Tesco Savings DDs

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.

polymaff

EachPenny wrote: »

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.

Well, a re-assessment. As easy-access rates rise - and, I suspect, bank account rates/condx deteriorate (e.g. Nationwide's recent announcement), the actual interest differential will - indeed, has in some cases - become trivial compared to the added value aspects such as Regular Savers.

At least we all made hay while the sun shone.