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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 32
    • YorkshireBoy
    • By YorkshireBoy 14th Mar 18, 6:27 PM
    • 30,147 Posts
    • 17,998 Thanks
    YorkshireBoy
    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....
    Originally posted by Richchad
    Read the interest paying account T&Cs. They say you must simply "pay two direct debits" to qualify for interest, not that the instruction has to exist for the whole 30 days.

    So ask yourself..."will I have paid two direct debits in April?"

    And there's your answer (with the possible exception of Santander 123 if you have it with only 2 Tesco DDs).
    Last edited by YorkshireBoy; 14-03-2018 at 6:35 PM.
    • Bobblehat
    • By Bobblehat 14th Mar 18, 7:05 PM
    • 120 Posts
    • 78 Thanks
    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.
    Originally posted by Lungboy
    Mine is the Post Office Online Saver Issue 29 ...... deposits by DD ..... so seems to fit the bill for one of the Tesco DDs due to disappear! So-so interest rate, but not planning to make big deposits and will do a withdrawal every so often to top up an account paying better interest. Speed of the withdrawal reaching the target account is not too important for me, but I appreciate it might be for others.

    At the end of the application process, after I was accepted, I was given the option of making the initial deposit by debit card or by DD ..... I chose the debit card as I assumed it would seed the account quicker. I signed in a little later, Account was showing with £0 balance and I set up the regular DD from the linked account ..... no problems up to now!
    • AndyPK
    • By AndyPK 14th Mar 18, 8:22 PM
    • 2,829 Posts
    • 786 Thanks
    AndyPK
    I have opened a Ford account.

    For the Birmingham Midshires Internet Saver Account, it says I need a cheque book to verify the account. I don't have one for BOS, can I use a different account to start with and then move it to BOS later ?
    • soulsaver
    • By soulsaver 14th Mar 18, 10:57 PM
    • 1,674 Posts
    • 666 Thanks
    soulsaver

    For the Birmingham Midshires Internet Saver Account, it says I need a cheque book to verify the account. I don't have one for BOS, can I use a different account to start with and then move it to BOS later ?
    Originally posted by AndyPK
    Yes - no need for a cheque to change linked account.
    • surreysaver
    • By surreysaver 14th Mar 18, 11:27 PM
    • 2,456 Posts
    • 1,370 Thanks
    surreysaver
    I assume interest will be paid on 1st April, or 2nd as 1st is a Sunday.
    Originally posted by Richchad
    But the 2nd is a Bank Holiday. Without going through the T&Cs, I seem to recall that they pay interest on the 31st of March. So will still probably be 3rd April!
    I consider myself to be a male feminist. Is that allowed?
    • YorkshireBoy
    • By YorkshireBoy 14th Mar 18, 11:36 PM
    • 30,147 Posts
    • 17,998 Thanks
    YorkshireBoy
    But the 2nd is a Bank Holiday. Without going through the T&Cs, I seem to recall that they pay interest on the 31st of March. So will still probably be 3rd April!
    Originally posted by surreysaver
    I believe the poster is talking about interest paid on current accounts, whose T&Cs are satisfied by Tesco savings account DDs. In which case, interest on BoS and Lloyds (and Rewards on Halifax) is paid at close of business on the 1st working day of the month, so early morning Wednesday 4th April (but backdated to the 1st on the statement).
    • savetilibleed
    • By savetilibleed 15th Mar 18, 12:44 AM
    • 1,341 Posts
    • 322 Thanks
    savetilibleed
    I have opened a Ford account.

