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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 41
    • whiggy2016
    • By whiggy2016 16th May 18, 8:43 PM
    • 14 Posts
    • 1 Thanks
    whiggy2016
    Fraud
    Has anyone here thought about the legality of what we're doing here?

    I mean, technically, yes, they are direct debits set up on our own accounts with our own details using our own money, but would the law look at them as genuine?

    If anyone here who knows about this can put my mind at rest I'd appreciate it
    • beefturnmail
    • By beefturnmail 16th May 18, 9:21 PM
    • 743 Posts
    • 239 Thanks
    beefturnmail
    Fraud requires deception. Who is being deceived and how?
    • masonic
    • By masonic 16th May 18, 9:43 PM
    • 10,140 Posts
    • 7,432 Thanks
    masonic
    Has anyone here thought about the legality of what we're doing here?

    I mean, technically, yes, they are direct debits set up on our own accounts with our own details using our own money, but would the law look at them as genuine?

    If anyone here who knows about this can put my mind at rest I'd appreciate it
    Originally posted by whiggy2016
    There are no terms stating that the purpose of the direct debits must be to pay for goods and services and no legal definition stating that direct debits are not "genuine" if the ultimate beneficiary owns the source bank account.

    Banks carefully word their T&Cs, which are unilateral - we don't get to negotiate them. It is therefore not unlawful or IMHO immoral if we exercise whatever freedoms those terms permit. Banks even get the opportunity to vary the terms (again unilaterally) if they want to stop certain things from happening.
    Last edited by masonic; 16-05-2018 at 9:46 PM.
    • surreysaver
    • By surreysaver 16th May 18, 11:48 PM
    • 2,598 Posts
    • 1,494 Thanks
    surreysaver
    Anyone else have a plan B for when the inevitable occurs with the PO?
    Originally posted by veryintrigued
    Well, the interest rates of BoS and Lloyds goes down to 1.5% in July, so my Plan B is to stop playing the game!
    I consider myself to be a male feminist. Is that allowed?
    • Mchambers
    • By Mchambers 17th May 18, 3:05 PM
    • 988 Posts
    • 309 Thanks
    Mchambers
    Well, the interest rates of BoS and Lloyds goes down to 1.5% in July, so my Plan B is to stop playing the game!
    Originally posted by surreysaver
    Don't stop. I have opened 3 PO Online Saver accounts. I have seen someone say they have got 6 Post Office Accounts. Not sure if there is a maximum you can open. Very easy to create dds.

    I will be switching my N/iwide account (with 2 PO dds) to get the Barclays Reward bonus).
    • polymaff
    • By polymaff 17th May 18, 5:50 PM
    • 2,324 Posts
    • 1,026 Thanks
    polymaff
    Well, the interest rates of BoS and Lloyds goes down to 1.5% in July, so my Plan B is to stop playing the game!
    Originally posted by surreysaver
    Don't stop.
    Originally posted by Mchambers
    So when will YOU stop? The Bos / Lloyds premium over a currently-available easy access account will be only 1.80 per 1,000 invested, per annum. Less if you pay tax

    I can see surreysaver's point.
    • surreysaver
    • By surreysaver 17th May 18, 11:30 PM
    • 2,598 Posts
    • 1,494 Thanks
    surreysaver
    Don't stop. I have opened 3 PO Online Saver accounts. I have seen someone say they have got 6 Post Office Accounts. Not sure if there is a maximum you can open. Very easy to create dds.

    I will be switching my N/iwide account (with 2 PO dds) to get the Barclays Reward bonus).
    Originally posted by Mchambers
    Well, I've got 10 - 3 issue 26, 2 issue 30, 1 24, 25, 27, 28 and 29. But my offset mortgage is 0.75% above the BoE base rate, so the next rate rise will put my mortgage at equal with these accounts - but as any savings offset against my mortgage won't be taxable, then that means I won't be any better off having these accounts, save for access to regular savers or other benefits (such as the Lloyds cinema tickets)
    I consider myself to be a male feminist. Is that allowed?
    • Kernel Sanders
    • By Kernel Sanders 18th May 18, 5:11 PM
    • 3,338 Posts
    • 1,362 Thanks
    Kernel Sanders
    So when will YOU stop? The Bos / Lloyds premium over a currently-available easy access account will be only 1.80 per 1,000 invested, per annum. Less if you pay tax
    Originally posted by polymaff
    So those even with only one monthly 1 DD going out to a charity will actually be getting less on a full 5000 balance!
    would the law look at them as genuine?
    Originally posted by whiggy2016
    'The Law' isn't interested even in minor criminality in some areas now, so it certainly won't have any interest in this! Can you seriously imagine anyone being hauled up in front of The Beak for having too many trivial DDs?
    Last edited by Kernel Sanders; 18-05-2018 at 9:07 PM.
    • NoodleDoodleMan
    • By NoodleDoodleMan 31st May 18, 1:36 PM
    • 668 Posts
    • 226 Thanks
    NoodleDoodleMan
    There have been references from (obviously knowledgable) members about Santander accounts that accept DDs from external accounts to fund them.

