically and silently processed.

Time after time on the MSE forum we hear of people running into problems or having accounts shut down due to activity which (most likely) a computer system rather than an individual has spotted. Even if that activity is completely normal for the individual concerned.

It just makes no sense at all to give FI's an excuse to shut down accounts by deliberately doing things which are extremely abnormal.

cuthbertlilly

JohnRo wrote: »

I'm thinking of opening new GIAs specifically for the DD utility. Will just need to keep an eye on T&C changes to any admin costs.

Already have CSD and HL available, TD won't work now and IG don't have the facility but will check it all out over the next few weeks.

I've also seen M&G and Moneyfarm offer GIAs, any others?