Tesco Savings DDs

moneyfoolish

I've got at least a dozen credit cards that I don't use as I always move on to another interest free one when the previous interest free period expires. All I'm doing is setting some of those cards to be paid by DD and using them to pay for £10 worth of petrol when I go to the supermarket. I'm up to 3 at the moment to replace the Tesco DDs when they expire. I normally get through at least £30 of petrol per week so could manage up to 12 cards in a month if necessary. I've set all 3 to pay the maximum each month but will only use any card once a month.

10_66

clivep wrote: »

...SW is harder as when you open the a/c and whenever you change the nominated a/c they request a cancelled cheque or original bank statement to be sent to them by post.

Once set up, you can change the nominated account and set up DDs over the phone without the need to send in further cancelled cheques or bank statements. Both myself and OH have done this with our combined 4 accounts.

claire07

I've done a similar set-up to moneyfoolish juggling half a dozen credit cards I've not used to pay petrol, supermarket and bits and pieces each month along with the post office saver.


Being a glass half empty type I am just wondering whether in April BoS, Lloyds, etc. might change their rewards so as to make it not worth doing anyway!

Frogletina

claire07 wrote: »

Being a glass half empty type I am just wondering whether in April BoS, Lloyds, etc. might change their rewards so as to make it not worth doing anyway!

I'm surprised that BoS still allows 3 identical accounts to be held - I wish they would reduce the number of accounts but raise the amount you can hold in one. I gave up holding £20,000 in Santander when the interest rate dropped and put most of it into my ISA.

I have earned more interest than my personal savings allowance and the tax will be claimed via PAYE, so it is not really worth earning less than 2% interest on any of my accounts and therefore I'm keeping the balances low and transferring out of my flexible ISA when necessary.

frogletina

Gers

I’ve managed to cover all necessary DDs by juggling some around, a P.O. saver and two charity donations which I probably don’t need. I had a couple of annual DDs which I’ve moved to M&S to keep the RS.

Can’t blame Tesco for pulling the DDs. I’ll keep my two current accounts with them as they are DD free.

polymaff

clivep wrote: »

Birmingham Midshires don't seem to stipulate how many a/cs you're allowed. I can certainly confirm that it's at least 2.

On the phone the other day, they said "you can have 74"

But don't quote me

Richchad

I have only found out of this today when I received email from Tesco.

This will be quite a blow for us as we have 10 BOS accounts (yes 10) and 3 Lloyds accounts paying just over £100 per month.

But looking on here it seems imposible to find any other accounts that will allow direct debits to multiple accounts, most, if not all, now want a nominated account.

I would need about 26 DDs from somewhere, so I might just keep our TSB & Tesco current accounts as DDs not required and move all BOS and Lloyds to a mixture of fixed term savings and Easy Access accounts.

Such a shame really but it was a bit of a pain moving all interest. every month...

10_66

Richchad wrote: »

...I would need about 26 DDs from somewhere...

Between us, OH and I needed 32. I dreaded trying to find out where to start, but eventually stuck at it and (fingers crossed as they've yet to be tested!) hopefully have found "homes" for them all. If I can do it, anyone can. Granted it took me quite a time to do it, but hopefully, it'll have been worth it.

YorkshireBoy

Richchad wrote: »

Such a shame really but it was a bit of a pain moving all interest. every month...

Never thought about using the Tesco DDs to withdraw the interest automatically?...all on the same day.

And before DDs were required (on BoS etc), you didn't think to automate with SOs?

Our entire set up for high interest current accounts has been fully automated for years!

Richchad

10_66 wrote: »

Between us, OH and I needed 32. I dreaded trying to find out where to start, but eventually stuck at it and (fingers crossed as they've yet to be tested!) hopefully have found "homes" for them all. If I can do it, anyone can. Granted it took me quite a time to do it, but hopefully, it'll have been worth it.

Did you manage to find any that allowed DDs to pull from multiple accounts?
Would be nice to know where you managed to find so many.