    For the Birmingham Midshires Internet Saver Account, it says I need a cheque book to verify the account. I don't have one for BOS, can I use a different account to start with and then move it to BOS later ?
    Originally posted by AndyPK
    If it helps, I have just opened a Post Office Online Saver (for the DD). I have linked it to one of my BoS accounts. I also have no cheque book for that account so I sent one from another current account in my name and that appears to have got accepted.
    • AndyPK
    • By AndyPK 15th Mar 18, 12:40 PM
    • 2,829 Posts
    • 786 Thanks
    AndyPK
    considering the world is trying to end cheque books, I'm surprised so many bloody accounts are requesting them for evidence!
    • surreysaver
    • By surreysaver 15th Mar 18, 12:59 PM
    • 2,456 Posts
    • 1,370 Thanks
    surreysaver
    I've just received letters in the post for each of my Tesco Internet/Instant Saver Accounts, thanking me for setting up "new" linked accounts with them, and that I'll be able to make deposits by direct debit. So maybe we can still use them for direct debits - but will be just one per account, same as the Post Office Savers?
    I consider myself to be a male feminist. Is that allowed?
    • eskbanker
    • By eskbanker 15th Mar 18, 1:32 PM
    • 7,137 Posts
    • 7,562 Thanks
    eskbanker
    I've just received letters in the post for each of my Tesco Internet/Instant Saver Accounts, thanking me for setting up "new" linked accounts with them, and that I'll be able to make deposits by direct debit. So maybe we can still use them for direct debits - but will be just one per account, same as the Post Office Savers?
    Originally posted by surreysaver
    These accounts can still be used for direct debits but only until 22 April - the way they've worded this in their Ts & Cs refers to setting up new DDs right up to that date, even though that would be a complete waste of time for most!
    • surreysaver
    • By surreysaver 15th Mar 18, 1:54 PM
    • 2,456 Posts
    • 1,370 Thanks
    surreysaver
    These accounts can still be used for direct debits but only until 22 April - the way they've worded this in their Ts & Cs refers to setting up new DDs right up to that date, even though that would be a complete waste of time for most!
    Originally posted by eskbanker
    I realise that, but I haven't done anything with any direct debits - I've arranged new direct debits to replace the Tesco ones several months ago, and was just going to let the Tesco ones fizzle out. But Tesco seem to have arranged new ones according to my letters....
    I consider myself to be a male feminist. Is that allowed?
    • beefturnmail
    • By beefturnmail 15th Mar 18, 3:10 PM
    • 695 Posts
    • 222 Thanks
    beefturnmail
    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....
    Originally posted by Richchad
    I think so long as you make 2 direct debits in April 2018 (Tesco or otherwise), you get the 'April 2018 interest' on 1 May or soon after. April payments (for March interest) should be on April 3rd. April 1st is Easter Sunday this year - (no fooling!), so the Monday 2nd is a bank holiday
    • tg99
    • By tg99 15th Mar 18, 3:33 PM
    • 614 Posts
    • 253 Thanks
    tg99
    I've just received letters in the post for each of my Tesco Internet/Instant Saver Accounts, thanking me for setting up "new" linked accounts with them, and that I'll be able to make deposits by direct debit. So maybe we can still use them for direct debits - but will be just one per account, same as the Post Office Savers?
    Originally posted by surreysaver
    Exactly the same here. I called Tesco and they said when I set up a new linked account for one saver then it automatically does it for all my savings accounts hence got four letters. I left it at that as I have set up a linked account what I thought was recently but having since checked my records it was a while back so Iím not convinced it was this. Also, when I log in it seems all my linked accounts and payees are listed under each of my savers which I canít recall if was the case before. So, given that you have had the same, I am thinking it could be some kind of system wide thing that has automatically generated the letters due to copying all linked accounts to each savings account? She also confirmed the DD facility is indeed ending 22 April.
    • Steve_xx
    • By Steve_xx 15th Mar 18, 3:37 PM
    • 6,530 Posts
    • 2,734 Thanks
    Steve_xx
    Exactly the same here. I called Tesco and they said when I set up a new linked account for one saver then it automatically does it for all my savings accounts hence got four letters. I left it at that as I have set up a linked account what I thought was recently but having since checked my records it was a while back so Iím not convinced it was this. Also, when I log in it seems all my linked accounts and payees are listed under each of my savers which I canít recall if was the case before. So, given that you have had the same, I am thinking it could be some kind of system wide thing that has automatically generated the letters due to copying all linked accounts to each savings account? She also confirmed the DD facility is indeed ending 22 April.
    Originally posted by tg99
    With the Tesco accounts, if you have more than one and setup a payee, then it does show as being available to all of the accounts. However, if I remember correctly, when you set up a DD to pull to the Tesco accounts you are asked during the process if you want to setup a DD to your other Tesco accounts, so I guess you may have ticked that option?
    • tg99
    • By tg99 15th Mar 18, 3:39 PM
    • 614 Posts
    • 253 Thanks
    tg99
    With the Tesco accounts, if you have more than one and setup a payee, then it does show as being available to all of the accounts. However, if I remember correctly, when you set up a DD to pull to the Tesco accounts you are asked during the process if you want to setup a DD to your other Tesco accounts, so I guess you may have ticked that option?
    Originally posted by Steve_xx
    Yeah I canít recall but in any case Iím not convinced these letters relate to the last linked account I set up as it was longer ago than I thought (early Feb).
    • KTF
    • By KTF 15th Mar 18, 4:27 PM
    • 4,643 Posts
    • 1,898 Thanks
    KTF
    I have 3x Halifax Reward accounts and 3x BoS Reward accounts each requiring 2x DD each so I need 12 in total.

