Tesco Savings DDs

darkidoe · 28 October 2017 at 1:01AM

I guess it's time to streamline the my current accounts to drop the Halifax Reward. I will keep Lloyds as my main account with all my main DDs coming from there. Hope M&S can stay open without active monthly DD coming out for the regular saver.

Mee · 28 October 2017 at 10:53AM

darkidoe wrote: »

I guess it's time to streamline the my current accounts....

Same here - but which? BoS, Halifax, Lloyds, TSB, Santander etc.:eek:
I'm not giving up Halifax for sentimental reasons and I'm not charged for using it at present - I just won't receive Rewards after April, and anyway it may have some future use.
I need to sit down and do some maths.

Does anyone have a streamlined list of current accounts/min pay-in; fees/dds etc which is easier to cast your eye over than the Bank account page?

greenglide · 28 October 2017 at 10:53AM

I'm wondering if that means that Tesco Bank direct debits will still be "active direct debits" to meet M and S Bank requirement (in order to continue to qualify for the M and S Monthly Saver) and Santander 123/123 Lite requirements. If the mandate is not cancelled, will it continue to be "active" on the account for 13 months from last collectiion?

Tesco will cancel the DD at their end and the bank (M&S in this case) will receive a transaction to remove it from the account.

Remember that in this case Tesco Bank is acting as the "seller" just like phone company, local authority, water authority etc. When the last payment is collected by them they can mark the transaction as "final" and the bank (M&S in this case) removes it from your account.

beefturnmail · 28 October 2017 at 11:03AM

greenglide wrote: »

Tesco will cancel the DD at their end and the bank (M&S in this case) will receive a transaction to remove it from the account.

Remember that in this case Tesco Bank is acting as the "seller" just like phone company, local authority, water authority etc. When the last payment is collected by them they can mark the transaction as "final" and the bank (M&S in this case) removes it from your account.

But as the direct debits are triggered by the 'customer' (saver) in this case, how will Tesco know which is the final payment?

Mee · 28 October 2017 at 11:06AM

beefturnmail wrote: »

But how will Tesco know which is the final payment?

Because they have a cut off date?

From 22 April 2018, you’ll be unable to set up new, regular or one off Direct Debit payments. All existing Direct Debits set up on your Account will be cancelled.

Mchambers · 28 October 2017 at 11:16AM

Lets wait and see. I don't reckon this will not be problems free.

latinaid · 28 October 2017 at 11:52AM

karlie88 wrote: »

Just to confirm, I've set up 8 DDs within the past week via PP with my online browser. You can only add 4 DDs at a time - once they're set up on your bank account, you can add more. 8 is the maximum number of DDs that can be present on your PP account. There are 3 different ways to pull/request money via the DD; all of which have been mentioned within this thread. Unfortunately, they have to be done manually every month.

That's the last you'll hear from me about this.

Sorry ceredigion

Could you tell us how you did this? I can't see how to do it using laptop (not surprising since people are saying that's been pulled) but nor can I see how to do it via the app.

greenglide · 28 October 2017 at 1:52PM

But as the direct debits are triggered by the 'customer' (saver) in this case, how will Tesco know which is the final payment?

The DDs, in this case, are triggered by the "seller" which is Tesco Bank. M&S, or whichever bank, then responds with the payment.

Tesco, as the "seller", can change the amount collected or terminate the mandate at any time. M&S, as the bank, can cancel the mandate at any time as well, usually when instructed be the account holder.

Tesco are effectively operating as a retailer in this transaction rather than a financial institution.

darkidoe · 28 October 2017 at 2:07PM

Mee wrote: »

Same here - but which? BoS, Halifax, Lloyds, TSB, Santander etc.:eek:
I'm not giving up Halifax for sentimental reasons and I'm not charged for using it at present - I just won't receive Rewards after April, and anyway it may have some future use.
I need to sit down and do some maths.

Does anyone have a streamlined list of current accounts/min pay-in; fees/dds etc which is easier to cast your eye over than the Bank account page?

Oh yes. I forgot all about BOS. I guess I wouldn't quite qualify for Vantage Interest without the DDs then. My 2x BOS may have to go as well then alone with Halifax. I am on an earlier TSB so I don't need DDs to qualify for interest. I never got quite enough to maintain Santander, so I have dumped late last year after they increased their account charges.

I guess my option would be to keep maximising existing regular savers to maximise interest...

deutsch · 28 October 2017 at 2:46PM

Wasn't there a sticky thread with alternatives for Direct Debits to play about the requirements of bank accounts. I can't find it anywhere.

What are the alternatives?

Found:

http://forums.moneysavingexpert.com/showthread.php?t=5126573

Tesco Savings DDs

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