Tesco Savings DDs

[Deleted User]

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• Post Office savings account (looks to be withdrawn from sale)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.

Chip and Plum (one linked current account for each)
Local credit unions (I've set up savings accounts with 3 CUs, each linking to one current account for pulls by DD: but limited to local areas and/or occupational or special interest groups)

[Deleted User]

Christmas savings clubs eg Park (I've set up a monthly DD on one current account, to run from January to October 2018 at £1 per month to pay for a £10 gift voucher which I will receive after the final payment; no FSCS protection but worth the risk of up to £10 loss if they go bust. Before the final payment in Oct 2018, I'll set up another and so on indefinitely)

Vortigern

hgt wrote: »

Has anyone thought of other options?

Try investing. You'll benefit in the long run.

You could do regular investments by DD into:

• Stocks & Shares ISAs
• SIPPs
• Investment Trust Shares Plans
• General Investment Accounts

You'll need to commit to investing more than £1/month. £25 to £100 per month would be typical minimum subscriptions.

djpailo

Vortigern wrote: »

Try investing. You'll benefit in the long run.

You could do regular investments by DD into:

• Stocks & Shares ISAs
• SIPPs
• Investment Trust Shares Plans
• General Investment Accounts

You'll need to commit to investing more than £1/month. £25 to £100 per month would be typical minimum subscriptions.

While your suggestion is perfectly valid and will help people, I always thought it was strange that the savings and investments boards were merged in one. I think we need two separate boards, one for each.

For people who need a list of regular savers, the thread can be found here:
https://forums.moneysavingexpert.com/discussion/608697

badger09

DragonQ wrote: »

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.

I'm sure you know, but M&S requires only 'active' DDs, so something which pays once or twice a year is fine.

EachPenny

Vortigern wrote: »

Try investing. You'll benefit in the long run.

You could do regular investments by DD into:
...
You'll need to commit to investing more than £1/month. £25 to £100 per month would be typical minimum subscriptions.

It is a very good point. I've already emailed the provider of an old S&S ISA I've got to get confirmation they still accept £25 per month DD's. Their charges will cost more than £1 per month, but the rest of the money is invested so long-term I might gain.:)

EachPenny

djpailo wrote: »

While your suggestion is perfectly valid and will help people, I always thought it was strange that the savings and investments boards were merged in one. I think we need two separate boards, one for each.

The point is with a shrinking availability of savings by DD, investments by DD may remain an option.

That's my last comment on the subject though :silenced:

Kim_13

Deleted_User wrote: »

Christmas savings clubs eg Park (I've set up a monthly DD on one current account, to run from January to October 2018 at £1 per month to pay for a £10 gift voucher which I will receive after the final payment; no FSCS protection but worth the risk of up to £10 loss if they go bust. Before the final payment in Oct 2018, I'll set up another and so on indefinitely)

Which gift voucher is that for please? I've been on the site and am yet to find anything for £10.

Edit: Think I've realised my mistake, I was in the Gift Cards section instead.

For anyone else who may be interested, Love to Shop (the most widely accepted option as far as I'm aware) has a minimum £25 for a gift card or £10 for a gift voucher.

They all show in number of weeks payable. Does the option for a monthly DD appear later or are they weekly ones?

mt99

@eachpenny


bet it's not!

[Deleted User]

Kim_13 wrote: »

Which gift voucher is that for please? I've been on the site and am yet to find anything for £10.

Edit: Think I've realised my mistake, I was in the Gift Cards section instead.

For anyone else who may be interested, Love to Shop (the most widely accepted option as far as I'm aware) has a minimum £25 for a gift card or £10 for a gift voucher.

They all show in number of weeks payable. Does the option for a monthly DD appear later or are they weekly ones?

They can all be paid monthly (I think). Select your card/voucher, put it in your basket and go to checkout to choose payment options and set up your DD.