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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 27
    • Steve_xx
    • By Steve_xx 29th Nov 17, 2:03 PM
    • 6,530 Posts
    • 2,734 Thanks
    Steve_xx
    No, post #1 of this thread has the correct date for this change, i.e. 22 April 2018.
    Originally posted by eskbanker
    I wonder if the poster means that Tesco are planning to withdraw the ability to setup DD mandates on 13 January, with those already setup by that date being allowed to continue until 22 April?
    • EachPenny
    • By EachPenny 29th Nov 17, 4:31 PM
    • 4,948 Posts
    • 13,197 Thanks
    EachPenny
    I wonder if the poster means that Tesco are planning to withdraw the ability to setup DD mandates on 13 January, with those already setup by that date being allowed to continue until 22 April?
    Originally posted by Steve_xx
    Wouldn't that need to have been covered by the T&C's change though?

    The same applies to the other possible interpretaion of withdrawing the DD option for new accounts opened after 13 Jan. Unless they are going to issue another new version of the T&C's....
    "In the future, everyone will be rich for 15 minutes"
    • Steve_xx
    • By Steve_xx 29th Nov 17, 4:55 PM
    • 6,530 Posts
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    Steve_xx
    Wouldn't that need to have been covered by the T&C's change though?

    The same applies to the other possible interpretaion of withdrawing the DD option for new accounts opened after 13 Jan. Unless they are going to issue another new version of the T&C's....
    Originally posted by EachPenny
    It's a bit of guesswork. The poster may have heard/interpreted incorrectly. Bank staff of course are never guilty of giving out incorrect information!
    • polymaff
    • By polymaff 29th Nov 17, 5:05 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    Bank staff of course are never guilty of giving out incorrect information!
    Originally posted by Steve_xx
    Perish the thought

    "Prior to 22 April 2018 regular or one off payments can be made by setting up a Direct Debit via Online Banking."

    Seems to settle the issue, though.
    • Katiehound
    • By Katiehound 29th Nov 17, 6:22 PM
    • 4,390 Posts
    • 38,767 Thanks
    Katiehound
    and think I have just managed to replace all those DDs I needed! (turned out I could cancel a couple without me realising that fact)
    Small headache solved.
    Now even more a/cs open- with savings- so it hasn't streamlined the process !! That would be far tooooo easy.
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling : Entrant 8 ..2220 cc+.2155mm (2.15.5) + RK 5.21= 29.60.5
    • Mikkelzzz3
    • By Mikkelzzz3 29th Nov 17, 8:11 PM
    • 15 Posts
    • 4 Thanks
    Mikkelzzz3
    Maybe I heard wrong about the exact day, but I am 100% sure the Tesco Rep said i Could not make new DD's, at some point in January.
    • Steve_xx
    • By Steve_xx 29th Nov 17, 10:36 PM
    • 6,530 Posts
    • 2,734 Thanks
    Steve_xx
    Maybe I heard wrong about the exact day, but I am 100% sure the Tesco Rep said i Could not make new DD's, at some point in January.
    Originally posted by Mikkelzzz3
    The problem is that if you were to phone them again, you'd likely get somebody else, and a different tale to go with it!
    • badger09
    • By badger09 30th Nov 17, 1:00 PM
    • 5,944 Posts
    • 5,283 Thanks
    badger09
    Maybe I heard wrong about the exact day, but I am 100% sure the Tesco Rep said i Could not make new DD's, at some point in January.
    Originally posted by Mikkelzzz3
    You might be 100% sure about what the Tesco rep said, but they were 100% wrong.

    The revised Internet Saver & Instant Access Savings Accounts T&Cs state (amongst other things)

    'We are making changes to the way in which you can fund your Account. In particular, as of 22nd April 2018 you will not be able to fund your Account by way of Direct Debit. 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.'

    Which is crystal clear.
    • polymaff
    • By polymaff 30th Nov 17, 2:37 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    Maybe I heard wrong about the exact day, but I am 100% sure the Tesco Rep said i Could not make new DD's, at some point in January.
    Originally posted by Mikkelzzz3
    You might be 100% sure about what the Tesco rep said, but they were 100% wrong.

    The revised Internet Saver & Instant Access Savings Accounts T&Cs state (amongst other things)

    'We are making changes to the way in which you can fund your Account. In particular, as of 22nd April 2018 you will not be able to fund your Account by way of Direct Debit. 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.'

    Which is crystal clear.
    Originally posted by badger09

    Not on the highlighted issue - but

    http://forums.moneysavingexpert.com/showpost.php?p=73484948&postcount=533

    is
    • soulsaver
    • By soulsaver 30th Nov 17, 4:39 PM
    • 1,669 Posts
    • 657 Thanks
    soulsaver
    I believe the source of confusion re 13th January date is because that is the date the new T&Cs are effective - ie the end of the notice period changing the existing T&Cs.

