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  • FIRST POST
    • chockydavid1983
    • By chockydavid1983 27th Oct 17, 11:29 AM
    • 574Posts
    • 345Thanks
    chockydavid1983
    Savings accounts accepting DD's
    • #1
    • 27th Oct 17, 11:29 AM
    Savings accounts accepting DD's 27th Oct 17 at 11:29 AM
    Current list accepting new customers:
    Tesco (only until 04/18 for anyone)
    Scottish Widows Internet Saver Account (10 minimum DD and 10 minimum balance). Note: Seems to be unavailable atm (not sure if temporary or permanent)
    Post Office Online Saver (can only DD in from one nominated account, sketchy customer service feedback)
    Chip and Plum (app based)
    Birmingham Midshires Internet Saver Account (can only DD in from one nominated account, open with payment by cheque only, can change the linked account after)
    SAGA Telephone Easy Access Account (age 50+)
    https://www.wealthsimple.com/en-gb/ (unverified- see post #132)

    Other DD ideas:
    Paypal (reported as in the process of being removed)
    Credit cards
    Charities
    Credit Unions
    Christmas Savings (not FSCS protected)
    http://www.littledebits.org

    If you notice any of this information becomes incorrect or new accounts appear, PM me and I'll update this post :-).
    Last edited by chockydavid1983; 17-04-2018 at 10:20 AM.
Page 25
    • soulsaver
    • By soulsaver 9th Apr 18, 2:02 PM
    • 1,621 Posts
    • 621 Thanks
    soulsaver
    Advanced apologies if I have missed this, but if I do nothing, do you know how Tesco decides which account will be the linked account?



    Further more I can't see where under Manage Accounts and Payees; I decide which should be a 'linked account'.

    I note some of my DDs I have left in place are set to May dates. Part of me wishfully hopes Tesco may not carry out their plan, but see how many customers may jump the gun so to speak.... (IMD)
    Originally posted by Mee
    All payee UK bank accounts that you (have) set up that are in your name are linked accounts.
    There is no need to do anything additional.
    All Payees not in your name are not linked accounts. You can have multiple linked accounts.
    Last edited by soulsaver; 09-04-2018 at 2:06 PM. Reason: added 'UK'
    • whiggy2016
    • By whiggy2016 11th Apr 18, 10:39 PM
    • 12 Posts
    • 1 Thanks
    whiggy2016
    The Co-op - Yes 1 Post Office being claimed 4 times a month will qualify, as I do 4 to my Chip acc.


    Barclays - Unknown at present though I am trying this with 1 Post Office being taken weekly this month, so will confirm back in April if worked or not (MChambers has said that it will!) though I have got another set up ready if it doesn't for April onwards.
    Originally posted by youngretired
    This is a great idea. You've given me hope! The CO-OP needs 4 DD's. How did you get on?
    • polymaff
    • By polymaff 12th Apr 18, 9:20 AM
    • 2,046 Posts
    • 884 Thanks
    polymaff
    This is a great idea. You've given me hope! The CO-OP needs 4 DD's. How did you get on?
    Originally posted by whiggy2016
    It works. By the way, you set up the single DD mandate to pull weekly.
    • Frank121
    • By Frank121 12th Apr 18, 9:54 AM
    • 97 Posts
    • 41 Thanks
    Frank121
    Thank you! Ahh it's only taken if you don't pay in 1,500 then - is that new? I was always under the impression I had to comply with both to get the interest AND avoid the fee.
    Originally posted by Somerset La La La
    I think you still need the DD's to earn the 2% interest. Paying in 1500 only means that you won't be charged the 3 fee.

    Credit interest
    Earn 2% AER variable credit interest (paid monthly) on balances between 1 and 5,000 if you pay out two separate Direct Debits each month. If your balance is over 5,000, you'll still earn 2% AER/1.98% gross on the first 5,000, but 0% on anything over that.
    • littly_kitty
    • By littly_kitty 12th Apr 18, 3:34 PM
    • 94 Posts
    • 10 Thanks
    littly_kitty
    The Scottish Widows one seems to be closed.

