Tesco Savings DDs

EachPenny

ortolickus wrote: »

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

Unfortunately I suspect the chances of you being the one and only customer permitted to retain their Tesco savings DD's is low

Hopefully you aren't waiting to get the letter before at least planning some alternatives.

vixen1500

mikebh50 wrote: »

Hi

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

Mike

Thanks, that's 4 less DDs to find as we have single accounts with them,

seems we where lucky to get them as we previously had a joint account with them and they have now stopped you reapplying for the 5%

Westie983

ortolickus wrote: »

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

Its in the terms and conditions you probably binned last October, just taking a guess :-P...

Get planning don't wait for a email or letter its already been sent.

Westie983

Chrisv

polymaff wrote: »

So if you are with them to the end, after 31st March wind those late-in-the-month Tesco DDs back to pre-22/04/18 - just to get that last bite of the cherry :rotfl:

(a bit more complicated with Santander - but who wastes monthly DDs on Santander?)

Thanks for this polymaff - I've just amended mine from the 27th to the 16th.

I'm almost certain I've got them all covered with 'new' ones for April, but worth amending 'just in case'.

parker1982

I finally finished sorting out my DD's yesterday.

The end result is I'll be losing the £36 reward from the Halifax Reward current account as this is the account that provided the lowest amount of return.

I could have kept it if I'd have created further DD's such as a local credit union, credit cards, lottery, xmas gift cards etc but for such a small reward and the need to deal with more online accounts / emails / paperwork I'm happier to just lose the £36/year at present. Not very MSE of me I know.

Thinking about April 2019, I'm expecting Tesco to require 3 DD's for those of us that hold their current accounts before 1st April 2017. That will be a further 6 DD's needed. At least I have a year to deal with that though.

AndyPK

Where do you have that info from? And why 3 not 2 DD's like other banks

Superscrooge

AndyPK wrote: »

Where do you have that info from? And why 3 not 2 DD's like other banks

For new current account applications Tesco require 3 DD's.

https://www.tescobank.com/current-accounts/

Accounts already open when this condition was added are exempt. 3% Interest rate is guaranteed until April 2019.

Whilst I hope this exemption won't be removed it wouldn't surprise me if Tesco make major changes to their current account conditions after April 2019

youngretired

Tesco's introduced the 3 DD's when they guaranteed the 3% till April 19 for customers. They made new customers have 3 DD's excluding any of their own savings DD's. Parker1982 is expecting that Tesco's might make this mandatory for all customers after April 19.

polymaff

parker1982 wrote: »

... I'll be losing the £36 reward from the Halifax Reward current account as this is the account that provided the lowest amount of return

Most will find that the BoS Classic with Vantage yield per mandate is less than the Halifax Reward

Herbalus

If Tesco do that we will have much less than a year to sort, as I doubt they will give a years notice.

Still, my two cents is that a rate cut is more likely. They guarantee the rate until 2019, so logically the rate will change after that. Though a year is a long time and they could just change the whole product.