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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 38
    • DCFC79
    • By DCFC79 13th Apr 18, 11:11 AM
    • 33,151 Posts
    • 20,874 Thanks
    DCFC79
    Why doesn't everyone on this forum complain by telephone to Tesco about this, in my book they have no right to cancel dds set up by customers
    Originally posted by David Partington
    Because not everything is set to run for years and years as it was, things change, firms decide to raise prices, banks can decide to stop the DD feature. We all had use of the feature but it had to come to an end.
    • mollycat
    • By mollycat 13th Apr 18, 12:00 PM
    • 1,109 Posts
    • 2,212 Thanks
    mollycat
    Ok have it your way but if we don't complain and try and change things we end up being walked all over. I think it's worth complaining to them
    Originally posted by David Partington
    Mate, the hundreds of people who post here have known about this for 6 months; hardly anybody has any kind of gripe with Tesco at all.

    The vast majority quite rightly view the killing of this particular golden goose as the fault of the extensive "passing it on" culture.

    Was obvious for many months before it happened that the days were numbered on this particular issue.
    • Westie983
    • By Westie983 13th Apr 18, 12:32 PM
    • 4,635 Posts
    • 15,174 Thanks
    Westie983
    Ok have it your way but if we don't complain and try and change things we end up being walked all over. I think it's worth complaining to them
    Originally posted by David Partington
    Go ahead and see how far you get? Changes to any product can be actioned as long as notice has been given.

    We were given notice of this change to T&C's back in October 2017.

    When terms are changed on other accounts do you complain then? Gas prices go up do you complain? Broadband telephone line rental goes up do you complain?

    Accept the change or close the account down, either way the change will happen and move on with your day.

    Westie983
    Save 12k in 2019 #10 Total (16000)+0/12000 = 0.0%
    Sealed Pot Challenge ~ 12 #97 Total (450)+1/500 = 0.20% ( x 11)
    Xmas 2018 1 a Day #2 Total (165)+0/365 = 0.00%
    Virtual Sealed Pot #1 Total (1300)+0/1000 = 0.00%
    2 Savers Club 2018 #16 Total (1030)+0/2000 = 0.0%

    Total 1.00/15865 = 2.00%
    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
    • skitskut
    • By skitskut 14th Apr 18, 3:41 PM
    • 174 Posts
    • 91 Thanks
    skitskut
    For those of you who like me don't tend to venture further than the Savings & Investment board, this may be of interest if you're trying to find alternative DDs for BOS/Lloyds...

    Club Lloyds and BOS dropping rates to 1.5% on 1st July
    http://forums.moneysavingexpert.com/showthread.php?t=5827731
    • castle96
    • By castle96 14th Apr 18, 4:30 PM
    • 1,716 Posts
    • 293 Thanks
    castle96
    bu&&er!......
    still, Ford RS and ISA maturing shortly at 4% so shouldn't complain
    • Ak92
    • By Ak92 15th Apr 18, 3:10 PM
    • 32 Posts
    • 3 Thanks
    Ak92
    So if I was to apply for this account now- to get the 3% on up to 3000, would I not need 3 direct debits paying out? As I was going to set up 3 1 dd to charities to qualify
    • Herbalus
    • By Herbalus 15th Apr 18, 3:24 PM
    • 2,184 Posts
    • 1,814 Thanks
    Herbalus
    So if I was to apply for this account now- to get the 3% on up to 3000, would I not need 3 direct debits paying out? As I was going to set up 3 1 dd to charities to qualify
    Originally posted by Ak92
    You must be talking about their current account, whereas this thread is primarily about Tesco Savings accounts.

    For their current account, yes you do need 3 direct debits each month to qualify, but I don't see great value in what you're suggesting.

    If you pay out 3 x 1 per month to charities, that's 3 off the 7.50 (roughly) you get in interest, so you're down to 1.8%.
    • Ak92
    • By Ak92 15th Apr 18, 3:27 PM
    • 32 Posts
    • 3 Thanks
    Ak92
    Apologies for posting on here about different account. I also thought of that but seems like it's what alot of people are doing? I may look into a different account
    • ceredigion
    • By ceredigion 15th Apr 18, 3:36 PM
    • 3,020 Posts
    • 4,146 Thanks
    ceredigion
    Apologies for posting on here about different account. I also thought of that but seems like it's what alot of people are doing? I may look into a different account
    Originally posted by Ak92
    Think you misunderstood the rationale to what I said in another thread. most people are trying to pay them selves via a DD. Dd`s are becoming increasingly difficult to manage in this way.
    • Frogletina
    • By Frogletina 18th Apr 18, 1:36 AM
    • 3,108 Posts
    • 11,307 Thanks
    Frogletina
    A bit gutted that I think I've left it too late to change all my DDs. As a result I think I'm going to miss out on the 5% interest with M&S that I've been saving for almost a full year.

