Tesco Savings DDs

Mchambers

All wait for others to confirm. I will not be taking any action until others confirm.

Ed-1

Yorkshire_Pud wrote: »

So this will apply to ALL Tesco Internet Saver accounts whenever they were opened or to the newly opened accounts?

Almost certainly existing customers will get notification in due course.

PerfectMess

I know I’m not much less of a newbie than OP but I opened 2 new tesco savers for the 1.2% on the 9th and 10th Oct and set up DDs for each. Looking through my paper work nothing mentioned terms changing.

Scarecrow25

I opened mine on the 12th, the paperwork came on the 19th - (this was also the day that I was first able to make a withdrawal from the account).
The paperwork consisted of:
Welcome letter - dated 12th
Key information sheet
FSCS info sheet
Letter saying they'd set up a DD mandate for the account - although hadn't been asked to, but I already have Tesco savings accounts with DDs so think they do this as standard.
Leaflet 'your new Tesco bank Internet saver account is open' here's how to keep it running smoothly
Leaflet 'Internet saver account T&Cs'
Leaflet 'changes to our Tesco bank Internet saver T&Cs and Tesco bank instant access savings account T&Cs'
Envelope for return documentation - not needed!

TBH it nearly all went in the recycling, it was only by chance I thought I'd glance at the changes!

Whether you choose to believe me or not I'm sure you'll all get a thud on the doormat, or a ding in your inbox, soon or later...

clivep

diamondchap wrote: »

Are you certain about that? Their eligibility criteria say:

"To apply for an M&S Monthly Saver you must:

be an M&S current account holder

have switched to M&S Bank using the Current Account Switch Service and have 2 active Direct Debits on the account

have sufficient available funds to make the first payment"

(source: https://bank.marksandspencer.com/save-invest/monthly-saver/apply/)

Monthly saver info in the switching guide states:
"The account runs for 12 months, at which time you can apply for another Monthly
Saver and benefit all over again, as long
as you still hold a minimum of two active
Direct Debits on your current account".


This implies that you only need the 2 DDs in place to open/re-apply for the monthly saver. However, in the T's & C's it states:
"M&S MONTHLY SAVER ACCOUNT
Eligibity • You must hold an M&S current account and be resident in the UK.
• You must have switched a current account that you held with another provider to your M&S
current account through the Current Account Switch Service; and
• You must have a minimum of two active Direct Debits in place from your M&S current account".


and importantly:
"M&S Monthly Saver Account Terms and Conditions

1. If you do not meet the eligibility criteria set out
in the first bullet in the table above, at all times
during the 12 month term, we will close your
M&S Monthly Saver Account and pay the money
into your M&S Everyday Savings Account or, if
you don’t have one, your M&S current account".


Furthermore, if your monthly saver is closed in this way you won't get the 5% on ANY of it, you'll only get the Everyday Savings rate of 0.35%:


"12. If your M&S Monthly Saver Account is closed
within the 12 month term we’ll pay you interest
up to the date of closure at the early closure rate
advised to you when you opened your account".

Yorkshire_Pud

adindas wrote: »

If people manage to reapply RS for the second time they must have switched current account with 2 active DD from another bank to M&S current account as when you open the second RS they did check it.

I am not quite sure in which year M&S started to offer RS
Has anyone (if any) mamanged to Re-Apply for M&S RS for the third times without 2 active DDs or even without DD ??

The requirement for 2 DD only came in in 2016 so people who had switched but without DDs could apply and get the RS before this. Then to qualify in 2016 people could add two DDs to the existing current account and qualify.

tg99

Yorkshire_Pud wrote: »

The requirement for 2 DD only came in in 2016 so people who had switched but without DDs could apply and get the RS before this. Then to qualify in 2016 people could add two DDs to the existing current account and qualify.

And think for this purpose an active direct debit remains active even if no payments made for around 12 months before it then becomes dormant.

tg99

Anyone happen to know if the requirement for 4 direct debit payments per month for Coop monthly reward and 2 for Barclays blue rewards is satisfied by payments from the same mandate, e.g, set up one weekly direct debit mandate to satisfy Coop?

Ed-1

tg99 wrote: »

Anyone happen to know if the requirement for 4 direct debit payments per month for Coop monthly reward and 2 for Barclays blue rewards is satisfied by payments from the same mandate, e.g, set up one weekly direct debit mandate to satisfy Coop?

Coop is. Barclays isn't.

tg99

Ed-1 wrote: »

Coop is. Barclays isn't.

Thanks Ed-1 - is that speaking from experience or otherwise? As wording of terms and conditions of Coop and Barclays is very similar with no requirement that the DD are separate or different.