Top Bank Accounts Discussion Area

colsten

badger09 wrote: »

Though I understand if you already have one, you can open another. However, I haven't checked the T&C

Provided it was opened before October 13 2014, you are fine.
http://www.moneysavingexpert.com/news/banking/2014/10/planning-on-getting-a-tsb-current-account-do-it-now-if-you-want-to-open-four

noelphobic reported he had just opened a TSB Plus (today, I assume), so his second one must be a joint one.

anoncol wrote: »

Must have changed then, me and my wife have 6 between us. 2 sole + 2 joint.

It has indeed changed but existing account holders do not have to reliquinsh any of their accounts.

polymaff

Whilst we're on the subject of TSB Plus, Star Zero at any point in a call to TSB where their wretched automatic system is waiting for a response to an ID question seems to cancel the ID process.

Made today's second call somewhat shorter than the first

GingerFurball_2

How on earth people can't work that automated service is beyond me.

storm204

UPDATE - Went to the gym last night, to be told I am also in arrears with them, they didn't take this payment either!! That's 4 fails..... Yes puk999 - also a damaged credit history, am lucky I got the mortgage letter in time too, or that would have been my first default on mortgage payments, which would possible affect any future mortgage applications!!

My bank switching was completed 1 week ago...
Firstly my Mortgage company contacted me by letter to confirm the change but that payment amount was less than what I had been repaying (as an over payment). I guess the switches don't take overpayments into account. They then contacted me again by letter to say that there wasn't enough time to take that months mortgage repayment and I had to call them to make a payment over the phone - an inconvenience and the cost of 25mins plus on 0845 number.
I had also set up 2 credit card payments a week or 2 before the switch from my old account, assuming the new account would be aware of that and honour it, when I checked my banking neither had come out, resulting in at least 1 x late payment fee from one card - Cost £12. So far not so good.... Real cost to myself approx. £20!! Hope the new bank refunds this for me???

puk999

storm204 wrote: »

I had also set up 2 credit card payments a week or 2 before the switch from my old account, assuming the new account would be aware of that and honour it, when I checked my banking neither had come out, resulting in at least 1 x late payment fee from one card - Cost £12.

And a damaged credit history?

colsten

These sorts of things can happen but should all be covered under the switch guarantee so that you do not end up out of pocket or with a bad credit record as a result of the switch.

Regarding the mortgage overpayment - - your new bank will have transferred the DD with the amount your mortgage company said it will claim, and it is the mortgage company that needs to request the correct amount. Not sure you can directly blame the new bank for this particular issue, it sounds more like a problem with the mortgage company.

But get on to the new bank and ask them what they will do to see you right. Don't forget to claim for your time.

Steve_xx

I can't see it would be easier than setting up two Tesco accounts. You would still have to set the process up. So, how is it easier?

It's certainly more costly than using Tesco.

Steve_xx

beancurd wrote: »

Takes no time, don't need to wait for the gumpf in the post that kills part of a tree. Don't need to deal with tesco. It costs you £0.01 a month max.

YMMV

It takes minutes to set up with Tesco. Gumf in the post keeps people employed growing and felling trees, clerics and postmen. All that and it doesn't cost 1%.

colsten

beancurd wrote: »

I've discovered another route to DDs for those that do not want to waste time with setting up Tesco bank accounts, paypal, etc.

It takes very little time to set up Tesco savings accounts and DDs, and many people have existing Paypal accounts.

Your proposal might come in useful as and if Tesco get fed up with all those £1 DDs although it sounds quite complex and it doesn't look as if you have fully investigated it.

beancurd wrote: »

I imagine you could set up two accounts with different merchant names and have these count as 2 DDs at banks, but I have not tested this and they may unique them on bank details not name.

beancurd wrote: »

it actually takes about 5 minutes to register and set up a DD

It only takes 5 mins to set up 2 Tesco savings accounts and then you can have any number of DDs on them that cost you nothing. In fact, you actually get paid for them as your money earns interest in the Tesco accounts, if at pityful levels.

All this has been tested and there is nothing you need to leave to imagination.

beancurd wrote: »

And you don't need to go near the evilness or tesco or paypal.

How are Tesco and Paypal evil, and more evil than this outfit you discovered? At least both of them are household names, and Tesco Bank is fully FSCS protected. If they pull their DD funding option, they will give at least one month notice, probably 2. Your outfit can disappear from the face of the earth overnight.

beancurd wrote: »

I'm thinking to move all my hoop jumping DD's to such a system so I can manage them in one place.

Join the club, many people already have all their DDs for the interest-paying current accounts in one place, i.e. with Tesco Bank.

meer53

beancurd wrote: »

I've discovered another route to DDs for those that do not want to waste time with setting up Tesco bank accounts, paypal, etc.

My mind wondered how to effectively be your own merchant and collect from yourself as a customer.

The answer is: Register as a merchant with a direct debit processor. The only one I can find for such use and economical is gocardless.com.

This lets you set yourself up as a merchant and collect DDs, including from yourself as a customer. The processor collects 1% and the minimum collection is £1 so you only need be £0.12 out of pocket per year per DD. It worked for me as a test, the whole process works.

The processor sets up the DD in the merchant name, so I imagine you could set up two accounts with different merchant names and have these count as 2 DDs at banks, but I have not tested this and they may unique them on bank details not name.

That all sounds complicated but it actually takes about 5 minutes to register and set up a DD that once collected will be paid back to you, minus £0.01. And you don't need to go near the evilness or tesco or paypal.

(I am not affiliated with gocardless and I have performed a search to show it hasn't been mentioned for this use)

Hope it helps. Please feedback if you try it with two processor accounts successfully. I'm thinking to move all my hoop jumping DD's to such a system so I can manage them in one place.

What a load of convoluted faff for nothing :rotfl: