Tesco Savings DDs

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Scarecrow25
Scarecrow25 Posts: 7 Forumite
in Savings & investments
I can't see that this has been picked up yet, and with my first post I really hate to be the breaker of bad news !
However, last week I opened a new Tesco Internet saver and just got the paperwork through today. In it, was a booklet, 'Changes to our Tesco Bank Internet Saver & Instant Access T&Cs'
Summary of key changes - I quote: 'We are making changes to the way in which you can fund your Account. In particular, as of 22 April 2018 you will not be able to fund your Account by way of Direct Debits. On this date all Direct Debits set up on your Account will be cancelled. No further Direct Debits can be set up from this date.'

I know many use Tesco DDs to meet terms for interest on current accounts, at least we've a few months to come up with a new plan...:(
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  • grahamgoo
    grahamgoo Posts: 473 Forumite
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    Thanks for the heads up - it was only a matter of time I supppose, and at least there is a fair bit of notice.
  • greendoor665
    greendoor665 Posts: 126 Forumite
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    Oh. Well looks like my free £3 a month from Halifax will be stopping then. I think I have got my full years worth of £10 a month M&S vouchers by then though!
  • chockydavid1983
    chockydavid1983 Posts: 713 Forumite
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    Balls. At least we have 6 months to find alternatives...
  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    Once again there's the suspicion that a subject gets done to death on here, and the sheer volume of discussion and subsequent widespread (ab)use of the facility self-defeatingly contributes to the decision to withdraw it, although I can't pretend not to have participated myself....
  • djpailo
    djpailo Posts: 550 Forumite
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    On this date all Direct Debits set up on your Account will be cancelled

    This is extremely annoying grrr.
  • glider3560
    glider3560 Posts: 4,115 Forumite
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    Has anyone else received this letter? I cannot find any reference to the new amended terms online (they still include mention of the direct debit).
  • karlie88
    karlie88 Posts: 9,114 Forumite
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    glider3560 wrote: »
    Has anyone else received this letter? I cannot find any reference to the new amended terms online (they still include mention of the direct debit).

    OP got the letter because they opened the account a few days ago. Presumably, we will all get the letter within the next few weeks.

    It was fun while it lasted. I'm going to cherish my DDs over the next 6 months. :D
    :grouphug: :D Official MSE canny forumite and HUKD VIP badge member :D :grouphug:
  • Mchambers
    Mchambers Posts: 1,054 Forumite
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    Oh well....I will look for alternatives. It was good while it lasted.

    I may try and complain to Tesco to see if I can get them to change.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    eskbanker wrote: »
    Once again there's the suspicion that a subject gets done to death on here, and the sheer volume of discussion and subsequent widespread (ab)use of the facility self-defeatingly contributes to the decision to withdraw it, although I can't pretend not to have participated myself....

    It was going to happen sooner or later I guess, some people cannot help but take the proverbial.

    I wonder if Santander will be one of the losers over this. I'm close to Lite-ing my 123 account, but would consider going further and foregoing the Lite cashback entirely to move DD's to maintain the best interest bearing current accounts.

    Some interesting mathematics to do in the coming months. :(
    "In the future, everyone will be rich for 15 minutes"
  • Ken68
    Ken68 Posts: 6,825 Forumite
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    Thanks Scarecrow...that explains why I was declined an additional Internet Saver a/c. last week. Maybe more £1 charity donations for the future.
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