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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 31
    • Lungboy
    • By Lungboy 8th Mar 18, 2:00 PM
    • 1,409 Posts
    • 1,352 Thanks
    Lungboy
    If you're desperate, transfers into Paypal accounts via direct debit are still working, at least some of the time, using the app not the website.
    Originally posted by MarkFromCornwall
    I added a new bank account to my Paypal account the other day and it's now showing up as a direct debit on that bank account. Apparently, any payments made using Paypal that recover money from that bank account will now show as a direct debit, so as long as i buy at least 1 item a month using Paypal that should be fine.
    • moneyfoolish
    • By moneyfoolish 8th Mar 18, 3:04 PM
    • 502 Posts
    • 295 Thanks
    moneyfoolish
    I've got at least a dozen credit cards that I don't use as I always move on to another interest free one when the previous interest free period expires. All I'm doing is setting some of those cards to be paid by DD and using them to pay for £10 worth of petrol when I go to the supermarket. I'm up to 3 at the moment to replace the Tesco DDs when they expire. I normally get through at least £30 of petrol per week so could manage up to 12 cards in a month if necessary. I've set all 3 to pay the maximum each month but will only use any card once a month.
    Last edited by moneyfoolish; 08-03-2018 at 3:07 PM. Reason: add information
    • 10_66
    • By 10_66 8th Mar 18, 3:43 PM
    • 2,661 Posts
    • 997 Thanks
    10_66
    ...SW is harder as when you open the a/c and whenever you change the nominated a/c they request a cancelled cheque or original bank statement to be sent to them by post.
    Originally posted by clivep
    Once set up, you can change the nominated account and set up DDs over the phone without the need to send in further cancelled cheques or bank statements. Both myself and OH have done this with our combined 4 accounts.
    • claire07
    • By claire07 8th Mar 18, 4:22 PM
    • 519 Posts
    • 149 Thanks
    claire07
    I've done a similar set-up to moneyfoolish juggling half a dozen credit cards I've not used to pay petrol, supermarket and bits and pieces each month along with the post office saver.


    Being a glass half empty type I am just wondering whether in April BoS, Lloyds, etc. might change their rewards so as to make it not worth doing anyway!
    • Frogletina
    • By Frogletina 8th Mar 18, 5:46 PM
    • 3,060 Posts
    • 11,067 Thanks
    Frogletina
    Being a glass half empty type I am just wondering whether in April BoS, Lloyds, etc. might change their rewards so as to make it not worth doing anyway!
    Originally posted by claire07
    I'm surprised that BoS still allows 3 identical accounts to be held - I wish they would reduce the number of accounts but raise the amount you can hold in one. I gave up holding £20,000 in Santander when the interest rate dropped and put most of it into my ISA.

    I have earned more interest than my personal savings allowance and the tax will be claimed via PAYE, so it is not really worth earning less than 2% interest on any of my accounts and therefore I'm keeping the balances low and transferring out of my flexible ISA when necessary.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13
    • Gers
    • By Gers 8th Mar 18, 9:59 PM
    • 6,497 Posts
    • 41,362 Thanks
    Gers
    Iíve managed to cover all necessary DDs by juggling some around, a P.O. saver and two charity donations which I probably donít need. I had a couple of annual DDs which Iíve moved to M&S to keep the RS.

    Canít blame Tesco for pulling the DDs. Iíll keep my two current accounts with them as they are DD free.
    • polymaff
    • By polymaff 9th Mar 18, 12:23 PM
    • 2,122 Posts
    • 921 Thanks
    polymaff
    Birmingham Midshires don't seem to stipulate how many a/cs you're allowed. I can certainly confirm that it's at least 2.
    Originally posted by clivep
    On the phone the other day, they said "you can have 74"

    But don't quote me
    • Richchad
    • By Richchad 13th Mar 18, 5:50 PM
    • 393 Posts
    • 61 Thanks
    Richchad
    I have only found out of this today when I received email from Tesco.

    This will be quite a blow for us as we have 10 BOS accounts (yes 10) and 3 Lloyds accounts paying just over £100 per month.

    But looking on here it seems imposible to find any other accounts that will allow direct debits to multiple accounts, most, if not all, now want a nominated account.

    I would need about 26 DDs from somewhere, so I might just keep our TSB & Tesco current accounts as DDs not required and move all BOS and Lloyds to a mixture of fixed term savings and Easy Access accounts.

    Such a shame really but it was a bit of a pain moving all interest. every month...
    • 10_66
    • By 10_66 13th Mar 18, 6:27 PM
    • 2,661 Posts
    • 997 Thanks
    10_66
    ...I would need about 26 DDs from somewhere...
    Originally posted by Richchad
    Between us, OH and I needed 32. I dreaded trying to find out where to start, but eventually stuck at it and (fingers crossed as they've yet to be tested!) hopefully have found "homes" for them all. If I can do it, anyone can. Granted it took me quite a time to do it, but hopefully, it'll have been worth it.
    • YorkshireBoy
    • By YorkshireBoy 13th Mar 18, 6:31 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    Such a shame really but it was a bit of a pain moving all interest. every month...
    Originally posted by Richchad
    Never thought about using the Tesco DDs to withdraw the interest automatically?...all on the same day.

    And before DDs were required (on BoS etc), you didn't think to automate with SOs?

