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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 3
    • EachPenny
    • By EachPenny 19th Oct 17, 9:21 PM
    • 7,428 Posts
    • 20,133 Thanks
    EachPenny
    Would a credit card allow you to do that?
    Originally posted by surreysaver
    I'm not sure you can with any of the cards I've used.

    But I was wondering in response to ceredigion's post whether I should stop binning all the letters I get begging me to take out new credit cards.
    "In the future, everyone will be rich for 15 minutes"
    • surreysaver
    • By surreysaver 19th Oct 17, 9:22 PM
    • 2,586 Posts
    • 1,486 Thanks
    surreysaver
    Don't know. That is why I am asking.
    Originally posted by Mchambers
    I don't know how you would set that up. A credit card would typically only take one direct debit payment a month
    I consider myself to be a male feminist. Is that allowed?
    • m1kjm
    • By m1kjm 19th Oct 17, 9:33 PM
    • 1,218 Posts
    • 2,373 Thanks
    m1kjm
    I think I'll be splitting up my supermarket shopping once a month and paying for each item individually with a different credit card.
    • surreysaver
    • By surreysaver 19th Oct 17, 9:45 PM
    • 2,586 Posts
    • 1,486 Thanks
    surreysaver
    I think I'll be splitting up my supermarket shopping once a month and paying for each item individually with a different credit card.
    Originally posted by m1kjm
    I might pay a £1.50 bus fare on different credit cards a few times a month
    I consider myself to be a male feminist. Is that allowed?
    • B_G_B
    • By B_G_B 19th Oct 17, 10:19 PM
    • 454 Posts
    • 455 Thanks
    B_G_B
    I think I'll be splitting up my supermarket shopping once a month and paying for each item individually with a different credit card.
    Originally posted by m1kjm
    I usually fill up at “pay at pump” once a month spread over a number of cards. Best not to do it during busy times though.
    • jimjames
    • By jimjames 19th Oct 17, 10:51 PM
    • 12,777 Posts
    • 11,483 Thanks
    jimjames
    I think I'll be splitting up my supermarket shopping once a month and paying for each item individually with a different credit card.
    Originally posted by m1kjm
    You'll still get one bill per card
    I might pay a £1.50 bus fare on different credit cards a few times a month
    Originally posted by surreysaver
    I buy my £1 lunch on different cards purely because I use different cards. Not quite sure what it is meant to achieve for others though
    Remember the saying: if it looks too good to be true it almost certainly is.
    • adindas
    • By adindas 19th Oct 17, 10:54 PM
    • 3,595 Posts
    • 2,229 Thanks
    adindas
    I think I'll be splitting up my supermarket shopping once a month and paying for each item individually with a different credit card.
    Originally posted by m1kjm
    If you have a lot of creditcards it is very easy to generate 1p DDs on each creditcard each month. I have been doing this for ages to keep my creditcards alive.

    There are a lot of 1p items on ebay such as images, wallpapers, simcards, etc.. All you need to do is to buy 1p items on ebay and pay them with different Creditcards listed on PayPal. Paypal allows you to have up to 8 creditcards. So if you have 8 creditcards, 8 DDs sorted.

    There are three benefits of doing this:
    Generate 8 DDs
    To keep your 8 creditcards alive maintaining good credit files.
    Boost positive feedbacks on eBay (normally. 8 positive feedbacks)
    Last edited by adindas; 20-10-2017 at 8:10 AM.
    • YorkshireBoy
    • By YorkshireBoy 19th Oct 17, 11:20 PM
    • 30,277 Posts
    • 18,180 Thanks
    YorkshireBoy
    You'll still get one bill per card
    Originally posted by jimjames
    6 cards will generate 6 bills which means 6 DDs.
    I buy my £1 lunch on different cards purely because I use different cards. Not quite sure what it is meant to achieve for others though
    More qualifying DDs.
    • darkidoe
    • By darkidoe 20th Oct 17, 2:32 AM
    • 966 Posts
    • 1,119 Thanks
    darkidoe
    Pooh! Not just current accounts, this could affect M&S Regular Saver as well. 2 DD’s required to open the account, although not sure if they are needed once opened.
    https://bank.marksandspencer.com/pdf/CPSaverSummaryBox.pdf
    Originally posted by B_G_B
    M&S regular saver does not require the 2x DD. To get the monthly bonus, you need to do a switch to the Current account with 2x DD per month.

    Save 12K in 2018 #31 0/15 000
    Save 12K in 2017 # 9 £15,848.84/15 000 (105.65%) Achieved!
    Save 12K in 2016 # 8 £19 721.58/12 000 (164.35%) Achieved!
    • tg99
    • By tg99 20th Oct 17, 3:03 AM
    • 690 Posts
    • 271 Thanks
    tg99
    Also worth noting if you currently pay your tv licence in one go you can instead do by monthly DD for no extra cost.
    • veryintrigued
    • By veryintrigued 20th Oct 17, 8:04 AM
    • 2,535 Posts
    • 2,074 Thanks
    veryintrigued
    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
    Lots will have regular savers attached to these CAs too though so the knock on could be much more severe. E.g.

