Tesco Savings DDs

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.

savetilibleed

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....

On the subject of active or monthly DDs, I have about 6 DDs on my main Lloyds account. About half are annual, such as annual subscriptions. Does anyone know if annual, but active DDs like these count for Bank of Scotland purposes?

ColdIron

Have you - done 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)?
https://www.bankofscotland.co.uk/bankaccounts/vantage/

savetilibleed

ColdIron wrote: »

Have you - done 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)?
https://www.bankofscotland.co.uk/bankaccounts/vantage/

Ah...each calandar month. THanks.

MONEYTREE_2

Friends,

I have closed my Tesco and just this minute opened a Post Office Online Saver. It took 3 minutes and the DD is all set up!

Sorted!

Tesco will be the losers in this!

YorkshireBoy

MONEYTREE wrote: »

Tesco will be the losers in this!

Interesting conclusion. Please could you state how you've drawn it?

With, I suspect, many 10s of 1,000s of people simply depositing c. £10 a month and immediately withdrawing it to a better paying account it looks to me like Tesco will be the winners, not the losers.

beefturnmail

adindas wrote: »

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.

Well done to the OP for discovering this and making others aware. I don't think those who were suspicious and questioned when it first came out should have to apologise though - they were right to do so for the benefit of other users - until it had been confirmed

clivep

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?

I posted about this earlier. From what I can see, when Tesco stop the DDs they should disappear from the M&S current a/c. If no other 2 DDs are in place then you'll no longer be eligible for the regular saver and they can close the account and not pay the 5% on ANY of the savings.

clivep

ChaskhaChaia wrote: »

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?

I think the Tesco DDs were unusually flexible in allowing multiple mandates drawing from the same source when set up with a different reference number.

I believe the post office online savings account would just use the one mandate on the nominated account for regular/ad-hoc DDs to it (it doesn't look like you can even put in a reference number for the DDs).

ChaskhaChaia

clivep wrote: »

I think the Tesco DDs were unusually flexible in allowing multiple mandates drawing from the same source when set up with a different reference number.

I believe the post office online savings account would just use the one mandate on the nominated account for regular/ad-hoc DDs to it (it doesn't look like you can even put in a reference number for the DDs).

Thanks. That's annoying. Don't think I'll be able to open enough PO accounts to replace all the Tesco DDs.