Tesco Savings DDs
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I'm working on the basis that very few 'cheap' DD options will remain in May 2018, so a review of accounts and a change in strategy are required.
Well, a re-assessment. As easy-access rates rise - and, I suspect, bank account rates/condx deteriorate (e.g. Nationwide's recent announcement), the actual interest differential will - indeed, has in some cases - become trivial compared to the added value aspects such as Regular Savers.
At least we all made hay while the sun shone.
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I posted about this earlier. From what I can see, when Tesco stop the DDs they should disappear from the M&S current a/c. If no other 2 DDs are in place then you'll no longer be eligible for the regular saver and they can close the account and not pay the 5% on ANY of the savings.
I guess that this will also be true for the monthly top-ups to the M&S gift cards, too?0 -
Friends,
I have closed my Tesco and just this minute opened a Post Office Online Saver. It took 3 minutes and the DD is all set up!
Sorted!
Tesco will be the losers in this!
Well:
1. In the next 6 months before Tesco withdraw the DD facility I'm sure the PO may well do exactly the same.
2. As many were using the Tesco account for the sole purpose of DD'ing a few £ each month to their Tesco accounts from RBS and then moving it out of Tesco again to elsewhere I rather think that Tesco will be glad to see the back of this lot who will be costing them money/processing time for no gain for Tesco.0 -
It's a complete pain.
As others have said my BOS accounts are all tied up with Tesco DDs and a few other accounts in various places are also linked to Tesco DDs.I just don't have enough *regular* DDs to fuel it all so if nothing changes the money will be going away from BOS to whichever Regular Savers give the best return Suspect the Halifax £3 reward will go as well.
Maybe BOS will relax the DD rules if money starts to massively disappear from their accounts ???
Sure people know this but you can pay credit cards by DD from any of your accounts.So if you spend on a CC monthly and pay by DD monthly it's one DD.0 -
1. BOS for 2% interest. 2 active different DDs. It will need to pay out each month
2. Halifax for rewards. 2 active different DDs need to pay out each month.
3. Barclay for Blue Rewards 2 active different DD need to pay out each month.
4. Coop 4DDs. Need to pay put each month but it does not need four different DDs, the same DD originator paying out four times (e.g weekly) per calendar month will be sufficient.
5. M&S for RSA. 2 Active different DDs but it does not need to pay out each month.
6. Tesco Current AC for 3% interest. Legacy Tesco current ac don't need any DDs,but recent openings need 3 different DDs. It will need to pay out each month (?)
7. Club Lloyds Current Account. 2 active different DDs. It will need to pay out each month.
This is irrelevant to me but good to know:
8. TSB doesn't need any DD for interest; But Recent openings need 2 different DD paying out for reward in addition to interest.
9. Santander 123 1.5% - 2 different DD. But in many cases this is already met by DDs generating cash back such as from utility bills, phone, council tax.
Have I missed something or something inaccurate ??
For multiple accounts a large number of DDs needed.
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1. BOS for 3% interest. 2 active different DDs. It will need to pay out each month
2. Halifax for rewards. 2 active different DDs need to pay out each month.
3. Barclay for Blue Rewards 2DDs Active DD need to pay out each month.
4. Coop 4DDs but it does not need four different DDs, the same DD originator paying out four 4 times (e.g weekly) per calendar month will be sufficient.
5. M&S for RSA. 3 Active different DDs but it does not need to pay out each month.
6. Tesco Current AC for 3% interest. 2 active different DDs. It will need to pay out each month.
Have I missed something or something inaccurate ??
A lot will also be concerned about Lloyd's too.
But concerned enough to check the Terms themselves?
Id also check the info you're stating about Tescos CA too0 -
Nationwide8 wrote: »Maybe BOS will relax the DD rules if money starts to massively disappear from their accounts ???
Don't hold your breath. I'd guess that all the Banks see MSEers and their ilk as parasites.0 -
Legacy Tesco current ac don't need any DDs, recent openings need 3, not 2?1. BOS for 3% interest. 2 active different DDs. It will need to pay out each month
2. Halifax for rewards. 2 active different DDs need to pay out each month.
3. Barclay for Blue Rewards 2 active different DD need to pay out each month.
4. Coop 4DDs but it does not need four different DDs, the same DD originator paying out fou times (e.g weekly) per calendar month will be sufficient.
5. M&S for RSA. 3 Active different DDs but it does not need to pay out each month.
6. Tesco Current AC for 3% interest. 2 active different DDs. It will need to pay out each month.
Have I missed something or something inaccurate ??
Club Lloyds, 2 different DDs paying out?0 -
TSB don't need any for interest; Recent openings need 2 different paying out for DD reward in addition to interest.
Santander 123 1.5% - 2 different paying out annually.0 -
Tesco Bank to Cancel All Existing DD's on 22nd April 2018 I posted this earlier on Budgeting and Current Accounts Forum.
Does anyone know of a SAVINGS a/c's other than Tesco Internet Saver that allows the set up of DD's? Tesco are going to cancel all existing DD's on Internet Saver a/c's, :mad:, which jeapordises the monthly interest that I earn from my Bank of Scotland a/c's. All household requirements for DD's are already taken up with other interest earning a/c's to meet T&C's.
Having done some research Scottish Widows and the Post Office have Saver A/c's that allow DD's, BUT only to the one nominated A/c that you give them. So if you have a need for TWO DD's to meet an a/c T&C you will either need to set up two DD's on the same account or TWO Scot Widows or Post Office a/c's. God please help those of us that need to meet the two DD's T&C's on Three A/c's!
Anyone know of any other savings a/c's that allow DD's?0
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