    Lloyd's - 2 RS
    HBos - 2 RS

    I'll wait other non newbies confirming this before I investigate a plan B.
    • diamondchap
    • By diamondchap 20th Oct 17, 8:19 AM
    • 14 Posts
    • 7 Thanks
    diamondchap
    M&S regular saver does not require the 2x DD. To get the monthly bonus, you need to do a switch to the Current account with 2x DD per month
    Are you certain about that? Their eligibility criteria say:

    "To apply for an M&S Monthly Saver you must:

    be an M&S current account holder

    have switched to M&S Bank using the Current Account Switch Service and have 2 active Direct Debits on the account

    have sufficient available funds to make the first payment
    "

    (source: https://bank.marksandspencer.com/save-invest/monthly-saver/apply/)
    • adindas
    • By adindas 20th Oct 17, 8:21 AM
    • 3,595 Posts
    • 2,229 Thanks
    adindas
    It is not April 1, yet is not it ??
    The clue is: first time poster with user name. Scarecrow.
    He might be chuckling after reading the response he has got from the thread he has started. For first time poster, it does not really matter even if you get banned on MSE for spreading a hoax.

    But I will not rule out, it might be true as it is expected that it will happen at some point in the future anyway.

    But to me start investing time before at least another person a non-first time posters confirm it, NOPE.

    Last edited by adindas; 20-10-2017 at 8:44 AM.
    • Mchambers
    • By Mchambers 20th Oct 17, 8:49 AM
    • 988 Posts
    • 309 Thanks
    Mchambers
    Good point adindas.

    I should have spotted that.
    • anna42hmr
    • By anna42hmr 20th Oct 17, 8:54 AM
    • 2,481 Posts
    • 1,178 Thanks
    anna42hmr
    Hopefully its not going to happen, as would surely be unusual not notify of a change more than 6 months ahead of time, when in reality they only need to give a couple months notice. will sit tight for now and see what happens,
    MFW # 105
    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / Overpaid £3583.12
    2018 Target £2500 / OP so far £2152.60 as at October
    Total OP since mortgage started in 2015 = £20,813.96
    • Yorkshire Pud
    • By Yorkshire Pud 20th Oct 17, 9:07 AM
    • 936 Posts
    • 624 Thanks
    Yorkshire Pud
    Perhaps someone could phone Tesco Bank and ask about any changes to DD in 2018?

    I will later today if no one else does but off to dentist right now!
    • binaryuniverse
    • By binaryuniverse 20th Oct 17, 9:16 AM
    • 768 Posts
    • 483 Thanks
    binaryuniverse
    Perhaps someone could phone Tesco Bank and ask about any changes to DD in 2018?

    I will later today if no one else does but off to dentist right now!
    Originally posted by Yorkshire Pud
    Don't bother. IF this isn't a joke then they'll let you know anyway.
    • EachPenny
    • By EachPenny 20th Oct 17, 9:37 AM
    • 7,428 Posts
    • 20,133 Thanks
    EachPenny
    ....But I will not rule out, it might be true as it is expected that it will happen at some point in the future anyway.

    But to me start investing time before at least another person a non-first time posters confirm it, NOPE.

    Originally posted by adindas
    It might be a hoax, but I think many people would agree that at some point in time the facility will be withdrawn or limited to one DD per account. The trend is clearly visible elsewhere. I think even if the OP is having a laugh they have done us a favour in pointing out the reliance many of us have on one option and personally I'm seeing it as a wake up call to do something about that.

    As some of the alternatives will take time to put in place I'm starting now - not as a panic response to the OP's post, but as a long overdue review of some of the arrangements I've been using for a long time now.

    For example there is a limit to the number of credit card applications you can make in a short space of time... I'd rather be in a position to spread those out over 6 months than try to cram everything into 2 months when 'official' notice eventually arrives.

    And since winter is now here I've got more time to sort things out.... starting with a cull of disused savings accounts

    So 'thanks' OP - whether you are a hoaxer or not
    "In the future, everyone will be rich for 15 minutes"
    • EachPenny
    • By EachPenny 20th Oct 17, 9:46 AM
    • 7,428 Posts
    • 20,133 Thanks
    EachPenny
    Lots will have regular savers attached to these CAs too though so the knock on could be much more severe. E.g.
    Lloyd's - 2 RS
    HBos - 2 RS
    Originally posted by veryintrigued
    But some of the RS accounts are available whether or not you earn interest on the current account - for example the BoS one still pays 2% so long as you have a current account of some type with them.

    And as far as I can tell, you can still have Vantage on the current account, even if there are no DD's paying out - you just don't get paid any interest.

    Others might be a problem though.
    "In the future, everyone will be rich for 15 minutes"
    • ColdIron
    • By ColdIron 20th Oct 17, 10:11 AM
    • 4,730 Posts
    • 6,202 Thanks
    ColdIron
    Well someone had to do it so I phoned Tesco, the CS rep spoke to her supervisor who was not aware of any changes to the DD in April. This is hardly conclusive and wouldn't be the first time CS are not completely abreast of T&C changes, especially for one so far away, but for now I'll wait until it's corroborated by another recipient of the letter
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