Tesco Savings DDs

djpailo

Maranta wrote: »

I've just worked out that between me and my partner we will need about 30 direct debits to continue with our interest paying current accounts. Ouch!:(:(

You may find that some of the accounts offered may be bettered by fixed rate bonds, so long as you do not need access to the money for a period of time. Then you can just operate a smaller number of current accounts. Also make use of regular savers and the dripfeeding method. Nationwide and FD don't require DD's but have 5% regular savers.

hgt

So has anyone come up with a master plan yet for replacing their multiple Tesco DDs with something else? So far on my list I've got the following:-

• Post Office savings account (looks to be withdrawn from sale)
• Scottish Widows savings account
• Credit card with long interest free period on purchases (pay minimum DD every month)
• Any old credit card - Make some kind of small purchase each month and pay off in full
• If you play the lottery online, move to paying by DD
• Donate to charity via DD

Has anyone thought of other options? I know a few people have mentioned PayPal might be possible.

adindas

hgt wrote: »

So has anyone come up with a master plan yet for replacing their multiple Tesco DDs with something else? So far on my list I've got the following:-

• Post Office savings account (looks to be withdrawn from sale)
• Scottish Widows savings account
• Credit card with long interest free period on purchases (pay minimum DD every month)
• Any old credit card - Make some kind of small purchase each month and pay off in full
• If you play the lottery online, move to paying by DD
• Donate to charity via DD

Has anyone thought of other options? I know a few people have mentioned PayPal might be possible.

https://gocardless.com/
The prolific DD generator

mhoc

djpailo wrote: »

You may find that some of the accounts offered may be bettered by fixed rate bonds, so long as you do not need access to the money for a period of time. Then you can just operate a smaller number of current accounts. Also make use of regular savers and the dripfeeding method. Nationwide and FD don't require DD's but have 5% regular savers.

And Marks and Halifax have regular savers but need 2 direct debits - maybe we need a complete list of bank accounts with regular savers split into those needing DDs and those that dont

hgt

adindas wrote: »

https://gocardless.com/
The prolific DD generator

Thanks, will take a look as that.... I always assumed 'Go cardless' was for business use only. Anyone got any experience of them? It almost sounds to good to be true - no monthly fee and only charge 1% of each transaction (min 20p).

karlie88

adindas wrote: »

https://gocardless.com/
The prolific DD generator

A few people have tried this method as a personal means of creating DDs - the majority had their accounts closed. No doubt that some have slipped through the net though.

Someone mentioned it before, but if someone (not me ) was to provide a service like a monthly newsletter emailed across to subscribers for 50p per month (horoscope was mentioned by someone else), then I can see that being viable. The monthly email could contain a couple of sentences - in plain text - nothing special.

Gocardless keep 20p and the MSEer would pocket 30p per month. I can't imagine setting up a DD would take long, perhaps a couple of minutes with Gocardless once you've got a name, sort code and account number? So that's £3.60 per year per DD. The majority of us need several DDs, I can imagine in excess of 10,000 separate DDs being created. Not a bad annual wage for a part-time job.

EachPenny

hgt wrote: »

So has anyone come up with a master plan yet for replacing their multiple Tesco DDs with something else?

Yes, opening more regular saver accounts.

At the moment I'm putting around £9k per month into regular savers. By April 2018 I'll have drained most of my 'emergency' funds from the current accounts.

At that point I'll consolidate my DD's on the accounts which offer the best benefits or give access to high-rate regular savers.

I won't close any accounts, apart from downgrading my 123, because I won't lose anything by keeping them open with minimal funds.

Sometimes it pays to look at the bigger picture, rather than trying to cling onto every account to squeeze out the very last penny.

antrobus

surreysaver wrote: »

They're a funny lot at Scottish Widows

SW bank will soon be no more. It's being merged into Lloyds bank.

Perhaps the staff of SW don't give a **** any more?

Uxb

hgt wrote: »

Will be interesting to hear how you get on with SW. I opened an account with them about 6 months ago, all was fine until they sent me a letter asking for me to send a certified copy of my passport to them. I couldn't be bothered with the hassle so got them to close the account.

I've opened many savings accounts with many different organisations, but never have I been asked for such a thing, thought it was very odd in this day and age where most ID checks are done electronically.

I'm asked for it almost every time I open an account - I've only lived here for 30 years+...
I it have it on file ready to supply as and when required.
I had an account made dormant due to non use a while back - same thing full certified passport and original address ID to be supplied to re-activate it.
You want to renew your ticket at the public record office. You need to turn up in person with your passport and original address verification documents.
now that IS hassle!

DragonQ

I have 20 DDs right now going into Tesco savings accounts:

2x M&S (for access to 5% regular saver)
2x Club Lloyds (for access to 3% regular saver)
2x Halifax (£3/mo)
2x Barclays (£4/mo)
4x Bank of Scotland Vantage (for 2%)
2x N/W FlexDirect (not needed)
2x Lloyds Vantage (not needed)
4x Tesco (not needed)

The main issue is M&S really but I'm sure I have two random DDs that I can move over. The Club Lloyds regular saver is only useful for when I have too much cash to put into my TSB and Tesco current accounts (also 3%), which these days is very rare. Halifax and Barclays could use Lotto DDs I guess, assuming you can actually have multiple DDs from a single account.