Tesco Savings DDs

[Deleted User]

veryintrigued wrote: »

Why would keep repeating it?

Cos the same question keeps coming up: what savings accounts (other than Tesco, Post Office Savings and Scottish Widows) accepts deposits by DD. I

[Deleted User]

veryintrigued wrote: »

In light of what will happen to it why would keep repeating it? I semi understand highlighting it - but repeating it? Are you keen for that Avenue to be closed to you too?

I doubt they will all close it. If the monthly deposit is a respectable amount (not the £1 nonsense which Tesco were subjected to) and left to accumulate for a respectable period of time (as I have suggested), why wouldn't they want the deposits? They encourage deposits, even by payroll deduction.

polymaff

Silverfox1954 wrote: »

If I knew how to I would.

Edit then choose (and confirm) Delete.

EachPenny

Deleted_User wrote: »

Cos the same question keeps coming up: what savings accounts (other than Tesco, Post Office Savings and Scottish Widows) accepts deposits by DD.

Then people just need to be invited to actually read one of the many threads on the subject, rather than having the same answers continually repeated

Since you ask though, I have had a look at this option and none of the CU's local to me allow DD deposits. But I didn't feel the need to tell the World about it - because the information is only relevant to me and people living in roughly the same area.

Deleted_User wrote: »

I doubt they will all close it. If the monthly deposit is a respectable amount (not the £1 nonsense which Tesco were subjected to) and left to accumulate for a respectable period of time (as I have suggested), why wouldn't they want the deposits? They encourage deposits, even by payroll deduction.

If the people who (ab)use Tesco all head for their local CU instead do you really believe they will have learned the lesson and will set up DD's for larger sums, leaving the money in the CU account for a respectable period of time? I certainly don't.

Rich2808

MONEYTREE wrote: »

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!

Why not keep your Tesco savings open until April - after all they are fine until then?

Because the Post office could of course withdraw their DD facility too - before then?

We have all been given 6 months notice - so fine open up the PO and SW accounts but don't drop Tesco just yet because who knows what policies can change by 22 April.

Credit unions are a great alternative - but you may be limited in choices as many require you to live or work in their operating area.

polymaff

Deleted_User wrote: »

I keep repeating this but (so far) no-one has replied to the effect that they are pursuing this: try your local credit unions.

Tried to follow your advice, Hattie, but couldn't get the website Google took me to to recognise that I don't live in Blackburn!

Any better credit union jump-off websites you can recommend?

FOREVER21

adindas wrote: »

1. BOS for 3% interest. 2 active different DDs. It will need to pay out each month
2. Halifax for rewards. 2 active different DDs need to pay out each month.
3. Barclay for Blue Rewards 2 active different DD need to pay out each month.
4. Coop 4DDs. Need to pay put each month but it does not need four different DDs, the same DD originator paying out four times (e.g weekly) per calendar month will be sufficient.
5. M&S for RSA. 2 Active different DDs but it does not need to pay out each month.
6. Tesco Current AC for 3% interest. Legacy Tesco current ac don't need any DDs,but recent openings need 3 different DDs. It will need to pay out each month (?)
7. Club Lloyds Current Account. 2 active different DDs. It will need to pay out each month.

This is irrelevant to me but good to know:
8. TSB doesn't need any DD for interest; But Recent openings need 2 different DD paying out for reward in addition to interest.
9. Santander 123 1.5% - 2 different DD paying out each months. But in many cases this is already met by DDs generating cash back such as from utility bills, phone, council tax.



Have I missed something or something inaccurate ??

For multiple accounts a large number of DDs needed.

BOS only pay2% interest. not3%

YorkshireBoy

And just to close it out, I don't think anyone's dismissed (9) yet, but is the DD requirement correct?

ASavvyBuyer

YorkshireBoy wrote: »

And just to close it out, I don't think anyone's dismissed (9) yet, but is the DD requirement correct?

No, it just needs two "Active" DD's per account. So ones that pay out just once a year would do.

YorkshireBoy

ASavvyBuyer wrote: »

No, it just needs two "Active" DD's per account. So ones that pay out just once a year would do.

Thanks, but it was more of a rhetorical question (for adindas), and intended to highlight the earlier comments of a) the blind leading the blind, and b) that we should be encouraging people to check for themselves by reading the respective T&Cs.