Tesco Savings DDs

soulsaver

YorkshireBoy wrote: »

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.

If there is a reason you think we shouldn't help him produce a list, lets hear it and consider it, rather than the cryptic clues...
Edit: Forget that - penny drops...

[Deleted User]

Note for TSB Classic Plus current account holders: no DDs required for interest (3pc up to £1500).

However, as pointed out earlier, recent openings (from March 2017) get £5 per month reward for having two different DDs pay out in a calendar month . However the reward will end on 30 June 2018, so for those keeping 2 DDs with TSB for the reward, you should move these to draw on other, more needy current accounts as from the July 2018 payments. Consider keeping another a current account which is short of DDs open after 22 April ( maybe move the balance out to leave a low balance if it is an interest paying account as opposed to a reward account) until you can move the DDs to it from TSB in July.

soulsaver

Tesco recent accounts need £750 pm funding, too.

"If you applied for your account after 1 April 2017:
We guarantee you’ll earn 3% AER credit interest on balances up to £3,000 until 1 April 2019.
In order to benefit from this, you must pay in at least £750 and have at least three direct debits paid from your account per statement month (excluding direct debits to a Tesco Bank savings account)".
http://www.tescobank.com/current-accounts/existing-customers/

MONEYTREE_2

YorkshireBoy wrote: »

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.

Nope, I can't see that.

soulsaver

OK there has been discussion on here about access to inexpensive Direct Debits, particularly in the aftermath of Tesco removing the facility.

Often suggested is to use charities and pay the minimum £1 monthly.

This has brought some criticism from posters who think this is abusing the charity as the DD costs more to set up & process than you're giving?

However there is a small charity in Preston, Lancs that runs rehabiltation courses for people to encourage them to fitness and recoveyr from heart attacks and/or heart surgery.

After benefitting from their service, I've continued to pay monthly for the last 14 years - now by DD .

I've had a discussion with their administrator who confirms they are happy to allow on-going monthly £1 DDs for all.

Now note, this may be even better than you first thought: This is for their lottery that pays out £1000 top prize each week, with many smaller prizes, too.

The lottery is run weekly and is £1 per entry, however if you decide you want to keep to the min £1 contribution you'll be put in 1 lottery draw PER MONTH.

If you want to pay more, you can in multiples of £1.

So... download & print the application - if you want the £1 monthly option you'll need to delete the weekly options, and manually write on that you want the £1 per month option as it isn't one of the default options.

She confirms for me they already do this for members that request it.

If you want more than 1 DD for different bank accounts, she confirms that's ok too - but you'll need to download & fill in an application form per each bank account.

http://www.heartbeat-nwcc.org.uk/lottery/

PS I have no connection with Heartbeat, other than as a previous recipient of their rehabilitation courses and as a regular contributor.

Silverfox1954

polymaff wrote: »

Edit then choose (and confirm) Delete.

Thanks polymaff. Found the 'Edit' icon, then up comes 'Save', 'Go Advanced' or 'Cancel'. Don't seem to be able to discover a 'Delete' icon.

savetilibleed

Some monthly DDs such as water and council tax are usually actually 8 of 12 months and 10 of 12 respectively. Just wondering if they count when there is a specific requirement for monthly.

djpailo

savetilibleed wrote: »

Some monthly DDs such as water and council tax are usually actually 8 of 12 months and 10 of 12 respectively. Just wondering if they count when there is a specific requirement for monthly.

It depends on the respected account. Some require paying DD's every month, others stipulate "active" DDs which may mean the DD's only need to pull money once a year.

soulsaver

savetilibleed wrote: »

Some monthly DDs such as water and council tax are usually actually 8 of 12 months and 10 of 12 respectively. Just wondering if they count when there is a specific requirement for monthly.

They'll count in the month they are debited - not in the rest months, except as mentioned above.

However - some, maybe all, councils allow 12 monthly DDs, ours does.

And Untidy Utilities always leave a mess when they dig up the verge but has 12 monthly DDs option, too.

mt99

I believe if you are on a 10 monthly council tax DD you have the legal right to ask them to change it to 12 monthly payments. That's what I was told anyway - no idea if it's true.