Tesco direct debts stopping.

makey1976

Hi got letter today from tesco about changes to terms and conditions on saver,saving accounts.
one says
"From 22 april 2018, youll be unable to set up new,regular or one off direct debt payments, All existing direct debts set up on your account will be cancelled"
looks like it over using them for your direct debts after april 2018

EarthBoy

This is already being discussed, at length, over on the savings board:

https://forums.moneysavingexpert.com/discussion/5730177

JuicyJesus

I can't possibly think why.

EachPenny

JuicyJesus wrote: »

I can't possibly think why.

Maybe they were making too much profit from it

System

I'm surprised they took so long tbh.
I wonder what % of their savings customer base are just DD (ab)users.

EachPenny

Heng_Leng wrote: »

I'm surprised they took so long tbh.
I wonder what % of their savings customer base are just DD (ab)users.

It was interesting they were upping their interest rates in weeks/months before this change... so perhaps their intention is to bring in more genuine savings business, maybe to offset an exodus of DD seekers.

In some respects I'd be happier with a marginally better savings interest rate than I would be with 'free' DD's.