Tesco Savings DDs

planteria

i haven't received the letter so far.. maybe in today's post.

PosterBoy77

Yorkshire_Pud wrote: »

Now that Tesco Bank has decided it doesn't want to provide the oil via numerous direct debits to help all of us rate chasers, rate tarts and serial switchers and no easy alternatives available what happens next?

Even fewer people Switch accounts because its only a small percentage of the same people doing it, the banks who stipulated two or more direct debits might have to rethink or watch the market stagnate, the challenger banks like Metro seize the initiative and walk in offering more attractive deals and options than the old fashioned iron grip banks with their outdated business methods who have to offer even greater incentives for (genuine) Switchers (Yorkshire Bank £250!)

Personally I'm getting fed up with chasing up every penny of interest or incentives and letting it consume so much of my time. It was a good two and a half years starting with Yorkshire Bank multi account jamboree and look they are still begging for business!

I am looking into starting a service which would allow people to setup multiple direct debits which would take about 25p per time to cover costs. The cost of handling direct debits for large banks is very little, so I don't see why Tesco are doing it, except perhaps that other banks have put them under pressure to remove the facility. I am curious to know how many people would use such a service? If there are lots I may just do it.

soulsaver

mikael wrote: »

I am looking into starting a service which would allow people to setup multiple direct debits which would take about 25p per time to cover costs. The cost of handling direct debits for large banks is very little, so I don't see why Tesco are doing it, except perhaps that other banks have put them under pressure to remove the facility. I am curious to know how many people would use such a service? If there are lots I may just do it.

Taking the Mikael?

Plus

mikael wrote: »

I am looking into starting a service which would allow people to setup multiple direct debits which would take about 25p per time to cover costs. The cost of handling direct debits for large banks is very little, so I don't see why Tesco are doing it, except perhaps that other banks have put them under pressure to remove the facility. I am curious to know how many people would use such a service? If there are lots I may just do it.

The Bank Account Savings chap tried that, and was struck down by the DD people for breaking T&Cs.

I think the trick is to provide a service, rather than a loophole exploiting tool.
For every DD, send people an email with some information in it that you can justifiably claim is a service people are paying for. I don't know, the weather or generate random horoscopes or something. If people just happen to want ten horoscopes a month and pay 25p each, that's entirely up to them...

(You might also want to make sure you can handle two separate DDs from the same account without them being registered as the same DD)

pearl123

It's simple why don't they just let us obtain interest without us all having to ping money back and forth! Simples.

pearl123

"The Post Office Online Saver is currently unavailable"
Just tried to open an account.

Eco_Miser

pearl123 wrote: »

It's simple why don't they just let us obtain interest without us all having to ping money back and forth! Simples.

What's in it for them?

Banks can borrow money for 0.25% so why would they pay more to their customers? Only to attract customers who will use and pay for their other services.

surreysaver

I'm considering opening fixed five-year savers once a month, sticking a couple of grand in a time, then in five years time once a month I'll have one maturing.
But I don't know why banks can't just provide normal savings accounts with higher interest rates, even if they limit them to £5k in each rather than being silly with current accounts.

Eco_Miser

Silverfox1954 wrote: »

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.

'Go Advanced', then you can hardly miss the 'Delete Post' section.

PosterBoy77

Plus wrote: »

The Bank Account Savings chap tried that, and was struck down by the DD people for breaking T&Cs.

I think the trick is to provide a service, rather than a loophole exploiting tool.
For every DD, send people an email with some information in it that you can justifiably claim is a service people are paying for. I don't know, the weather or generate random horoscopes or something. If people just happen to want ten horoscopes a month and pay 25p each, that's entirely up to them...

(You might also want to make sure you can handle two separate DDs from the same account without them being registered as the same DD)

Thanks for the positive feedback. The idea I have is for the small direct debits to be variable amounts and they would be credit for a pre paid phone calling service. The payments would be for a genuine service, but the amounts could be small, as calls are quite cheap. The two separate DDs without them being registered as the same is an area I am researching.