Tesco Savings DDs

"i haven't received the letter so far.. maybe in today's post."

i have now. change of Terms in the booklet.

EachPenny wrote: »

I think you might have misunderstood the point. I'm not suggesting that credit cards can replace all Tesco DD's.

The point was made in response to the suggestion of setting up regular automatic Amazon payments in order to charge rarely used credit cards £1 to then generate a monthly £1 DD. I was pointing out that you don't need to use such elaborate manufactured methods to generate a small DD via a credit card bill...... you just need to use the credit card for one of the many, many purchases almost everybody does each month.

Well yes but this is the Tesco DD thread, and whilst what you are saying is of course true it will only generate one DD per card, you still need to have multiple credit cards for that to work if you are maxed on say BOS Vantage and Mr T current accounts, and thus need multiple DDs, which is what many on here will be.


On top of that will be the extra admin each month to replenish the account those DDs are paid from.

EachPenny wrote: »

Again, I think you've missed the point I was making.

I'm not saying "this is a great idea everybody".

I'm saying that whilst credit cards can be a source of monthly DD's (1 per card per month) there is no need to come up with convoluted schemes to spend exactly £1 per month per card. And therefore the people who were pushing such an idea are barking up the wrong tree.

And it matters because if too many people start using unnecessarily contrived ideas it risks more options being closed off to us all.

Never used a credit card DD before, so does it always take the full amount and can you pick the date it takes it?

DennisTenus wrote: »

Never used a credit card DD before, so does it always take the full amount and can you pick the date it takes it?

Different companies have different policies, but you may be able to negotiate the payment date to suit you, or have it near as possible to the date the payment is actually due.

You normally get options to pay the minimum amount, another amount, or the full amount.

One 'top tip' when you have a credit card is to set up a direct debit to pay at least the minimum amount - that way you cannot be hit with late or missed payment fees. If you have a 0% offer then paying the minimum amount is normally the best, otherwise if you want to avoid paying interest then pay the full amount.

The latter is what I've got set up for my cards that don't have a 0% offer. In the past I've just used the cards to gain a month or so interest free credit, or to earn cashback. Now there is the added value of a source of DD's.

bluehydrangeas wrote: »

Someome mentioned that Scottish Widows and Post Office have savings accounts that can be funded via DD. Is there a catch to using those?

Scottish widows have two accounts that can be funded by DD - the internet saver and instant saver 2 accounts. However you need to set up DDs by sending in a form by post - and enclose a bank statement or cancelled cheque for your current account with the DD form (unless your opening investment is via a cheque from that current account). The internet saver (openeable online) has a £1 minimum balance requirement - the instant saver (can only be opened by post) needs £100. Post opening both can be operated by phone or online - but the DD account can only be changed by filling out another form and sending it by post with the bank statement.

http://www.scottishwidows.co.uk/bank/savings/

The post office account was withdrawn yesterday and is no longer available - can't think why!:)

https://www.postoffice.co.uk/savings-accounts/online-saver