Tesco Savings DDs

savetilibleed

glider3560 wrote: »

Has anyone else received this letter? I cannot find any reference to the new amended terms online (they still include mention of the direct debit).

I've had Instant Access and Internet Saver several years (my wife has an Internet Saver too) We both had these letters on the same day a few days back. Mortified!

rangers_fc

My Current monthly saver is about to mature in Marks & Spencer. If I open a new monthly saver in November and lose the ability to have 2 active direct debits next April, due to Tesco removing the ability to have multiple direct debits will I still be eligible for the monthly saver account, or will I be in breach of the Monthly Saver terms & conditions?

This senario has effected me like a train of dominos, multiple hassle from a solitary change in terms & conditions , I had multiple accounts being fed through Tesco to stay within the individual current account terms & conditions. Unsure how I proceed now, eight seperate bank accounts now that im unsure how to conform to the T&Cs

eskbanker

rangers_fc wrote: »

My Current monthly saver is about to mature in Marks & Spencer. If I open a new monthly saver in November and lose the ability to have 2 active direct debits next April, due to Tesco removing the ability to have multiple direct debits will I still be eligible for the monthly saver account, or will I be in breach of the Monthly Saver terms & conditions?

This senario has effected me like a train of dominos, multiple hassle from a solitary change in terms & conditions , I had multiple accounts being fed through Tesco to stay within the individual current account terms & conditions. Unsure how I proceed now, eight seperate bank accounts now that im unsure how to conform to the T&Cs

So you're in exactly the same boat as many on this thread - best approach would be to do what everyone else is doing, i.e. review the Ts & Cs of the relevant accounts, assess which still need to have ongoing DDs (active or monthly) and research suitable replacements for Tesco DDs, with plenty of info on potential alternatives being posted on this thread and others on here....

surreysaver

eskbanker wrote: »

So you're in exactly the same boat as many on this thread - best approach would be to do what everyone else is doing, i.e. review the Ts & Cs of the relevant accounts, assess which still need to have ongoing DDs (active or monthly) and research suitable replacements for Tesco DDs, with plenty of info on potential alternatives being posted on this thread and others on here....

And don't assume any alternatives won't be withdrawn in the future either. To be honest, we're lucky Tesco have given six months notice, as it gives plenty of time to do research and make sure everything works and share information with each other

veryintrigued

surreysaver wrote: »

And don't assume any alternatives won't be withdrawn in the future either. To be honest, we're lucky Tesco have given six months notice, as it gives plenty of time to do research and make sure everything works and share information with each other

Six months is probably too long as the MSE massive will probably have doomed those other options by the time the Tesco DDs are withdrawn!

surreysaver

veryintrigued wrote: »

Six months is probably too long as the MSE massive will probably have doomed those other options by the time the Tesco DDs are withdrawn!

Do people really believe that MSE has that big an effect on these things? Surely when banks have special offers and such they take into account a certain number of people will take advantage?

veryintrigued

surreysaver wrote: »

Do people really believe that MSE has that big an effect on these things? Surely when banks have special offers and such they take into account a certain number of people will take advantage?

21k views so far (albeit non unique users) on this thread alone.

Add to that people like my O.H who don't view but I pass on bits and bobs.

Add to that the other threads where some of the advice is less than subtle.

And that some of the viewers will be employees of the said organisations either viewing socially or vocationally and advising the organisations appropriately.

All that will definitely have an affect IMO.

polymaff

surreysaver wrote: »

Do people really believe that MSE has that big an effect on these things? Surely when banks have special offers and such they take into account a certain number of people will take advantage?

veryintrigued wrote: »

21k views so far (albeit non unique users) on this thread alone.

Add to that people like my O.H who don't view but I pass on bits and bobs.

Add to that the other threads where some of the advice is less than subtle.

And that some of the viewers will be employees of the said organisations either viewing socially or vocationally and advising the organisations appropriately.

All that will definitely have an affect IMO.

Agreed. I notice that one of the other T&C changes is "we can close your account immediately where you have seriously or persistently broken any of these terms and conditions"

Who could they be thinking of? .... [note, smiley faces]

ChaskhaChaia

NoodleDoodleMan wrote: »

Apologies if already answered.

You can only link one nominated external account to a Post Office Online Saver to pull a DD.

However you can open a second single Online Saver (it worked for me yesterday)) and a Joint one as well according to an adviser I spoke with.

So, a couple can open a maximum of five Online Savers - however, it's unclear (to me at least) if both partners can each set up a separate DD on a joint Online Saver.

Thanks for answering. I was aware that you can only have one nominated account per post office online savings account. My question was whether you could set up two different DD mandates to pull from the same nominated account to one post office acount, and whether this would fulful the requirements of BoS, m&s etc who specify that two different DDs have to be active/pay out. Does anyone know?

EachPenny

veryintrigued wrote: »

All that will definitely have an affect IMO.

Without a doubt, as far as I can see. You cannot have a bulk transfer of all the DD's currently set up with Tesco being transferred elsewhere without it having a significant impact on other providers. How much further 'damage' gets done will depend on the extent to which some people are taking the proverbial, but as each provider drops out, the pressure/workload/expense/profit (delete as you see fit) will increase for those that remain.

I'm working on the basis that very few 'cheap' DD options will remain in May 2018, so a review of accounts and a change in strategy are required.

Crunching the numbers so far it looks to me like RS accounts will make up for the loss of interest from most of my current accounts by then.... and it will stay that way so long as Virgin continue to be generous

Sometimes we forget that having multiple interest bearing current accounts is not the 'normal' state of affairs, a lot of us have just had a nasty wake up call.