    In the 'new' T&Cs it is ending the facility to set up DDs and is cancelling existing DDs at 22nd April.

    http://forums.moneysavingexpert.com/showthread.php?t=5730177&page=4 2nd line on page in picture post #68
    • JustAnotherSaver
    • By JustAnotherSaver 25th Dec 17, 4:04 PM
    • 2,953 Posts
    • 491 Thanks
    JustAnotherSaver
    Well after just discovering this while I wait on my Xmas dinner I've been having a browse as I try to see what other people are doing to try and work around all this and then I got to the following post....

    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.

    Originally posted by adindas
    And thought how very typical of the MSE community

    Everyone always thinks something is going on, someone is up to no good.

    Makes me wonder whether most of you are management where I work!!

    • JustAnotherSaver
    • By JustAnotherSaver 26th Dec 17, 3:44 PM
    • 2,953 Posts
    • 491 Thanks
    JustAnotherSaver
    Just looking for ways i can get round this & i'm not really liking many of the suggestions so far. Either that or i'm not eligible for them.

    Anyway, one thought i had to at least satisfy one half of the requirement would be a Santander eSaver account...

    Link to .pdf

    Do these STILL allow it?

    And another question would be - can i set this up on as many accounts as i like?

    * So create an eSaver with Santander
    * Fill out a form to pay this eSaver from my Halifax solo account
    * Halifax joint account
    * Wife's Halifax solo account
    * Club Lloyds Solo account
    * Club Lloyds joint account
    * Wife's club Lloyds account
    * My BoS account

    So that the eSaver would be getting credited by all of those accounts which would satisfy the one half of it.

    Q: Is that still available / would that work?

    My sister has one of these to satisfy one of her accounts but that's it - only one account. She hasn't got multiple accounts paying the eSaver.


    The thing would then be to find another type of account with another provider that could do the exact same.

    • veryintrigued
    • By veryintrigued 26th Dec 17, 7:24 PM
    • 2,365 Posts
    • 1,782 Thanks
    veryintrigued
    Just looking for ways i can get round this & i'm not really liking many of the suggestions so far. Either that or i'm not eligible for them.

    Anyway, one thought i had to at least satisfy one half of the requirement would be a Santander eSaver account...

    Link to .pdf

    Do these STILL allow it?

    And another question would be - can i set this up on as many accounts as i like?

    * So create an eSaver with Santander
    * Fill out a form to pay this eSaver from my Halifax solo account
    * Halifax joint account
    * Wife's Halifax solo account
    * Club Lloyds Solo account
    * Club Lloyds joint account
    * Wife's club Lloyds account
    * My BoS account

    So that the eSaver would be getting credited by all of those accounts which would satisfy the one half of it.

    Q: Is that still available / would that work?

    My sister has one of these to satisfy one of her accounts but that's it - only one account. She hasn't got multiple accounts paying the eSaver.


    The thing would then be to find another type of account with another provider that could do the exact same.
    Originally posted by JustAnotherSaver
    Your link seems to be for funding an ISA. The eSaver is not an ISA and deposits cant be made by DD can they?

    https://www.santander.co.uk/uk/savings/esaver

    Apart from that it'll work a treat.
    Last edited by veryintrigued; 26-12-2017 at 7:28 PM.
    • JustAnotherSaver
    • By JustAnotherSaver 26th Dec 17, 7:55 PM
    • 2,953 Posts
    • 491 Thanks
    JustAnotherSaver
    Your link seems to be for funding an ISA. The eSaver is not an ISA and deposits cant be made by DD can they?

    https://www.santander.co.uk/uk/savings/esaver

    Apart from that it'll work a treat.
    Originally posted by veryintrigued
    Take a look again at the form but while you're doing it think Santander! By that i mean look for something that doesn't make total sense.

    Section B does indeed say "pay in to your Cash ISA via direct debit"

    However take a look over at section 6 of section B. There appears to be 2 options that are not a cash ISA.

    I got my sister to send them a secure message and they replied but it didn't make sense (like i said, think Santander).

    She said to them - as she's paying in to her existing eSaver via direct debit method from an external current account, can she complete said form for multiple current accounts and fund her eSaver via direct debit from additional current accounts.

    They responded by saying she can pay into the eSaver via Standing Order.

    Yeah no shizzle Sherlock! So she's fired another off saying that she knows that but she specifically wants to pay in to her eSaver from multiple accounts via the direct debit method and not the standing order method. Can this be done (as in did they stop the option)?

    So we're waiting on a reply.





