Tesco Savings DDs

NoodleDoodleMan

Condition 12 says you can't do that, so looks like you got lucky...unless they close it shortly?

The adviser I spoke with told me that a second solo Online Saver could be opened - Monday will tell if he was right or wrong I expect.

See condition 22, and the preamble.

Is that a yes, you can have separate DDs on a joint account ?

Or is it a Catch 22 !!!

YorkshireBoy

adindas wrote: »

If you just use it as source of DDs and around £10 (say) in the account does it really matter whether the interest is 1.27% or 0%, whether it is for one year for indefinite period ??

If it gets as much publicity (and subsequent abuse) as Tesco got, the facility won't be around for 12 months, let alone the interest rate!

NoodleDoodleMan

If a bank wants to avoid having a DD facility that is allegedly abused the solution is simple - only allow Standing Orders.

[Deleted User]

Managed to open savings accounts online with two local credit unions which offer the facility of DD pulls from current accounts. £10 per month to each, starting November. I want to get everything in place well before April 2018, to test run my new systems before Tesco DDs get turned off. I chose respectable amounts so as not to take the p*** out of mutual organisations. I will let the funds accumulate for at least a year. Low interest but not worried about that. They only accept local residents but there may be others in posters' areas. A third CU which I could have joined doesn't do DD pulls yet, but website says coming soon.

Kitty89

Unfortunately many of those are really out of date. There's a handful of charities still accepting £1 DD donations. Yes it's £2 I'm losing, but as I'm getting circa £8 in interest each month it works for me.

Charities:
Great Ormond Street Children's hospital
Christians against poverty
Oxfam
Marie Curie Cancer Care
PDSA

Anybody got any others? Could use a couple more for a joint account.

latinaid

mt99 wrote: »

The Saga 'telephone easy access account' allows you to make payments into the savings a/c by DD but 1.you must be over 50 and 2. the interest rate is 0.3% so not good:

https://www.saga.co.uk/money/savings-overview/telephone-easy-access/account-conditions

Also, you have to make your initial deposit from your linked account by sending them a cheque - I don't have cheque books for any of the current accounts for which I need to set up DDs.

Also, this account can't be operated online - you have to phone them to request to withdraw money.

djpailo

latinaid wrote: »

Also, you have to make your initial deposit from your linked account by sending them a cheque - I don't have cheque books for any of the current accounts for which I need to set up DDs.

Also, this account can't be operated online - you have to phone them to request to withdraw money.

A cheque book is relatively simple to attain. I think the lack of online access will be the killer one for many though. But that is probably a good thing in that it is unlikely to see a large demand for it and therefore will still be offered by Saga for a while.

datlex

adindas wrote: »

It is not April 1, yet is not it ??
The clue is: first time poster with user name. Scarecrow.
He might be chuckling after reading the response he has got from the thread he has started. For first time poster, it does not really matter even if you get banned on MSE for spreading a hoax.

But I will not rule out, it might be true as it is expected that it will happen at some point in the future anyway.

But to me start investing time before at least another person a non-first time posters confirm it, NOPE.

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.

I haven't seen any apologies to the OP from these people.

teddysmum wrote: »

Are gas and electric dual fuel accounts not given a discount because one bill/direct debit satisfies payment of both fuels so saves them admin costs ?


We've had a joint Co-op account for 45 years with no problem. The only reason for others has been to make up for lost interest on savings.

It is with a COOP account that I have this. I get the discount because I have both services through the same supplier. They bill separately for each.

I have just applied for a Yorkshire Bank account. Am going to move the Tesco DD to that and replace it with a different one at M&S.

adindas

datlex wrote: »

I haven't seen any apologies to the OP from these people.

Very sorry to the OP as it is apparently the news is true.
Many people will be very suspicious if it is the first time poster using strange UN "Scarecrow" with such a sensational new.

surreysaver

badger09 wrote: »

And anecdotally, its anything but instant access.

I might have been considered instant access ten or fifteen years ago. But takes one working day to access your money!