    I tried to change a direct debit but it won't be collected until next month. I think that's because I also changed the amount as well as the account.

    So I'm scrambling around trying to see if I can get a final DD set up on the M&S account before the end of the month. Gutted.
    Originally posted by gozaimasu
    I believe that with M&S that the two DDs just have to be active, and therefore do not have to be taken each month, so you should be ok

    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 SPC 11 #441 1598.15 SPC 12 #63
    • Vortigern
    • By Vortigern 18th Apr 18, 9:23 AM
    • 2,626 Posts
    • 1,812 Thanks
    Vortigern
    I believe that with M&S that the two DDs just have to be active, and therefore do not have to be taken each month, so you should be ok
    Originally posted by Frogletina
    True, but there will need to be 2 direct debits on the account before starting a new regular saver.
    • pafpcg
    • By pafpcg 22nd Apr 18, 10:53 AM
    • 302 Posts
    • 275 Thanks
    pafpcg
    As Tesco announced, the DD facility has gone
    As of this morning, Sunday 22nd April, it appears that the direct debits have now been removed from the Tesco Internet Savings accounts.
    • Hattie625
    • By Hattie625 22nd Apr 18, 11:24 AM
    • 804 Posts
    • 692 Thanks
    Hattie625
    As of this morning, Sunday 22nd April, it appears that the direct debits have now been removed from the Tesco Internet Savings accounts.
    Originally posted by pafpcg
    I phoned Tesco yesterday and closed all my Internet Saver accounts. Got straight through and closure carried out in seconds. Closing interest on the accounts transferred immediately to my Tesco current account. The internet saver accounts now not showing on internet banking.
    • Yorkshire Pud
    • By Yorkshire Pud 23rd Apr 18, 12:50 PM
    • 951 Posts
    • 628 Thanks
    Yorkshire Pud
    Goodbye Tesco Bank Savings Direct Debits, thanks for all the good times, sniff,
    • steveksullivan
    • By steveksullivan 23rd Apr 18, 1:00 PM
    • 232 Posts
    • 55 Thanks
    steveksullivan
    Except .....
    After I EXPLICITLY phoned them earlier in the month to ask whether DDs actually ON the 22nd would happen and was told no, make alternative arrangements .......guess what?

    3 DDs taken one from each of my BoS accounts today and credited to my Tesco accounts...... Fortunately hadn't emptied the accounts so didnt go overdrawn.

    Just about to phone them ....will post the result ......

    EDIT: Thinking about it, I think DDs are actually requested a few days in advance of the 'due' date, so that may be why .....but bad advice, if so, from the guy on the phone in cust services
    Last edited by steveksullivan; 23-04-2018 at 1:03 PM.
    • Herbalus
    • By Herbalus 23rd Apr 18, 1:03 PM
    • 2,184 Posts
    • 1,814 Thanks
    Herbalus
    I expected them to go through actually. But if they said they would not...
    • steveksullivan
    • By steveksullivan 23rd Apr 18, 1:07 PM
    • 232 Posts
    • 55 Thanks
    steveksullivan
    me too ....thats why I phoned........
    • Mchambers
    • By Mchambers 23rd Apr 18, 1:38 PM
    • 988 Posts
    • 309 Thanks
    Mchambers
    My ones went thru today without any probs.
    • beefturnmail
    • By beefturnmail 23rd Apr 18, 2:01 PM
    • 757 Posts
    • 241 Thanks
    beefturnmail
    so it looks like they've simply removed the facility to pull money in by dd from their internet banking. Question is - have the dds actually been 'cancelled' e.g. can an account with Tesco dds set up now be switched to an M&S current account, and meet the '2 active direct debit' criteria to get the switch incentives?
    • steveksullivan
    • By steveksullivan 23rd Apr 18, 2:37 PM
    • 232 Posts
    • 55 Thanks
    steveksullivan
    Mchambers ......

    Exactly, but according to Cust Services they shouldnt have .....and the girl I spoke to today said that she would have given the same advice as previous advisor. (because they had been told to emphasise that no DDs would be paid from 22nd) ....she acknowledged that it was probably for the reason I mentioned in my previous post, (DDs requested a few days earlier than payment date )........but that she wouldnt have thought of that!! ...

    Not very good education of their staff
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