Savings accounts accepting DD's

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  • Doc_N
    Doc_N Posts: 8,271 Forumite
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    alternate wrote: »
    The difference is that Tesco let you set up as many DD as you liked - those other accounts let you DD to just one linked account. Often it is integral to how the accounts operate. I am surprised Tesco let it run as long as they did.

    Maybe it actually benefited them. I tend to leave money sitting there for a while under the present system, and Tesco Bank will use that.

    Once the new system comes in I shall have no dealings with Tesco Bank whatever. It's never been much cop, and the only reason for staying with it at all was the DD facility.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Doc_N wrote: »
    Maybe it actually benefited them. I tend to leave money sitting there for a while under the present system, and Tesco Bank will use that.
    I suspect you were in a very small minority...certainly on here...and especially if you were using 0.xx% legacy accounts like the rest of us were .
    Once the new system comes in I shall have no dealings with Tesco Bank whatever.
    Even if you and your partner come in to £12K and want somewhere to make 3% AER on it? £360 a year? Nose...spite...face?
    It's never been much cop, and the only reason for staying with it at all was the DD facility.
    The Internet Saver is currently one of the best paying savings accounts. That's now. It was also a very good payer 7-10 years ago. That was then. It's probably been a good payer in between too.
  • polymaff
    polymaff Posts: 3,904 Forumite
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    Doc_N wrote: »
    Maybe it actually benefited them. I tend to leave money sitting there for a while under the present system, and Tesco Bank will use that.

    Once the new system comes in I shall have no dealings with Tesco Bank whatever. It's never been much cop, and the only reason for staying with it at all was the DD facility.


    Hmm. A few quid for a few weeks. They must be coining it in :)
  • Doc_N
    Doc_N Posts: 8,271 Forumite
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    YorkshireBoy wrote: »
    I suspect you were in a very small minority...certainly on here...and especially if you were using 0.xx% legacy accounts like the rest of us were .Even if you and your partner come in to £12K and want somewhere to make 3% AER on it? £360 a year? Nose...spite...face? The Internet Saver is currently one of the best paying savings accounts. That's now. It was also a very good payer 7-10 years ago. That was then. It's probably been a good payer in between too.

    3% AER? Am I missing something here? None of these rates match stock market returns but 3% at Tesco I’d consider.
  • Steve_xx
    Steve_xx Posts: 6,976 Forumite
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    Doc_N wrote: »
    3% AER? Am I missing something here? None of these rates match stock market returns but 3% at Tesco I’d consider.

    I think that in this instance Yorkshireboy might be referring to Tesco's current account.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Doc_N wrote: »
    3% AER? Am I missing something here? None of these rates match stock market returns but 3% at Tesco I’d consider.
    I assumed you were pulling from 2% paying BoS and Lloyds accounts (or £3 paying Halifax Reward accounts, or a £4 paying Co-op account), and that's why you were annoyed with Tesco pulling the DD facility. Is that not the reason you're annoyed?
  • Doc_N
    Doc_N Posts: 8,271 Forumite
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    YorkshireBoy wrote: »
    I assumed you were pulling from 2% paying BoS and Lloyds accounts (or £3 paying Halifax Reward accounts, or a £4 paying Co-op account), and that's why you were annoyed with Tesco pulling the DD facility. Is that not the reason you're annoyed?

    I'm not particularly annoyed - though rearranging all those Tesco DDs was time consuming. It's just that my dealings with Tesco Bank over many years have never inspired me with confidence.

    I was with it mainly for the decent interest rates they used to offer, and the credit card offered a decent cashback, but the customer service levels and operational efficiency was never very good.

    Once they dropped the interest rates and the cashback I stayed with it just for the very useful direct debit feature, but now that's gone it has no attractions any more.
  • bettz
    bettz Posts: 165 Forumite
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    Trouble is I've had a previous nationwide savings account years ago so I wouldn't qualify for the switch.I think the only bank I've not had an account with is M&S and HSBC
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    bettz wrote: »
    Trouble is I've had a previous nationwide savings account years ago so I wouldn't qualify for the switch.
    The more important question you should be asking yourself is "have I had a switching incentive from Nationwide before?" Well have you?
  • Roseanne1
    Roseanne1 Posts: 133 Forumite
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    Sorry if it has been asked but I only saw it mentioned that the Co-op current account doesn't need separate DD mandates and that one weekly DD pulled into, for example, the PO saver will do. I thought it would be handy if a list could be included somewhere of what accounts need different DDs and what ones don't.

    Lloyds seem to need two "separate" DDs, which I saw on an older thread suggests the same receiver can be used but two different mandates would need to be set up. Is there any way to do that with a savings account or, if you set up a DD for one day in a month and then another for a different date, would it still be the same mandate?

    M&S just says you need two active DDs to get the monthly saver so I assume two pulling money into the same savings account in one calendar month would do?

    I read elsewhere on this thread that BOS and Halifax expect two different DDs as well.

    What about Barclays Blue Rewards? does that work with one mandate? That is the next account I am considering.

    No doubt there is some I have forgotten. :rotfl:
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