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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 29
    • eskbanker
    • By eskbanker 4th Jan 18, 8:53 AM
    • 7,417 Posts
    • 7,980 Thanks
    eskbanker
    Hi,

    I'm in the same boat as lots on here with current accounts which need replacement DDs for when Tesco comes to an end. I'm trying to set up new ones for myself and a relative and between us we need quite a few.

    I've tried reading this thread but it's so long and wondered if anyone would mind sharing some tips for new Savings accounts I could open with a DD facility - over and above those I've found (below)? I appreciate people don't want to highlight accounts here so happy for a private message.

    Ones I've already gleaned from this account are Ecology BS (only allows one DD) and Post Office (again, only one DD).

    Seen Egg/YBS but that seems not to be available to new account holders.

    Struggling to find others. Would prefer savings accounts as opposed to having to use a credit card. Grateful for any advice.
    Originally posted by Goodadvice75
    This thread was set up to discuss that very subject, in the wake of Tesco launching the boat that so many of us are in: http://forums.moneysavingexpert.com/showthread.php?t=5734632
    • DragonQ
    • By DragonQ 8th Jan 18, 9:42 AM
    • 2,000 Posts
    • 676 Thanks
    DragonQ
    I currently have some charity/political donations coming out of a single account. I'm just going to change that to be multiple donations of 1 for accounts that need it, e.g. Halifax Reward, M&S and Barclays Blue Rewards. My Tesco and Nationwide accounts don't need DDs so they're fine.

    Something that might be useful to others is credit cards. I have three 0% credit cards right now, and I only use one of them. So theoretically I can move the monthly DDs for the two "dormant" ones to another account and set up a standing order for whatever the minimum payment is (which will only decrease as long as I don't use the card).
    Last edited by DragonQ; 08-01-2018 at 9:49 AM.
    • Over62
    • By Over62 8th Jan 18, 11:13 AM
    • 50 Posts
    • 22 Thanks
    Over62
    Something that might be useful to others is credit cards. I have three 0% credit cards right now, and I only use one of them. So theoretically I can move the monthly DDs for the two "dormant" ones to another account and set up a standing order for whatever the minimum payment is (which will only decrease as long as I don't use the card).
    Originally posted by DragonQ
    Yes, I'm making use of unused credit cards. I make one low value purchase a month on each of them which generates the direct debit.
    • Hattie625
    • By Hattie625 8th Jan 18, 8:48 PM
    • 744 Posts
    • 594 Thanks
    Hattie625
    Hi,

    I'm in the same boat as lots on here with current accounts which need replacement DDs for when Tesco comes to an end. I'm trying to set up new ones for myself and a relative and between us we need quite a few.

    I've tried reading this thread but it's so long and wondered if anyone would mind sharing some tips for new Savings accounts I could open with a DD facility - over and above those I've found (below)? I appreciate people don't want to highlight accounts here so happy for a private message.

    Ones I've already gleaned from this account are Ecology BS (only allows one DD) and Post Office (again, only one DD).

    Seen Egg/YBS but that seems not to be available to new account holders.

    Struggling to find others. Would prefer savings accounts as opposed to having to use a credit card. Grateful for any advice.
    Originally posted by Goodadvice75
    Here's a couple of suggestions which are working for me:-

    Check your local credit unions websites. CU's are usually locally based and will accept you for a savings account based on your postcode. In my area I have found two credit unions which both accept monthly DDs into their savings accounts. Each would accept as low as 1 per month but I've made each 10 per month so as not to take the p##s.

    Sign up online with Park Christmas Savings Club. Buy a 10 store gift card for Xmas 2018 and pay by monthly DD at 1 per month starting January 2018 until October 2018. Repeat then (for Xmas 2019). You get the card when you've paid in full. Note:- no FSCS protection on your money so only buy the minimum necessary. A misuse of the Park system but frankly I'm not losing any sleep over it.
    • savetilibleed
    • By savetilibleed 9th Jan 18, 12:18 AM
    • 1,341 Posts
    • 322 Thanks
    savetilibleed
    The main accounts I don't want to lose are the 3 BoS vantage accounts. I presently use Tesco for these. I need to find 6 different monthly DDs for this purpose. I've got 4 I can move but I'm struggling to find another 2 that pay absolutely every month. Water and council tax don't (which I could move from Santander123 and close that). I also will have to lose my YBank and Halifax Reward for the same reason as I can't find regular DDs to replace. I could get one more with a SW account I suppose but it means keeping 100 there doing nearly nothing.

