Savings accounts accepting DD's

polymaff

vixen1500 wrote: »

Is there a minimum payment, for those of us that don't spend much with PayPal?

polymaff wrote: »

It was this sort of block-head mentality which screwed up the Tesco DD mechanism. Learn - and don't antagonise yet another valuable provider. Make the payments much bigger [than the minimum].

It's not going to bankrupt you.

Is it?

.................

youngretired

I can confirm that a DD going weekly to 1 Post Office Savings account does work/fulfil Barclays Reward T&C's, as Barclays have today paid out March's reward payment.

vixen1500

No it not going to bankrupt me - but once paid in it has to be spent via paypal - and you cant withdraw monies not spent

polymaff

vixen1500 wrote: »

No it not going to bankrupt me - but once paid in it has to be spent via paypal - and you cant withdraw monies not spent

Westie's figure of £10 a month seems reasonable. If that's an issue, then this technique is not a responsible one for you to use.

Fan_Of_2018

Somerset_La_La_La wrote: »

Luckily I only need 4 x Direct Debits each month for my 'rewards'! Also Halifax is secondary for me - don't comply, you don't get your £3. Lloyds HAS to have two for me, as they actually TAKE money if you don't comply!

Classical psychological trick. It makes no difference if you don't get money or if you are charged money. Either way your a few quid down. The only question is how much is it.

JustAnotherSaver

polymaff wrote: »

It was this sort of block-head mentality which screwed up the Tesco DD mechanism.

It was?

Granted i don't check out all the threads here so i may have missed it.

Can anyone link me to the article where Tesco confirmed that the reason they put a stop to direct debits was because people were setting up a number of £1 (or similar) direct debits?

Or is it only people on MSE saying that is the reason?

YorkshireBoy

JustAnotherSaver wrote: »

It was?

Granted i don't check out all the threads here so i may have missed it.

Can anyone link me to the article where Tesco confirmed that the reason they put a stop to direct debits was because people were setting up a number of £1 (or similar) direct debits?

Or is it only people on MSE saying that is the reason?

We've been here before haven't we.

There are other savings providers still allowing deposits by DD. Why do you think Tesco pulled the facility when others haven't?...despite having 6 months to think about it following Tesco's announcement last October.

Some of these other savings providers are allowing multiple accounts, despite their T&Cs saying you can't have them. If these were to become popular, by in-depth discussion on here and other financial forums, then they too may fall by the wayside. I'm not using them personally, but my family are. Which is why I haven't named them, and would suggest others in the know don't either.

But to answer your question...there is no official confirmation from Tesco (only that given by a staff member to the poster you quoted some time ago). But it doesn't take a rocket scientist...!

Mee

Advanced apologies if I have missed this, but if I do nothing, do you know how Tesco decides which account will be the linked account?

From 22 April 2018, a linked account in your own name will be the only account you'll be able to make one-off or regular payments to. Any payees that are not linked accounts in your own name will no longer be available.

....

If you're registered for Online Banking you can log in to Online Banking, go to the !!!8216;Move Your Money!!!8217; section and select !!!8216;Manage Accounts and Payees!!!8217;. Any existing linked accounts you have will be displayed under the !!!8216;Your accounts!!!8217; section.
You can also view your linked accounts in the Mobile App by tapping the !!!8216;i!!!8217; icon on your savings account carousel.
Please note: any accounts shown under !!!8216;Your payees!!!8217; will no longer be available within Online Banking from 22 April 2018.

Further more I can't see where under Manage Accounts and Payees; I decide which should be a 'linked account'.

I note some of my DDs I have left in place are set to May dates. Part of me wishfully hopes Tesco may not carry out their plan, but see how many customers may jump the gun so to speak.... (IMD)

soulsaver

Mee wrote: »

Advanced apologies if I have missed this, but if I do nothing, do you know how Tesco decides which account will be the linked account?



Further more I can't see where under Manage Accounts and Payees; I decide which should be a 'linked account'.

I note some of my DDs I have left in place are set to May dates. Part of me wishfully hopes Tesco may not carry out their plan, but see how many customers may jump the gun so to speak.... (IMD)

All payee UK bank accounts that you (have) set up that are in your name are linked accounts.
There is no need to do anything additional.
All Payees not in your name are not linked accounts. You can have multiple linked accounts.

polymaff

Deleted_User wrote: »

This is a great idea. You've given me hope! The CO-OP needs 4 DD's. How did you get on?

It works. By the way, you set up the single DD mandate to pull weekly.