    I asked Santander and it seems that there are four savings accounts which come into that category - although they refer to Funding Mandates rather than Direct Debits per se - as a layman, it appears to be one and the same to me.
    • Westie983
    • By Westie983 31st May 18, 2:49 PM
    • 4,613 Posts
    • 15,146 Thanks
    Westie983
    There have been references from (obviously knowledgable) members about Santander accounts that accept DDs from external accounts to fund them.

    I asked Santander and it seems that there are four savings accounts which come into that category - although they refer to Funding Mandates rather than Direct Debits per se - as a layman, it appears to be one and the same to me.
    Originally posted by NoodleDoodleMan
    They used to have a savings account paid via DD but this is no longer available.

    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
    • NoodleDoodleMan
    • By NoodleDoodleMan 31st May 18, 9:59 PM
    • 668 Posts
    • 226 Thanks
    NoodleDoodleMan
    Santander are sending me a Funding Mandate which sounds like a DD to me.

    I'll scan and flag it up when it arrives.
    • Mchambers
    • By Mchambers 31st May 18, 10:21 PM
    • 988 Posts
    • 309 Thanks
    Mchambers
    Santander are sending me a Funding Mandate which sounds like a DD to me.

    I'll scan and flag it up when it arrives.
    Originally posted by NoodleDoodleMan
    It will be a dd. If you look at previous posts you will see that it has been scanned.
    • NoodleDoodleMan
    • By NoodleDoodleMan 1st Jun 18, 12:39 PM
    • 668 Posts
    • 226 Thanks
    NoodleDoodleMan
    Thanks, I'll need to rewind and see what it looks like.

    I found this online.

    https://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheadername1=content-type&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blo bheadervalue2=inline%3Bfilename%3D84%5C508%5CSAVE0 021NOV13HF_V2+FINAL_240414.pdf&blobkey=id&blobtabl e=MungoBlobs&blobwhere=1314017202440&maxage=3600

    It may be obsolete.
    • KTF
    • By KTF 1st Jun 18, 12:56 PM
    • 4,699 Posts
    • 1,923 Thanks
    KTF
    That link is 404.
    • NoodleDoodleMan
    • By NoodleDoodleMan 1st Jun 18, 12:57 PM
    • 668 Posts
    • 226 Thanks
    NoodleDoodleMan
    It will be a dd. If you look at previous posts you will see that it has been scanned.
    I rewound to page 20 without success, perhaps I missed clocking it ?

    Would it be posted here before that do you reckon ?
    • Steve_xx
    • By Steve_xx 1st Jun 18, 1:40 PM
    • 6,621 Posts
    • 2,786 Thanks
    Steve_xx
    Goto Post #532 and look for:

    "Link to pdf"


    Whilst you can seemingly goto the link from there, it seems that copying and pasting it does not work
    Last edited by Steve_xx; 01-06-2018 at 1:44 PM.
    • NoodleDoodleMan
    • By NoodleDoodleMan 1st Jun 18, 3:35 PM
    • 668 Posts
    • 226 Thanks
    NoodleDoodleMan
    That link is 404.
    Interesting.

    If you Google santander direct debit mandate form - it will come up as the second hit, it did with me at least.

    Likewise savings direct debit form - it came up top.
    • NoodleDoodleMan
    • By NoodleDoodleMan 1st Jun 18, 3:37 PM
    • 668 Posts
    • 226 Thanks
    NoodleDoodleMan
    Goto Post #532 and look for:

    "Link to pdf"


    Whilst you can seemingly goto the link from there, it seems that copying and pasting it does not work
    Thanks, that's really helpful.

    Yes - that's the same DD form.

    Nice one.
    Last edited by NoodleDoodleMan; 01-06-2018 at 3:47 PM.
    • keiran
    • By keiran 4th Jun 18, 11:20 AM
    • 446 Posts
    • 226 Thanks
    keiran
    Just to record that with Barclays (where you need two+ direct debits to pay out every month), having the same direct debit paying out 2 times or more (I have a weekly mandate) does get you the full 7 Blue Rewards bonus. This is proved "empirically' in the month of May
    • DennisTenus
    • By DennisTenus 4th Jun 18, 11:23 AM
    • 310 Posts
    • 39 Thanks
    DennisTenus
    Just to record that with Barclays (where you need two+ direct debits to pay out every month), having the same direct debit paying out 2 times or more (I have a weekly mandate) does get you the full 7 Blue Rewards bonus. This is proved "empirically' in the month of May
    Originally posted by keiran
    Nice word. I had to google the meaning!
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