Tesco Savings DDs

mt99

Just to confirm - I have logged onto my paypal account on desktop and there is no facility to fund via DD - there used to be (and I have used it for many years) but not now. There are simply instructions on how to set up a Paypal payee on your linked bank account (ire Paypal's sort code, account number and reference)

mhoc

Please can I ask a question regarding the post office online saver. I've just set up one and set up a regular payment - it does not actually say direct debit payment - just regular deposit.

Also you can have more than one post office online saver - each with its own regular deposit.

qsk

ColdIron wrote: »

No and neither does your FlexDirect. Are you confusing Direct debits with Standing Orders?

Oh, Thanks a lot. I only checked my Tesco saving accounts to see where it gets DD from, and Nationwide is one of them. Don't know why there is a set up there.
Maybe I am worrying too early: is SO required for Flexaccount and/or Flexdirect?

YorkshireBoy

qsk wrote: »

Oh, Thanks a lot. I only checked my Tesco saving accounts to see where it gets DD from, and Nationwide is one of them. Don't know why there is a set up there.

The result of switching current accounts previously perhaps? My Tesco online area is littered with old DDIs, many of them duplicated due to switching activity.

Maybe I am worrying too early: is SO required for Flexaccount and/or Flexdirect?

Is a standing order required for those accounts?...no, why would it be?


If you're downgrading to FlexAccount to keep your regular saver, then you ought to read the qualifying criteria well before next April...at least 3 months before might be appropriate.

clivep

ChaskhaChaia wrote: »

Does anyone know that if I open up a post office online saver and link it to my nominated account (say BOS for example). Can I then use the Online Saver to pull two direct debits from the same nominated account (BOS in this example) and will they be treated as two different direct debits for BOS' funding requirements purposes?

No, I don't think so. The terms say "pay at least two different direct debits from your Vantage account each calendar month". I believe they need to be on separate mandates to qualify. I think only Coop criteria get satified by 1 mandate paying out 4 x in a month.

ColdIron

qsk wrote: »

Oh, Thanks a lot. I only checked my Tesco saving accounts to see where it gets DD from, and Nationwide is one of them. Don't know why there is a set up there.

Blimey, are you pulling £1,000 from your FlexDirect via DD? The requirement is that you pay £1,000 in to it, not take it out. It doesn't matter how you do this, or how long it stays there. You could make a manual payment each month from any other account but most people would set up a Standing Order to automate the process, often with an opposing SO from your Nationwide account to return it to where it came from. I use the hub and spoke strategy (rather than daisy chaining it) from one of my 123 accounts to all the others as I know it will always have enough cash in it

Maybe I am worrying too early: is SO required for Flexaccount and/or Flexdirect?

There is no need for a DD on either account to satisfy the T&Cs. As I say many people will fund the payment in with an SO but just for convenience. This is £1,000 for the FlexDirect but nothing for the FlexAccount unless you want to be eligible for the Flexclusive Regular Saver. Then you will need to pay in £750 per month. Manually or via SO is up to you

adindas

qsk wrote: »

Oh, Thanks a lot. I only checked my Tesco saving accounts to see where it gets DD from, and Nationwide is one of them. Don't know why there is a set up there.
Maybe I am worrying too early: is SO required for Flexaccount and/or Flexdirect?

There is not any single current account will set up a condition of SOs as a requirement for obvious reason. At least I yet to find it. It is the same think by saying I want you to move your money that you are saving here to my competitors.

EachPenny

ColdIron wrote: »

There is no need for a DD on either account to satisfy the T&Cs. As I say many people will fund the payment in with an SO but just for convenience. This is £1,000 for the FlexDirect but nothing for the FlexAccount unless you want to be eligible for the Flexclusive Regular Saver. Then you will need to pay in £750 per month. Manually or via SO is up to you

Also if you have the historical FlexAccount travel insurance perk and don't want to lose it.

adindas wrote: »

There is not any single current account will set up a condition of SOs as a requirement for obvious reason. At least I yet to find it. It is the same think by saying I want you to move your money that you are saving here to my competitors.

HSBC Advance allows SO's to qualify for the switching bonus, no DD's needed.

YorkshireBoy

adindas wrote: »

The exact wording is like this
"Instruct us to start a full switch of a current account with at least 2 Direct debits/Standing Orders using the Current Account Switch Service (CASS) to start within 30 days of your Eligible Account being opened for the £150"

I think here unintentionally because they know there are still many people are confusing between DDs/SOs.

Not sure where you got that quote from, but the actual T&Cs clearly say "2 direct debits or standing orders" (my emphasis). Indeed, when I blagged my HSBC incentive 18 months ago I switched 2 SOs.

adindas

YorkshireBoy wrote: »

Not sure where you got that quote from, but the actual T&Cs clearly say "2 direct debits or standing orders" (my emphasis). Indeed, when I blagged my HSBC incentive 18 months ago I switched 2 SOs.

https://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance

I never say they will not pay rewards if people just have SOs.

They might still tolerate it.as they do not need the DD to be maintained. With such condition they know that people could easily move DDs to other banks once the rewards has been paid.