Tesco Savings DDs

ColdIron

Most platforms, it's the charges that are the issue. Have a look through:
http://monevator.com/compare-uk-cheapest-online-brokers/

JohnRo

Iweb is another I have available but didn't mention.

X-O don't look to have the facility.

Vanguard, Cavendish, Halifax etc. are all on the list to be checked.

Even if it means holding a small stake in them it'll probably be worth it until banks stop playing silly !!!!!!s and start offering decent accounts without requiring all the silly hoop jumping.

beefturnmail

adindas wrote: »

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.

Not really, I don't have 8 unused credit cards lying around; and if I did I think the negative impact on my credit rating (of keeping them open, rather than getting rid of them) is worth the benefit.

That and the faff of having to hunt around on ebay for 8 1p items I don't really want per month, and remembering to pay for them with a different credit card.

The advantage of the Tesco Savings account was that it had zero impact on credit rating and required zero effort (beyond the initial setting up)

soulsaver

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...

Nevertheless, there are plenty of us looking to maximise our income who don't need to give two hoots about credit rating, in the small chance it actually gets effected.

Any legal idea is worth considering for the likes of me, as long as it works... I need lots - I'll give it due consideration and pass if it doesn't suit.

Keep ideas coming!

adindas

beefturnmail wrote: »

Not really, I don't have 8 unused credit cards lying around; and if I did I think the negative impact on my credit rating (of keeping them open, rather than getting rid of them) is worth the benefit.

That and the faff of having to hunt around on ebay for 8 1p items I don't really want per month, and remembering to pay for them with a different credit card.

The advantage of the Tesco Savings account was that it had zero impact on credit rating and required zero effort (beyond the initial setting up)

Well, my idea is not particularly intended on particular person. It is for the forum for the people who already have 8 or whatever unused credit cards. I never say you will need to apply for a new credit card just for the sake of generating DDs.

There are reasonable number of people in this forum have multiple unused credit cards. Some people in this forum already have the longest credit cards, the second longest, few credit cards for foreign transactions, few mule credit cards. Certainly people who know how to use these card taking the benefit of want to keep these cards alive, as it will be useful at some point for particular purpose.

If you have cashback credit card, you prefer to use cashback CC for everyday use leaving the other credit cards unused.

Regarding, Tesco DDs, it is soon becoming the thing of the past.

gingercordial

This is bad news and I think it will be the nail in the coffin for a few of my current accounts.

I had been thinking of winding these down in a year's time anyway as in two years I would like to buy a house and so wanted to simplify my banking arrangements well in advance. I know on this board we all think it is "normal" to have double digits of current accounts, but over on the mortgages board someone mentioning this was met with disbelief and mortgage advisers saying they'd charge extra to review all the statements.

Along with that, as a higher rate taxpayer each Halifax Reward is only worth £2.25/month to me and Coop is £3. While it lasted I was happy to keep getting them, but I'm not going to jump through too many hoops to keep them.

I'll focus on moving my credit card MP DDs over to Lloyds and M&S so that I can preserve my regular savers there.

surreysaver

Be careful opening multiple Scottish Widows accounts - they're whinging about the number I've applied for!

Yorkshire_Pud

surreysaver wrote: »

Be careful opening multiple Scottish Widows accounts - they're whinging about the number I've applied for!

Pity its only one DD allowed per savings account:cool:
At least Tesco Bank allowed numerous DD on one account.
And look what's happened with them;)

anna42hmr

soulsaver wrote: »

Note - paying your tv licence monthly DD is 6 months in advance of the due date.

"You'll usually pay for your first licence within six months, in instalments of around £24.50 per month. (If we have to spread the cost into four or five monthly instalments, each payment may be slightly higher). From then on, you pay for your licences in 12 monthly instalments of around £12.25 - six before your licence is due and six after."
http://www.tvlicensing.co.uk/pay-for-your-tv-licence/payment-methods/direct-debit-pay1

that is something to take note of, how technically you pay ahead. As my existing TV licence not due to renew until 31 December, it has meant that as i have set up for a dd for the next licence they will start the payments earlier, meaning that I am paying less than the 24.50 as that is spread over 8/9 months instead of the 6.

Ed-1

Yorkshire_Pud wrote: »

Pity its only one DD allowed per savings account:cool:
At least Tesco Bank allowed numerous DD on one account.
And look what's happened with them;)

With Scottish Widows isn't it just 1 nominated account covering all savings accounts?