Tesco bank and direct debits

danielleb89

Hello,

Tesco Bank is listed as one of the recommended bank accounts for interest. It says that you need 3 direct debits and a minimum of £750 going in per month. You can have 2 of these accounts and the £750 can be 'recycled'. What does 'recycle' mean? If I open up two accounts can I set up a transfer for one of the accounts to the other and this will count as the £750 going in?

thanks

Mnd

Probably not between the tesco accounts, but check the terms and conditions.
You would normally have another account and transfer by standing order from account a to tesco 1.Back to account a then to tesco 2 and then back again if you want.this can all happen on the same day if you like

Mnd

If you didn't have 750 to trundle around you could do it with 250 3 times.it doesn't have to be in one go

YorkshireBoy

Mnd wrote: »

If you didn't have 750 to trundle around you could do it with 250 3 times.it doesn't have to be in one go

If you didn't have £750 you wouldn't need 2 Tesco current accounts each paying 3% AER on £3,000.

Mnd

That's true

Kim_13

I've had a look at the terms and conditions for these newer accounts and can't see anything about internal transfers not counting as a £750 pay in. They expressly exclude Tesco Bank Direct Debits so I'd have expected to find it there if anywhere. You can find the terms and conditions leaflets here if you want to check them yourself: http://www.tescobank.com/current-accounts/ (The info about interest conditions is in the rates and fees one.)

danielleb89

I am paid more that £750 but my income from my employer is paid to me in a single payment therefore I cannot pay it into two separate accounts. It would go into the first Tesco Bank account and then I can transfer it into the second Tesco Bank account (the reason for doing so is to get double interest on my savings). I hope this what moneysavingexpert means by being able to ‘recyle’. Thanks

Kim_13

danielleb89 wrote: »

I am paid more that £750 but my income from my employer is paid to me in a single payment therefore I cannot pay it into two separate accounts. It would go into the first Tesco Bank account and then I can transfer it into the second Tesco Bank account (the reason for doing so is to get double interest on my savings). I hope this what moneysavingexpert means by being able to ‘recyle’. Thanks

That is what MSE means by recycling

If the worst came to the worst and Tesco do (or decide in the future to, providing the requisite notice of a change to their terms) exclude internal transfers from counting towards a minimum pay in, you could get around it by having your pay go into one Tesco account, open an account with another provider and move the £750 from Tesco 1 to there, then from there to Tesco 2. If you want the money to stay in Tesco 1 you could then move it back via internal transfer once the 'round robin' is finished.

In this day and age it is prudent to have current accounts with more than one provider anyway, in case one has an IT failure and you are unable to access the money for a time.

ceredigion

danielleb89 wrote: »

Hello,

Tesco Bank is listed as one of the recommended bank accounts for interest. It says that you-[strike] need[/strike] pay 3 direct debits and a minimum of £750 going in per month. You can have 2 of these accounts and the £750 can be 'recycled'. What does 'recycle' mean? If I open up two accounts can I set up a transfer for one of the accounts to the other and this will count as the £750 going in?

thanks

Corrected that for you, might seem pedantic but makes a massive difference if you think about it.

YorkshireBoy

danielleb89 wrote: »

I am paid more that £750 but my income from my employer is paid to me in a single payment therefore I cannot pay it into two separate accounts. It would go into the first Tesco Bank account and then I can transfer it into the second Tesco Bank account (the reason for doing so is to get double interest on my savings). I hope this what moneysavingexpert means by being able to ‘recyle’. Thanks

Double interest? How?

Katiehound

YorkshireBoy wrote: »

Double interest? How?

Presumably OP means to have 2 x Tesco current a/cs with each earning 3%? Not actually double- except it means double the number of active DDs!
Sadly not double interest!- if it were 6% we would all be in the queue.....