Tesco Savings DDs

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  • surreysaver
    surreysaver Posts: 4,022
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    Anyone else have a plan B for when the inevitable occurs with the PO?

    Well, the interest rates of BoS and Lloyds goes down to 1.5% in July, so my Plan B is to stop playing the game!
    I consider myself to be a male feminist. Is that allowed?
  • Mchambers
    Mchambers Posts: 1,054 Forumite
    Well, the interest rates of BoS and Lloyds goes down to 1.5% in July, so my Plan B is to stop playing the game!

    Don't stop. I have opened 3 PO Online Saver accounts. I have seen someone say they have got 6 Post Office Accounts. Not sure if there is a maximum you can open. Very easy to create dds.

    I will be switching my N/iwide account (with 2 PO dds) to get the Barclays Reward bonus).
  • polymaff
    polymaff Posts: 3,903
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    Well, the interest rates of BoS and Lloyds goes down to 1.5% in July, so my Plan B is to stop playing the game!
    Mchambers wrote: »
    Don't stop.

    So when will YOU stop? The Bos / Lloyds premium over a currently-available easy access account will be only £1.80 per £1,000 invested, per annum. Less if you pay tax

    I can see surreysaver's point. :)
  • surreysaver
    surreysaver Posts: 4,022
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    Mchambers wrote: »
    Don't stop. I have opened 3 PO Online Saver accounts. I have seen someone say they have got 6 Post Office Accounts. Not sure if there is a maximum you can open. Very easy to create dds.

    I will be switching my N/iwide account (with 2 PO dds) to get the Barclays Reward bonus).

    Well, I've got 10 - 3 issue 26, 2 issue 30, 1 24, 25, 27, 28 and 29. But my offset mortgage is 0.75% above the BoE base rate, so the next rate rise will put my mortgage at equal with these accounts - but as any savings offset against my mortgage won't be taxable, then that means I won't be any better off having these accounts, save for access to regular savers or other benefits (such as the Lloyds cinema tickets)
    I consider myself to be a male feminist. Is that allowed?
  • Kernel_Sanders
    Kernel_Sanders Posts: 3,617
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    edited 18 May 2018 at 8:07PM
    polymaff wrote: »
    So when will YOU stop? The Bos / Lloyds premium over a currently-available easy access account will be only £1.80 per £1,000 invested, per annum. Less if you pay tax
    So those even with only one monthly £1 DD going out to a charity will actually be getting less on a full £5000 balance!
    would the law look at them as genuine?
    'The Law' isn't interested even in minor criminality in some areas now, so it certainly won't have any interest in this! Can you seriously imagine anyone being hauled up in front of The Beak for having too many trivial DDs?
  • NoodleDoodleMan
    NoodleDoodleMan Posts: 3,305
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    There have been references from (obviously knowledgable) members about Santander accounts that accept DDs from external accounts to fund them.

    I asked Santander and it seems that there are four savings accounts which come into that category - although they refer to Funding Mandates rather than Direct Debits per se - as a layman, it appears to be one and the same to me.
  • Westie983
    Westie983 Posts: 5,213
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    There have been references from (obviously knowledgable) members about Santander accounts that accept DDs from external accounts to fund them.

    I asked Santander and it seems that there are four savings accounts which come into that category - although they refer to Funding Mandates rather than Direct Debits per se - as a layman, it appears to be one and the same to me.

    They used to have a savings account paid via DD but this is no longer available.

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • NoodleDoodleMan
    NoodleDoodleMan Posts: 3,305
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    Santander are sending me a Funding Mandate which sounds like a DD to me.

    I'll scan and flag it up when it arrives.
  • Mchambers
    Mchambers Posts: 1,054 Forumite
    Santander are sending me a Funding Mandate which sounds like a DD to me.

    I'll scan and flag it up when it arrives.

    It will be a dd. If you look at previous posts you will see that it has been scanned.
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