2 Tesco bank accounts - Do I need 6 Direct Debits?

colsten

bp5678 wrote: »

Silly question but why 3 times? Cheers

Because you need to make 3 DD payments each statement month. OK? Unless you don't care about getting any interest paid, in which case you wouldn't need to bother with DDs

bp5678

Oh I see, thanks for clarifying. I have 2 actual direct debits I pay every month anyway so I used them and the Paypal one as the third.

Having said that, I'm going to open another Tesco banking account to maximise my interest. I won't have any more direct debits to use so in this case I will set up 3 more Paypal direct debits (4 Paypal direct debits in total).

ceredigion

bp5678 wrote: »

Having said that, I'm going to open another Tesco banking account to maximise my interest. I won't have any more direct debits to use so in this case I will set up 3 more Paypal direct debits (4 Paypal direct debits in total).

Heavy sigh.

YorkshireBoy

bp5678 wrote: »

Oh I see, thanks for clarifying. I have 2 actual direct debits I pay every month anyway so I used them and the Paypal one as the third.

Having said that, I'm going to open another Tesco banking account to maximise my interest. I won't have any more direct debits to use so in this case I will set up 3 more Paypal direct debits (4 Paypal direct debits in total).

Is there any particular reason why you won't be going with the very simple option of a fully automatic system using the Post Office savings account suggested earlier?

ceredigion

YorkshireBoy wrote: »

Is there any particular reason why you won't be going with the very simple option of a fully automatic system using the Post Office savings account suggested earlier?

Avoiding any involvement with the BOI would be a valid reason

Zero_Sum

ceredigion wrote: »

Avoiding any involvement with the BOI would be a valid reason

Whilst the PO bank isnt the most user friendly, for the sake of a £1 weekly DD its probably one of the easiest/better options for 'fake' DD's

surreysaver

How long are Tesco paying 3% on their current accounts for?

surreysaver

bp5678 wrote: »

Oh I see, thanks for clarifying. I have 2 actual direct debits I pay every month anyway so I used them and the Paypal one as the third.

Having said that, I'm going to open another Tesco banking account to maximise my interest. I won't have any more direct debits to use so in this case I will set up 3 more Paypal direct debits (4 Paypal direct debits in total).

No. One more PayPal direct debit, but claimed three times per statement month.

Zero_Sum

surreysaver wrote: »

How long are Tesco paying 3% on their current accounts for?

Theyve stated its fixed until at least 1st April 2019.
However i believe there's also a 60 day notice period for change in T&C's which takes you past that date so it does suggest that its going to be kept on past the original guarenteed date. How long for is anyones guess.

surreysaver

surreysaver wrote: »

How long are Tesco paying 3% on their current accounts for?

To answer my own question, having just read Tesco's website, the April 2019 expiry date of the guaranteed 3% interest doesn't seem to be mentioned anymore...