    Could do Paypal but it looks like you can't pull money now. Thought you could.
    • badger09
    • By badger09 9th Jan 18, 10:47 AM
    • 5,999 Posts
    • 5,338 Thanks
    badger09
    The main accounts I don't want to lose are the 3 BoS vantage accounts. I presently use Tesco for these. I need to find 6 different monthly DDs for this purpose. I've got 4 I can move but I'm struggling to find another 2 that pay absolutely every month. Water and council tax don't (which I could move from Santander123 and close that). I also will have to lose my YBank and Halifax Reward for the same reason as I can't find regular DDs to replace. I could get one more with a SW account I suppose but it means keeping 100 there doing nearly nothing.

    Could do Paypal but it looks like you can't pull money now. Thought you could.
    Originally posted by savetilibleed

    Most councils will allow you to pay in 12 instalments rather than 10. Have you asked yours?

    Apparently my water company also offer the facility but I have to wait for my next bill before I can set the DDs up. Does yours do the same?

    What about a credit card? I'm resurrecting unused cards
    • ColdIron
    • By ColdIron 9th Jan 18, 10:53 AM
    • 4,253 Posts
    • 5,378 Thanks
    ColdIron
    What about a credit card? I'm resurrecting unused cards
    Originally posted by badger09
    My 0% purchase Tesco Clubcard is now set up and working a treat. Some expensive dental work and ongoing Tesco delivery will give me 30 months or so of 25 hassle free minimum payments and some Clubcard points into the bargain
    • badger09
    • By badger09 9th Jan 18, 11:59 AM
    • 5,999 Posts
    • 5,338 Thanks
    badger09
    My 0% purchase Tesco Clubcard is now set up and working a treat. Some expensive dental work and ongoing Tesco delivery will give me 30 months or so of 25 hassle free minimum payments and some Clubcard points into the bargain
    Originally posted by ColdIron
    I haven't (yet) resorted to opening new cards but will consider.

    I still have a Barclaycard with a healthy credit limit which is so old it isn't reported to CRAs. I managed to resuscitate an unused PO Money credit card weeks before threatened closure.

    Just have to remember to make a purchase on each of the 3 non cashback cards every month.
    • DragonQ
    • By DragonQ 9th Jan 18, 5:15 PM
    • 2,000 Posts
    • 676 Thanks
    DragonQ
    The main accounts I don't want to lose are the 3 BoS vantage accounts. I presently use Tesco for these. I need to find 6 different monthly DDs for this purpose. I've got 4 I can move but I'm struggling to find another 2 that pay absolutely every month. Water and council tax don't (which I could move from Santander123 and close that). I also will have to lose my YBank and Halifax Reward for the same reason as I can't find regular DDs to replace. I could get one more with a SW account I suppose but it means keeping 100 there doing nearly nothing.

    Could do Paypal but it looks like you can't pull money now. Thought you could.
    Originally posted by savetilibleed
    I'm dumping BoS Vantage. 2% is pretty useless, I'm just going to trickle more money into my S&S ISA and put more in my pension once it gets to the point that my 3-5% accounts are full. If I have to resort to 2% accounts, I might as well just overpay my mortgage instead. Much less hassle and it is barely worth it to jump through so many hoops at that point.
    • YorkshireBoy
    • By YorkshireBoy 9th Jan 18, 6:39 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    I also will have to lose my YBank and Halifax Reward for the same reason as I can't find regular DDs to replace.
    Originally posted by savetilibleed
    Why do you need DDs paying out at Yorkshire Bank?
    • savetilibleed
    • By savetilibleed 9th Jan 18, 10:00 PM
    • 1,341 Posts
    • 322 Thanks
    savetilibleed
    Why do you need DDs paying out at Yorkshire Bank?
    Originally posted by YorkshireBoy
    Come to think of it, perhaps I don't! I switched an account in about March last year to them for the 150 bonus. The old account had Tesco DDs.
    • savetilibleed
    • By savetilibleed 9th Jan 18, 10:13 PM
    • 1,341 Posts
    • 322 Thanks
    savetilibleed
    Most councils will allow you to pay in 12 instalments rather than 10. Have you asked yours?

    Apparently my water company also offer the facility but I have to wait for my next bill before I can set the DDs up. Does yours do the same?

