Tesco Savings DDs

polymaff

No letter yet from Tesco, but I note that they've updated the Internet Saver Terms and Conditions to reflect the changes from 22nd April 2018.

No pulling DDs and external payments limited "to a Linked Account held in your name with another bank in the UK"

http://www.tescobank.com/savings/flexible/internet-saver/index.html#terms-2

Yorkshire_Pud

Looking into DD requirements related to Lloyds Club current account 2% interest needs 2 DD actually PAID OUT each month to qualify.

M&S Current account needs 2 ACTIVE DD to qualify for the Monthly Saver 5%. I will add a DD for Road Fund License paid in one go £20 and my M&S credit card. The first £100 of an ARRANGED overdraft on the current account is fee and interest free plus a £50 buffer common to all account holders, so £150, or £50 if no arranged OD.

Yorkshire_Pud

adindas wrote: »

What does active DD stated on the M&S account mean.

Does it need to pay out from the account each month ? If so how do they implement it if DD does not pay out on a certain month?. Not paying the interest on the maturity of RSA ??

M&S current AC does not pay interest many people have M&S account just to qualify for high Interest RSA.

Active means the DD is in place and could have a DD taken from it, it doesn't have to pay out every month unless stipulated. M&S don't require the DDs be paid out every month, so once a year would qualify.

I know the M&S current account doesn't pay interest but its useful to know of the buffer zone in case one forgets that a DD is being taken and the credit balance is low.

M&S told me that in the case of their credit card if no DD is taken in an eighteen month period they cancel that DD.

Mchambers

Any progress today as it is gone very quiet at the moment ?

karlie88

Mchambers wrote: »

A lot of people of given their thanks to the OP. I see that 17 people have thanked him/her. As this clearly a wind up after the previous post, I suggest that everyone removes their thanks to the OP.

I must say that it was an amusing wind-up.

Received confirmation via post today. I see that you added your 'thank you' a few days ago.

Mr_Goodkat

I have had the bad news confirmed in writing today as well with the letter and changes to terms and conditions landing on the doormat.

Time for a bit of a rethink but it is all part of the fun and games to get the best rates and Tesco were making it far too easy for us.

Wonder how many account closures they are going to be hit with when this change bites on the 22/04 - both mine will be going for sure!

ossie48

Just seen this news.

I have two direct debits going out of Club Lloyds into a Tesco Internet saver and two from another Club Lloyds going into Tesco Internet Access savings.

Will I be affected or is it for direct debits leaving these Tesco accounts ?

ColdIron

You will be affected as you will no longer be able to have DDs pulling money into your Tesco accounts

ossie48

Thanks.............

adindas

mhoc wrote: »

I will just close my two Tesco savers as they will have served their purpose.

If yu have a lot of DDs feeding Tesco Saving, I think better not to invest time.
Let them remove the DDs for you, effortless from your side.