Tesco Savings DDs

moneyfoolish

I have a stock of credit cards that I never use because once the interest free period is over I apply for another one with an interest free period. To replace the Tesco DDs which I use for my 3 BOS accounts all I've done is set 6 of these up with the full amount to be paid each month and then buy £10 of petrol on each every month and that covers all my BOS accounts.

Herbalus

@moneyfoolish I hope I am not behind you in the queue!

(Though my plan is remarkably similar to yours. I top up a supermarket gift card every month with £10 x 4 credit cards so the value on each card is the same every month and can be collected by DD with the current account fed by standing order).

surreysaver

Deleted_User wrote: »

I just got an email about this. Gutted!

The rest of us all got letters about it last October.

vixen1500

Herbalus wrote: »

@moneyfoolish I hope I am not behind you in the queue!

(Though my plan is remarkably similar to yours. I top up a supermarket gift card every month with £10 x 4 credit cards so the value on each card is the same every month and can be collected by DD with the current account fed by standing order).

Just wondering which supermarket you are referring to

Herbalus

vixen1500 wrote: »

Just wondering which supermarket you are referring to

It happens to be Sainsburys, but I do it through a third party website. My employer has a perks website that offers a few % discount for topping up a gift card, so it would work for a number of retailers.

Not sure if you could do this direct with a company. Might be worth investigating if extra DDs needed.

mikebh50

Hi

I have a flexdirect account and you don't need any D/D just pay in £1000 a month.

Mike

[Deleted User]

surreysaver wrote: »

The rest of us all got letters about it last October.

Thanks for letting me know

ThreadDefender

polymaff wrote: »

For me, the reference account that is paying about one quarter less interest than the BoS Classic Vantage is the December 17 BM Savings 1.45% account. No strings, also monthly interest - PLUS a free monthly-collect DD mandate.

While the BM account has its benefits in terms of reducing hassle, the high interest rate will only last for 12 months from the time the account was opened; after which it will be another mad scramble to find a replacement easy access savings account. Who knows what interest rates will be like then? Past predictions would have led us to believe that the rates on offer today should be a lot better than they are.

Would it not be more prudent to hold on to the BOS vantage accounts to have that option available when the BM account rate drops?

Also, although several "self-payment" DD options have been discussed here, even if you had to set up six £1 DDs you would still be left with around £10 more (after a year) than the BM account.

polymaff

ThreadDefender wrote: »

While the BM account has its benefits in terms of reducing hassle, the high interest rate will only last for 12 months from the time the account was opened; after which it will be another mad scramble to find a replacement easy access savings account. Who knows what interest rates will be like then? Past predictions would have led us to believe that the rates on offer today should be a lot better than they are.

Would it not be more prudent to hold on to the BOS vantage accounts to have that option available when the BM account rate drops?

Also, although several "self-payment" DD options have been discussed here, even if you had to set up six £1 DDs you would still be left with around £10 more (after a year) than the BM account.

The "mad scramble" is the current one to find dozens of monthly DDs. Who knows what easy-access savings or, come to that, the BosClassic with Vantage, rates will be in 12 months time? Whatever it will be an easy exercise compared with the current turmoil.

My post was examining how the needy accounts paid off in terms of return per mandate and, currently, Bos Classic with Vantage is low man on the pole.

ortolickus

surreysaver wrote: »

The rest of us all got letters about it last October.

Not all of us - i'm still waiting for an email or a letter.