Tesco Savings DDs

joeblags

lol..... simply not worth the p1ssing about tbh... they already reduced the interest on most accounts I have, im not going to now go and open several credit cards so I can set up direct debits, then remember to spend on each credit card every month. ill review my direct debits and just keep the best open.
infact I think this makes the Santander 123 pretty tasty looking now, stick 20k in there and move over the DD's that earn cashback aswell

Yorkshire_Pud

joeblags wrote: »

lol..... simply not worth the p1ssing about tbh... they already reduced the interest on most accounts I have, im not going to now go and open several credit cards so I can set up direct debits, then remember to spend on each credit card every month. ill review my direct debits and just keep the best open.
infact I think this makes the Santander 123 pretty tasty looking now, stick 20k in there and move over the DD's that earn cashback aswell

Yes, all this time spent, you never get it back! Its all become a bit too much hard work and with lots of built in risks like a credit card payment that's more than the funds in the payment account I can't be bothered any more. (That's why I'm on here!):(;)

adindas

joeblags wrote: »

infact I think this makes the Santander 123 pretty tasty looking now, stick 20k in there and move over the DD's that earn cashback aswell

IMO there is another way of doing that with the same result and you are up £4 a month plus potential higher interest.

Downgrade it to Santander 123 lite just for the sake of ongoing DDs and high interest RS.

Move all of cash to a better paying current accounts 3BOS + 1CL will take up all the money from Santander 123.

bigadaj

adindas wrote: »

IMO there is another way of doing that with the same result and you are up £4 a month plus potential higher interest.

Downgrade it to Santander 123 lite just for the sake of ongoing DDs and high interest RS.

Move all of cash to a better paying current accounts 3BOS + 1CL will take up all the money from Santander 123.

And you just need another eight direct debits.

YorkshireBoy

adindas wrote: »

IMO there is another way of doing that with the same result and you are up £4 a month plus potential higher interest.

Downgrade it to Santander 123 lite just for the sake of ongoing DDs and high interest RS.

Move all of cash to a better paying current accounts 3BOS + 1CL will take up all the money from Santander 123.

No help to joeblags though is it?

You haven't quoted the entire post, but they've intimated they already have the better paying accounts (which have had their interest rates reduced, so that's Lloyds and BoS presumably). They've further clearly stated they can't be bothered chasing DDs...and your suggestion would mean (if they didn't already have Lloyds and BoS) they'd need another 8 of them...all paying out every month!

polymaff

adindas wrote: »

Downgrade it to Santander 123 lite just for the sake of ongoing DDs and high interest RS.

Agreed.

adindas wrote: »

Move all of cash to a better paying current accounts 3BOS + 1CL will take up all the money from Santander 123.

You'd be daft not to have done this long ago.

The real issue is what 123 customers are to do if they have already exhausted higher interest easy-access accounts. With a 0.2% lead over BM savings - which on £20k is £3.33 gross / £2.67 nett of basic-rate per month - you need other benefits to counter the monthly £5 - that's £5 from your nett income - account charge. When you've got four of these accounts, that implies a lot of cashback. Take the Lite approach.

How times change.

Eco_Miser

adindas wrote: »

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

But see Restrictions particularly points 15,17, and 20.

Frogletina

I currently have

Lloyds - 2 direct debits (want to keep for regular saver)

Santander - 3 direct debits (reduce to lite, keep for regular saver, and use one DD elsewhere)

Halifax - 2 direct debits (may sacrifice so I can use the DDs)

BOS - 3 accounts, 6 tesco direct debits (2% interest on max)

M & S - 2 tesco direct debits (want to keep for regular saver)

I've three credit cards that I rarely use - one a paid in full one, and the others I could amend to paid in full ones. I rarely use them, but it would be easy to pay for groceries at my local shop twice a month.

Looks like I can cover the M & S and two BOS accounts if I cancel my Halifax account. Would rather get £8 a month from BOS. I suppose if I close one of them I could put start to put money into their regular saver but I've avoided 2% ones up to now

I'm going to keep opening virgin regular savers, and put any other spare money into my instant access ISA for now.

What I'd prefer is if the maximum amount you get interest on would go up on accounts then I wouldn't have to spread it so thinly.

frogletina

adindas

polymaff wrote: »

Agreed.

You'd be daft not to have done this long ago.

Well, I did..
I already have 3 BOS even before Santander start reducing the interest. But nowadays this money is annually recycled through RSA paying 2%+. So the interest is even higher.

I previously just utilized one SO generator but nowadays it is replaced by 4 smaller SO generators.

If you remove the cashback (as you will get cashback anyway by downgrading it to Santander 123 lite) it is something about 1.2% vs 2% or even higher if it is going to RSA (do not bother to calculate the exact figure).

It seems Martin agree with view.
https://www.aol.co.uk/money/2017/11/01/martin-lewis-urging-people-santander-123-account/

harz99

adindas wrote: »

Well, I did..
I already have 3 BOS even before Santander start reducing the interest. But nowadays this money is annually recycled through RSA paying 2%+. So the interest is even higher.

I previously just utilized one SO generator but nowadays it is replaced by 4 smaller SO generators.

If you remove the DD (as you will get cashback anyway by downgrading it to Santander 123 lite) it is something about 1.2% vs 2% or even higher if it is going to RSA (do not bother to calculate the exact figure).

It seems Martin agree with view.
https://www.aol.co.uk/money/2017/11/01/martin-lewis-urging-people-santander-123-account/

So presumably the BOS accounts have Vantage, needing 6x monthly paid DDs. How do you intend to replace them in April if they are into Tesco savings when they stop allowing DD payments into these accounts?