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  • FIRST POST
    • Scarecrow25
    • By Scarecrow25 19th Oct 17, 12:57 PM
    • 7Posts
    • 49Thanks
    Scarecrow25
    Tesco Savings DDs
    • #1
    • 19th Oct 17, 12:57 PM
    Tesco Savings DDs 19th Oct 17 at 12:57 PM
    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...
Page 2
    • karlie88
    • By karlie88 19th Oct 17, 5:58 PM
    • 8,380 Posts
    • 106,138 Thanks
    karlie88
    I've been doing some calculations:

    3x Bank of Scotland accounts at 5,000 each paying 2.00%
    1x Lloyds account at 5,000 paying 2.00%

    Assuming highest instant access at 1.25%, difference in interest is 0.75%, therefore 150 on all four accounts.

    If the only alternative is to create 1 charity payments, that will cost 96 per year, reducing the extra interest down to just 54. At that point, I'd say the effort is hardly worth it and will probably just bung the money directly into the 1.25% account or cycle through regular savers.

    It was fun whilst it lasted.
    Originally posted by glider3560
    Don't forget the Halifax Reward account(s).

    I agree that it's extra effort, but I still think it's worth it (just about). There are a couple of websites that offer 1 DDs too:

    www.payaquid.co.uk
    www.littledebits.org

    The latter offers a small % charity donation. It looks like they're both using GoCardless, which charges 20p for a 1 DD to be set up by one the above websites.

    I guess someone else could join in on the fun (e.g. 50pDD.com) and charge 50p per DD - 20p would be taken by GoCardless, 20p could be for the creator and perhaps 10p to a charity (which could be donated every 3 months in one lump sum)...could be a nice little earner especially if a few thousand people registered.

    Having typed all that, is a 50p DD even possible with GoCardless?
    Last edited by karlie88; 19-10-2017 at 6:00 PM.
    Official MSE canny forumite and HUKD VIP badge member
    • ColdIron
    • By ColdIron 19th Oct 17, 6:05 PM
    • 4,157 Posts
    • 5,242 Thanks
    ColdIron
    I think you can cross payaquid off the list

    Sorry!

    Despite agreeing with the concept initially, GoCardless have since deemed this website unacceptable because:
    !!!8220;It might be seen as acting as a private banking or other payment institution!!!8220;
    They have therefore denied their services, and we!!!8217;re unable to accept direct debits. We put a lot of work into this, so it!!!8217;s a shame to get shut down out of nowhere.
    • surreysaver
    • By surreysaver 19th Oct 17, 7:05 PM
    • 2,461 Posts
    • 1,371 Thanks
    surreysaver
    How many Post Office Online accounts can you have? And how many Scottish Widows accounts? I've got three PO and two SW
    I consider myself to be a male feminist. Is that allowed?
    • chockydavid1983
    • By chockydavid1983 19th Oct 17, 7:41 PM
    • 581 Posts
    • 352 Thanks
    chockydavid1983
    What are the names of the Post Office and Scottish Widows accounts you mention please? Are there any other accounts that accept direct debits?
    • polymaff
    • By polymaff 19th Oct 17, 7:45 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    Thanks to the OP for bringing this news.

    But while I appreciate this news, I will wait and see until at least another person non first timer confirm this before I start considering another alternative.
    Originally posted by adindas
    That target date is six months after this coming Sunday.

    Hold your breath.

    [ T&Cs online now are April 2017 ]
    • surreysaver
    • By surreysaver 19th Oct 17, 7:49 PM
    • 2,461 Posts
    • 1,371 Thanks
    surreysaver
    What are the names of the Post Office and Scottish Widows accounts you mention please? Are there any other accounts that accept direct debits?
    Originally posted by chockydavid1983
    https://www.postoffice.co.uk/savings-accounts/online-saver

