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FunLovinCriminal
Posts: 491 Forumite
Hi all
I need help, hope you can offer advice.
My OH has a Tesco Savings account, where she pays £50 DD into.
They have written to us, saying they are no longer taking DD payments in the account.
So we want to find the BEST account that we can pay £50 in to per month, and have instant access.
I wanted a bank with a switch bonus, but I cannot find one that would need DD's coming out, or we are not paying enough in to get any sort of bonus.
Pleas help!!
FLC
I need help, hope you can offer advice.
My OH has a Tesco Savings account, where she pays £50 DD into.
They have written to us, saying they are no longer taking DD payments in the account.
So we want to find the BEST account that we can pay £50 in to per month, and have instant access.
I wanted a bank with a switch bonus, but I cannot find one that would need DD's coming out, or we are not paying enough in to get any sort of bonus.
Pleas help!!
FLC
Mortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 50
Mortgage: Current - £97k
Mission: MF by 50
0
Comments
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You will still be able to 'push' money into a Tesco savings account by faster payment using the Tesco sort code and account number, even after they remove the facility to 'pull' money in by direct debit.
And even better...you'll make an additional 2 days interest on all the money you send!0 -
Cheers YorkshireBoy
We did prefer the DD method, of automatically sending the cash, rather than relying on one of us remembering to send.
Any ideas on the best place for £50 per month, with no penalties to withdraw?Mortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 500 -
How much is already saved?
What will the minimum balance be?
Who does she bank with now?
How much cash is available on payday, even if only for a few minutes?0 -
Why not go onto your bank, and set up a regular payment from your bank to the Tesco account? It works very similarly to how you have been using your DD from Tesco. Its called a standing order. You can send £50 each month on a regular date.
There is no benefit of a direct debit over a standing order for the purpose you have described.0 -
FunLovinCriminal wrote: »Cheers YorkshireBoy
We did prefer the DD method, of automatically sending the cash, rather than relying on one of us remembering to send.
Any ideas on the best place for £50 per month, with no penalties to withdraw?
As Herbalus says above, just use a Standing Order. You never needed a DD, a standing order is simpler and easy. No need to remember. And no need to change to another bank. (And you won't find a 'switching bonus' for switching a savings account anyway.)0
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