    The other way around it is like i said ... think Santander .... and just fill the form out and see what happens. It'll either work or it wont. Worst case scenario i suppose is it'll remove the direct debit for the account that is currently paying in via direct debit.

    • JustAnotherSaver
    • By JustAnotherSaver 26th Dec 17, 7:59 PM
    • 2,953 Posts
    • 491 Thanks
    JustAnotherSaver
    For the record, my sisters account appears to be called an "everyday saver" and is currently paying 0.25% (not that she bothers with it for the interest rate).

    https://www.santander.co.uk/uk/savings/everyday-saver

    When you scroll down to where it says how to deposit in to the account you'll notice that this also says standing orders and does not mention direct debits...


    ...yet i can assure you 100% that she pays in to this account via direct debit. I know this because last year or the year before or whenever it was i printed the form off for her, got it sent off & i've seen the entry in her Halifax account under the "Direct Debits" heading and it's been working for well over a year.

    • Yorkshire Pud
    • By Yorkshire Pud 26th Dec 17, 8:15 PM
    • 887 Posts
    • 598 Thanks
    Yorkshire Pud
    Sorry confused santander e savings funding with tesco funding requirements and now mse seems to have changed the format for editing posts so Im just deleting it all!
    Last edited by Yorkshire Pud; 26-12-2017 at 8:33 PM.
    • JustAnotherSaver
    • By JustAnotherSaver 26th Dec 17, 8:31 PM
    • 2,953 Posts
    • 491 Thanks
    JustAnotherSaver
    What you on about!

    No Direct Debits will be allowed on any Tesco Bank savings accounts from 22nd April 2018. Instead there will be ONE linked account allowed. For withdrawals , payments in etc.

    So unless you can make use of the DD facility BEFORE the 22nd April 2018 WHAT'S THE POINT?!

    Just reads like a load of confused garbage TBH sorry to say and you aren't going to 'get round it', its HAPPENING
    Originally posted by Yorkshire Pud
    Question is what are YOU on about? Did you read what i posted at all or did you just think that's a lot of typing so i can't be bothered but i'll reply to it anyway?


    No Direct Debits will be allowed on any Tesco Bank savings accounts from 22nd April 2018.
    Yes i know, why do you think i'm here?

    So unless you can make use of the DD facility BEFORE the 22nd April 2018 WHAT'S THE POINT?!
    What's the point in what? Looking to see where i can grab convenient (LIKE Tesco) direct debits?

    Well the point is so that after April 2018 i can continue qualifying for interest/rewards on Halifax, BoS and Lloyds.

    I thought that was obvious?

    Just reads like a load of confused garbage TBH sorry to say and you aren't going to 'get round it', its HAPPENING
    Well i'm sorry to burst your bubble but i think you'll find that i WILL be looking to 'get round it'.

    And i know it's happening - like i said, why else do you think i'm here?

    If i can find out whether the Santander direct debit form allows 1 direct debit payment paid to the Santander eSaver from as many current accounts as i wish

    then all i need to do is get another direct debit in place on those accounts and voila ... i will have 'got round it'.

    But with other options either unavailable to me or not to my liking a lot of that depends on this Santander direct debit for me.

    • ceredigion
    • By ceredigion 26th Dec 17, 8:34 PM
    • 2,699 Posts
    • 3,574 Thanks
    ceredigion
    The fertility to fund a Easy saver by DD was removed a long time ago, even then it could only be linked to one external account.
    It was a pain to instigate even then, because the mandate forms had to go to the ISA department who invariably shrugged their shoulders and put them in the bin.
    If you log in and look you can still see the appropriate sections but no good comes of it.
    • JustAnotherSaver
    • By JustAnotherSaver 26th Dec 17, 8:36 PM
    • 2,953 Posts
    • 491 Thanks
    JustAnotherSaver
    The fertility to fund a Easy saver by DD was removed a long time ago, even then it could only be linked to one external account.
    It was a pain to instigate even then, because the mandate forms had to go to the ISA department who invariably shrugged their shoulders and put them in the bin.
    If you log in and look you can still see the appropriate sections but no good comes of it.
    Originally posted by ceredigion
    Well at least you understood where i was going with it.

    So are you saying that if it's in place they still honour it but no new applications will be entertained (for direct debit payments).

    Or are you saying like Tesco are doing in April - that they just removed this altogether?






    screenshot for anyone who didn't think it showed up as a direct debit.
    Last edited by JustAnotherSaver; 26-12-2017 at 8:40 PM.

    • Yorkshire Pud
    • By Yorkshire Pud 26th Dec 17, 8:36 PM
    • 887 Posts
    • 598 Thanks
    Yorkshire Pud
    Yes apologies never post while under the influence! I've amended/deleted my post but in the meantime you've quoted it so ce la vie
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