    What about a credit card? I'm resurrecting unused cards
    Originally posted by badger09
    Ah didn't realise that. Might investigate. Hmm I quite like having 2 months off for council tax and 4 for water though Thank you.
    • Katiehound
    • By Katiehound 9th Jan 18, 10:46 PM
    • 4,444 Posts
    • 38,865 Thanks
    Katiehound
    Water and council tax don't (which I could move from Santander123 and close that). .
    Originally posted by savetilibleed
    You have been able to pay the council tax in 12 installments for a few years now.
    Our option is well hidden on the back of the bill!
    At the end of the year it seems to automatically switch back to 10 payments unless you get a helpful body on the other end of the phone! However you will probably have to wait now until the new financial year to set it up.
    My water bill must also be in 12 as I use that as a qualifying DD.....
    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 ..2319 cc+.2205mm (2.20.5) + RK 5.21= 30.64.5
    • michaels
    • By michaels 16th Jan 18, 11:02 AM
    • 20,801 Posts
    • 96,359 Thanks
    michaels
    I found some banks accepted multiple DDs from different accounts at the same organsiation whereas others needed the DDs to come from different organisations (eg. Two different Tesco saver DDs was still only counted as 1 DD). Unfortunately this was ages ago when I was setting things up so I can't remember which had this rule.

    I have accounts at Halifax, Lloyds and Coop that need to be sorted. Do the Nationwide or Halifax accounts have and DD requirements too?

    Comments above suggest that for Coop, a single DD taken weekly is sufficient - is this correct?
    Cool heads and compromise
    • Westie983
    • By Westie983 16th Jan 18, 2:33 PM
    • 4,353 Posts
    • 14,910 Thanks
    Westie983
    Halifax does for the reward payment 2 DD paid out and 750 paid in.

    Westie983
    Save 12k in 2018 #10 Total (25,000)+10,000/12,000 = 83.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 40/500 = 8.00% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 900/1,000 = 90.00%
    2 Savers Club 2018 #16 Total (1,500)+-480/2,000 = 51.00%

    Total 12,022.59/15,865 = 75.78%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • savetilibleed
    • By savetilibleed 16th Jan 18, 5:31 PM
    • 1,341 Posts
    • 322 Thanks
    savetilibleed
    Do the Nationwide or Halifax accounts have and DD requirements too?
    Originally posted by michaels
    Halifax do, Nationwide FlexDirect no DD requirements.
    • ashnojutsu
    • By ashnojutsu 17th Jan 18, 12:54 PM
    • 113 Posts
    • 17 Thanks
    ashnojutsu
    If I have 2 DD's from the same organization, both with different reference numbers, do they count as 2 different DD's? I've had previous experience where the same DD was paid out twice a month, so it only counted as a single DD.
    • eskbanker
    • By eskbanker 17th Jan 18, 1:41 PM
    • 7,417 Posts
    • 7,980 Thanks
    eskbanker
    If I have 2 DD's from the same organization, both with different reference numbers, do they count as 2 different DD's? I've had previous experience where the same DD was paid out twice a month, so it only counted as a single DD.
    Originally posted by ashnojutsu
    As per post #583 above, there isn't a one-size-fits-all answer to this, it depends on the policies of the bank(s) you're talking about.
    • ashnojutsu
    • By ashnojutsu 17th Jan 18, 1:54 PM
    • 113 Posts
    • 17 Thanks
    ashnojutsu
    As per post #583 above, there isn't a one-size-fits-all answer to this, it depends on the policies of the bank(s) you're talking about.
    Originally posted by eskbanker
    In my case the DD's CAN be of the same organization - there is no condition saying they must be from different companies. However, my original question is do they count as different DD's if the reference number is different for each DD - the originator can be identical in my case.

    A good example of this is the Tesco Savings account, despite being from the same originator, multiple DD debiting from the same account DO in fact count as separate DD's.
    • soulsaver
    • By soulsaver 17th Jan 18, 3:23 PM
    • 1,705 Posts
    • 683 Thanks
    soulsaver
    In my case the DD's CAN be of the same organization - there is no condition saying they must be from different companies. However, my original question is do they count as different DD's if the reference number is different for each DD - the originator can be identical in my case.

    A good example of this is the Tesco Savings account, despite being from the same originator, multiple DD debiting from the same account DO in fact count as separate DD's.
    Originally posted by ashnojutsu
    Have these examples (banks?) got names?
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