    Now that the Tesco deadline is approaching I have setup the following on each account:

    1x Paypal DD (each account you add on Paypal pulls money in via DD).
    1x DD from a Santander e-saver account that I had in place prior to switching to Tesco - you used to be able to setup a DD pull for them but may not be able to do this now.

    Yes its more of a faff compared to letting Tesco pull it in automatically but needs must
    • polymaff
    • By polymaff 15th Mar 18, 5:58 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    I think so long as you make 2 direct debits in April 2018 (Tesco or otherwise), you get the 'April 2018 interest' on 1 May or soon after. April payments (for March interest) should be on April 3rd. April 1st is Easter Sunday this year - (no fooling!), so the Monday 2nd is a bank holiday
    Originally posted by beefturnmail
    So if you are with them to the end, after 31st March wind those late-in-the-month Tesco DDs back to pre-22/04/18 - just to get that last bite of the cherry

    (a bit more complicated with Santander - but who wastes monthly DDs on Santander?)
    • surreysaver
    • By surreysaver 15th Mar 18, 7:40 PM
    • 2,456 Posts
    • 1,370 Thanks
    surreysaver
    (a bit more complicated with Santander - but who wastes monthly DDs on Santander?)
    Originally posted by polymaff
    Well, I have Santander, but I don't 'waste' direct debits with them - it is my main current account, and I have a jolly good offset and flexible mortgage with them that pre-dates the financial issues in 2007, and which I overpay to £1k in order to obtain maximum cashback.
    I consider myself to be a male feminist. Is that allowed?
    • AndyPK
    • By AndyPK 15th Mar 18, 7:55 PM
    • 2,829 Posts
    • 786 Thanks
    AndyPK
    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.
    Originally posted by BRYNEL

    So I can only see how to take money out the Ford account.
    Can I get the ford account to pull money out of BOS thru the ford website? Thank you
    • polymaff
    • By polymaff 15th Mar 18, 8:03 PM
    • 2,082 Posts
    • 907 Thanks
    polymaff
    So if you are with them to the end, after 31st March wind those late-in-the-month Tesco DDs back to pre-22/04/18 - just to get that last bite of the cherry

    (a bit more complicated with Santander - but who wastes monthly DDs on Santander?)
    Originally posted by polymaff
    Well, I have Santander, but I don't 'waste' direct debits with them - it is my main current account, and I have a jolly good offset and flexible mortgage with them that pre-dates the financial issues in 2007, and which I overpay to £1k in order to obtain maximum cashback.
    Originally posted by surreysaver
    Bully for you - but you've seem to have mis-read my post - which said "wastes monthly DDs".

    Specsavers - etc.

    We've all done it.
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