    Our entire set up for high interest current accounts has been fully automated for years!
    • Richchad
    • By Richchad 14th Mar 18, 8:30 AM
    • 393 Posts
    • 61 Thanks
    Richchad
    Between us, OH and I needed 32. I dreaded trying to find out where to start, but eventually stuck at it and (fingers crossed as they've yet to be tested!) hopefully have found "homes" for them all. If I can do it, anyone can. Granted it took me quite a time to do it, but hopefully, it'll have been worth it.
    Originally posted by 10_66
    Did you manage to find any that allowed DDs to pull from multiple accounts?
    Would be nice to know where you managed to find so many.
    • Lungboy
    • By Lungboy 14th Mar 18, 9:21 AM
    • 1,409 Posts
    • 1,352 Thanks
    Lungboy
    Did you manage to find any that allowed DDs to pull from multiple accounts?
    Would be nice to know where you managed to find so many.
    Originally posted by Richchad
    Check Clivep's posts in this thread, I think he listed 40+ that he thought of.
    • BRYNEL
    • By BRYNEL 14th Mar 18, 9:39 AM
    • 6 Posts
    • 1 Thanks
    BRYNEL
    Aesy Access Savings
    I tried Martins recommendations of ICICI & Tesco easy Saver Accounts only to find that ICICI chose to be difficult ie I'm to old now to become a performing circus act jumping over hurdles & thro hoops,and after filling out the online Tesco application form and upon inserting my Tesco clubcard number as requested they told me I couldn't proceed with the application,no explanation,nothing,e-mailed Tesco for a reason why not & I'm still waiting for a reply from them.
    • BRYNEL
    • By BRYNEL 14th Mar 18, 9:48 AM
    • 6 Posts
    • 1 Thanks
    BRYNEL
    Further to easy access saver NOT aesy access sorry typing error,now with Ford Money a little less int: but a lot better quality group to invest with NO HOOPS or HURDLES & lot more trustworthy than Tescos.They even helped me with my age related initial mistakes.I highly recommend them.
    • AndyPK
    • By AndyPK 14th Mar 18, 12:38 PM
    • 2,907 Posts
    • 817 Thanks
    AndyPK
    Check Clivep's posts in this thread, I think he listed 40+ that he thought of.
    Originally posted by Lungboy
    I can't see a list of 40 ?
    • keiran
    • By keiran 14th Mar 18, 12:41 PM
    • 432 Posts
    • 220 Thanks
    keiran
    HMRC allows you to set up monthly or weekly direct debits for your self assessment account, and for national insurance voluntary contributions
    • Lungboy
    • By Lungboy 14th Mar 18, 12:41 PM
    • 1,409 Posts
    • 1,352 Thanks
    Lungboy
    I can't see a list of 40 ?
    Originally posted by AndyPK
    Ah sorry, it was in the other thread on direct debit accounts. Post #383 here http://forums.moneysavingexpert.com/showthread.php?p=73972414#post73972414
    • Bobblehat
    • By Bobblehat 14th Mar 18, 1:57 PM
    • 120 Posts
    • 78 Thanks
    Bobblehat
    Nice Surprise!
    In order to make up one of the DD's that will disappear when Tesco pull the plug, I decided to apply for a PO Online Saver. I'd read various warnings of problems from forum members in different threads about the application and use of the account, but today I opened one in 5 minutes, online. Accessed it straight away, set up the initial payment and a regular DD monthly payment to fund it from a current account that generates interest .... happy days!

    I know different people have had different experiences and that may well depend on their particular circumstances, but for me it was one of the easiest applications I've ever done, no ID requests, and no waiting days for it to open. This is the first account I have ever had with the PO.

    I guess I'll have to wait to see if all goes smoothly from now on ..... or say to myself .... "They told me so!" .... if it goes pear-shaped

    I wonder when Issue #30 is due .......
    • Richchad
    • By Richchad 14th Mar 18, 4:19 PM
    • 393 Posts
    • 61 Thanks
    Richchad
    I was just wondering what will happen when Tesco cancel all Direct Debits on 22nd April.

    I assume interest will be paid on 1st April, or 2nd as 1st is a Sunday.

    My next DDs go out mid April, so would that qualify for interest on 1st May or would they stop as DDs will have ceased before then, even though they would have been taken for that month?

    Hope that makes sense....
    • Lungboy
    • By Lungboy 14th Mar 18, 4:48 PM
    • 1,409 Posts
    • 1,352 Thanks
    Lungboy
    In order to make up one of the DD's that will disappear when Tesco pull the plug, I decided to apply for a PO Online Saver. I'd read various warnings of problems from forum members in different threads about the application and use of the account, but today I opened one in 5 minutes, online. Accessed it straight away, set up the initial payment and a regular DD monthly payment to fund it from a current account that generates interest .... happy days!

    I know different people have had different experiences and that may well depend on their particular circumstances, but for me it was one of the easiest applications I've ever done, no ID requests, and no waiting days for it to open. This is the first account I have ever had with the PO.

    I guess I'll have to wait to see if all goes smoothly from now on ..... or say to myself .... "They told me so!" .... if it goes pear-shaped

    I wonder when Issue #30 is due .......
    Originally posted by Bobblehat
    I just signed up for one and have had the opposite experience. I need to send 2 certified forms of ID to Belfast, along with a cheque for the initial deposit. Are you sure you opened the correct account?

    e: from reading the key info document, it seems your experience is the more normal one.
    Last edited by Lungboy; 14-03-2018 at 6:09 PM.
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