    http://www.scottishwidows.co.uk/bank/savings/internet_saver_account_apply.htm
    Last edited by surreysaver; 19-10-2017 at 7:51 PM.
    I consider myself to be a male feminist. Is that allowed?
    • eskbanker
    • By eskbanker 19th Oct 17, 7:49 PM
    • 7,161 Posts
    • 7,593 Thanks
    eskbanker
    What are the names of the Post Office and Scottish Widows accounts you mention please? Are there any other accounts that accept direct debits?
    Originally posted by chockydavid1983
    The thread set up to list these includes a link to the Scottish Widows account in its OP, but that first post hasn't been updated for six months now and doesn't mention the Post Office Online Saver, although it's covered in later posts there....
    • polymaff
    • By polymaff 19th Oct 17, 7:54 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    I think you can cross payaquid off the list
    Originally posted by ColdIron
    Looks like LittleDebits uses GoCardless, too. GoCardless seem to rumble these sorts of setup after a month or three.
    • tg99
    • By tg99 19th Oct 17, 8:04 PM
    • 614 Posts
    • 253 Thanks
    tg99
    How many Post Office Online accounts can you have? And how many Scottish Widows accounts? I've got three PO and two SW
    Originally posted by surreysaver
    Are you able to set up multiple direct debits from different banks or only from your linked nominated account that you use for withdrawals?
    • glider3560
    • By glider3560 19th Oct 17, 8:07 PM
    • 3,556 Posts
    • 2,252 Thanks
    glider3560
    Are you able to set up multiple direct debits from different banks or only from your linked nominated account that you use for withdrawals?
    Originally posted by tg99
    Only from the nominated account.

    • surreysaver
    • By surreysaver 19th Oct 17, 8:12 PM
    • 2,461 Posts
    • 1,371 Thanks
    surreysaver
    Only from the nominated account.
    Originally posted by glider3560
    Which is why I was wondering how many accounts I can have!
    I consider myself to be a male feminist. Is that allowed?
    • polymaff
    • By polymaff 19th Oct 17, 8:16 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    What are the names of the Post Office and Scottish Widows accounts you mention please? Are there any other accounts that accept direct debits?
    Originally posted by chockydavid1983
    If I interpret the respective T&Cs correctly, both of these accounts limit you to one DD source per account - from the "pre-advised" (SW) or "nominated" (PO) account.

    That's going to mean a LOT of accounts relative to 4 heavily-DDed Tesco Internet Savers.

    I haven't yet found any limit on numbers of SW / PO accounts - anyone?
    • surreysaver
    • By surreysaver 19th Oct 17, 8:19 PM
    • 2,461 Posts
    • 1,371 Thanks
    surreysaver
    Other platforms you can set up a direct debit to and send money back to yourself:

    https://www.moneyfarm.com/uk/

    https://www.halifax.co.uk/sharedealing/our-accounts/share-dealing-account/Default.asp

    There might be other investment-type accounts where money can be diect-debited into some sort of holding account from where you can send it back to yourself
    Last edited by surreysaver; 19-10-2017 at 8:22 PM.
    I consider myself to be a male feminist. Is that allowed?
    • ceredigion
    • By ceredigion 19th Oct 17, 8:26 PM
    • 2,707 Posts
    • 3,589 Thanks
    ceredigion
    Another reason to keep stoozing.
    • B_G_B
    • By B_G_B 19th Oct 17, 8:27 PM
    • 423 Posts
    • 430 Thanks
    B_G_B
    Pooh! Not just current accounts, this could affect M&S Regular Saver as well. 2 DDs required to open the account, although not sure if they are needed once opened.
    https://bank.marksandspencer.com/pdf/CPSaverSummaryBox.pdf
    • tg99
    • By tg99 19th Oct 17, 8:42 PM
    • 614 Posts
    • 253 Thanks
    tg99
    Which is why I was wondering how many accounts I can have!
    Originally posted by surreysaver
    Though even with multiple accounts you may have to have the same nominated account for all of them?
    • surreysaver
    • By surreysaver 19th Oct 17, 8:45 PM
    • 2,461 Posts
    • 1,371 Thanks
    surreysaver
    Though even with multiple accounts you may have to have the same nominated account for all of them?
    Originally posted by tg99
    Nope. Different nominated accounts for each one.
    I consider myself to be a male feminist. Is that allowed?
    • Mchambers
    • By Mchambers 19th Oct 17, 9:07 PM
    • 917 Posts
    • 273 Thanks
    Mchambers
    Just had a thought people. What about setting up multiple d/debits for credit cards ? One d/debit paying 1 per month, another paying 1 per month, etc. and the last paying the balance in full later in the month.
    Opinions please.
    • surreysaver
    • By surreysaver 19th Oct 17, 9:13 PM
    • 2,461 Posts
    • 1,371 Thanks
    surreysaver
    Just had a thought people. What about setting up multiple d/debits for credit cards ? One d/debit paying 1 per month, another paying 1 per month, etc. and the last paying the balance in full later in the month.
    Opinions please.
    Originally posted by Mchambers
    Would a credit card allow you to do that?
    I consider myself to be a male feminist. Is that allowed?
    • Mchambers
    • By Mchambers 19th Oct 17, 9:18 PM
    • 917 Posts
    • 273 Thanks
    Mchambers
    Would a credit card allow you to do that?
    Originally posted by surreysaver
    Don't know. That is why I am asking.
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