Changes to Reward and Ultimate Reward Accounts
Comments
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YorkshireBoy wrote: »* And if two Tesco DDs (one to an Internet Saver and one to an Instant Access Savings Account) don't count as "different DD mandates" I'll find another savings account accepting deposits by DD and set one up there as well.
It looks like you can link the same account twice, so long as you give each "link" a different account nickname for the same DD details. Whether it will actually set up 2 DDs with different reference numbers I'm not sure.0 -
Tried and failed nearly 4 years ago when they were first launched.ooooh - - didn't realise BoS do reward accounts too. Must investigate whether I can get one or two
Accounts were all opened (3 of them...on top of my 3 Halifax accounts at the time), but then swiftly closed by them the following day. I was one of many who tried it on! I did get one over on them 6 months later when I designated my old Halifax HICA a Reward account, meaning I've got 4 Reward accounts.
But isn't it all academic now, being as Vantage has replaced Reward at BoS?0 -
With Lloyds it does, and don't Halifax now use the same 'platform'?billbennett wrote: »It looks like you can link the same account twice, so long as you give each "link" a different account nickname for the same DD details. Whether it will actually set up 2 DDs with different reference numbers I'm not sure.
Each of my Tesco DDs has a unique 'reference', but the 'name' is the same..."Tesco Bank".
Having said that, the Vantage 4% conditions merely said the DDs had to be "active" (ie not dormant), whereas the new Halifax T&Cs say they have to be paid from your account each month. This, of course, rules out credit cards (where you may not use one card in a particular month) to a large extent and means only utilities DDs will guarantee the Reward for many people.
They've thought this one through very well, but I'm convinced there will still be loopholes to be exploited.0 -
Just a thought, but would it be easier than setting up savings accounts and whatnot, to just set up two small DDs to charity?
https://directdebit.macmillan.org.uk/defaultnew.aspx
and
http://www.wateraid.org/other/display/watercharity.php
seem to both let you choose your own amount.0 -
Brilliant spot, thanks Der52, gives me loads of time to set up all those additional DDs :-)
Dont think I cba to change my SOs from £1K to £750, unless it has to come from an external source now.
To be fair I can't really take credit for 'spotting' the change, as I work for Halifax so the info was easy to obtain.
£750 can still be from an internal source0 -
YorkshireBoy wrote: »With Lloyds it does, and don't Halifax now use the same 'platform'?
Each of my Tesco DDs has a unique 'reference', but the 'name' is the same..."Tesco Bank".
Having said that, the Vantage 4% conditions merely said the DDs had to be "active" (ie not dormant), whereas the new Halifax T&Cs say they have to be paid from your account each month. This, of course, rules out credit cards (where you may not use one card in a particular month) to a large extent and means only utilities DDs will guarantee the Reward for many people.
They've thought this one through very well, but I'm convinced there will still be loopholes to be exploited.
The DDs need to have different originator reference numbers (6 digit number) opposed to a general customer reference number. I don't know if companies have a generic originator reference or if this differs depending on the division, i.e would Tesco Car Insurance DDs and Tesco Credit Card DDs be the same? Perhaps someone has the answer.
Another point is that the DDs need to be paid monthly, so it even rules out any quarterly utility bill DDs
But as YorkshireBoy has said, there will always be loopholes.0 -
Another point is that the DDs need to be paid monthly, so it even rules out any quarterly utility bill DDs
lol, seems they are learning fast, these bankers......before long, they will come up with T&Cs that are so prohibitive, nobody will want their accounts any longer. Not even those who get permanently mugged by the bankers.0 -
ooooh - - didn't realise BoS do reward accounts too. Must investigate whether I can get one or two
Exactly how many current accounts do you have now?To be fair I can't really take credit for 'spotting' the change, as I work for Halifax so the info was easy to obtain.
I'm sure someone hinted at this exactly thing happening early on this year. They didn't mention DDs, but were stating that they were considering ways to "stop people abusing the reward account".
Personally, I think Nationwide will be getting my custom for another savings account, as I know they support DDs.
£2.50 DD -> Tesco
£2.50 DD -> Nationwide
Thank you Halifax, now I don't even have to login to transfer out the £5s 0 -
Well thats bloody annoying. Ive just opened an URCA to benefit from the £300 fee free OD and account benefits.
I'll be closing it now and opening a co-op privelege premier which is cheaper and has a better benefits package.0 -
A tad inconvenient but nothing that can't be worked around.
As mentioned above Tesco saving with a DD set up and is it a nationwide MySave that allows DD too?
I'm just going to set up a DD to two of my lesser used credit cards and make sure I get lunch on them once a month!0
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