    Anyone have any luck with the Birmingham Midshire one? It doesn't mention Direct Debits on the sign up page.
    • polymaff
    • By polymaff 12th Apr 18, 3:55 PM
    • 2,046 Posts
    • 884 Thanks
    polymaff
    ... Birmingham Midshire one? It doesn't mention Direct Debits on the sign up page.
    Originally posted by littly_kitty
    Linked Account - you'll need a 'Linked Account' which must be a UK bank or building society personal current account. The Linked Account must be in your name only or a joint account, but only if either of you can set up Direct Debits. The account you nominate as your Linked Account must be an account held at a bank within the UK. It must have the facility to have Direct Debits and must come with a cheque book. This account must be able to receive payments by the Faster Payment Service

    Deposits - into your Birmingham Midshires account can be made by Direct Debit taken from your Linked Account, taking 3 bank working days to reach your account and will be immediately available on receipt
    • stevec59
    • By stevec59 12th Apr 18, 7:10 PM
    • 219 Posts
    • 16 Thanks
    stevec59
    I received the letter from Tesco, phoned them today as I pay in loads of DD's from accounts that require 2 or more DD's, I couldn't remember where all the DD's were coming from, they gave me all the details, they also said that other accounts will probably follow suit, if that's the case I think I'll close all the accounts that I need to and put the money in a fixed rate \ term account, probably get more interest and no hassle.
    Makes you winder if Lloys will change there T&C's so that they don't require DD's and SO's will do.
    • eskbanker
    • By eskbanker 12th Apr 18, 7:51 PM
    • 6,787 Posts
    • 7,033 Thanks
    eskbanker
    I received the letter from Tesco, phoned them today as I pay in loads of DD's from accounts that require 2 or more DD's, I couldn't remember where all the DD's were coming from, they gave me all the details, they also said that other accounts will probably follow suit, if that's the case I think I'll close all the accounts that I need to and put the money in a fixed rate \ term account, probably get more interest and no hassle.
    Makes you winder if Lloys will change there T&C's so that they don't require DD's and SO's will do.
    Originally posted by stevec59
    No, it doesn't make me wonder if Lloyds will change their T&Cs (on Club Lloyds or any other accounts requiring DDs), why would they?

    Even if other institutions followed Tesco on stopping inbound DDs as a means of funding a savings account, the stipulation that interest-bearing current accounts pay out a certain number of DDs is unrelated and for an entirely different purpose, i.e. to encourage take-up by account holders using it as their main current account....
    • bettz
    • By bettz 12th Apr 18, 9:00 PM
    • 128 Posts
    • 6 Thanks
    bettz
    Just received the letter from Tesco today about DD'S.

    It seems its only going to affect 1 of my Halifax accounts so i need to find 2 direct debits??? unless i move some of the house DD's into that account.

    Also I've got wasted money in my tesco and TSB accounts which aren't earning anything I've therefore got 3,000 spare.

    I've currently got 2 TSB accounts is that the limit unless i set up a joint account??

    Or would it be best to open a Nationwide account for 12 months? to get the 5% interest rate
    • YorkshireBoy
    • By YorkshireBoy 12th Apr 18, 9:23 PM
    • 30,122 Posts
    • 17,978 Thanks
    YorkshireBoy
    Just received the letter from Tesco today about DD'S.

    It seems its only going to affect 1 of my Halifax accounts so i need to find 2 direct debits??? unless i move some of the house DD's into that account.

    Also I've got wasted money in my tesco and TSB accounts which aren't earning anything I've therefore got 3,000 spare.

    I've currently got 2 TSB accounts is that the limit unless i set up a joint account??

    Or would it be best to open a Nationwide account for 12 months? to get the 5% interest rate
    Originally posted by bettz
    I would have thought that was a no-brainer!...and dump the rest in their 5% regular saver. Maybe get your household DDs on Halifax and switch that to Nationwide for a 100 switching incentive...worth around 3 years of Halifax Reward payments...in advance!
    • Archi Bald
    • By Archi Bald 12th Apr 18, 10:36 PM
    • 9,366 Posts
    • 7,425 Thanks
    Archi Bald
    .... they also said that other accounts will probably follow suit.....
    Originally posted by stevec59
    what other accounts?
    • eskbanker
    • By eskbanker 13th Apr 18, 12:31 AM
    • 6,787 Posts
    • 7,033 Thanks
    eskbanker
    what other accounts?
    Originally posted by Archi Bald
    Post Orifice, Birmingham Midships, Scottish Windows, etc....?
    • alternate
    • By alternate 13th Apr 18, 12:48 AM
    • 420 Posts
    • 146 Thanks
    alternate
    The difference is that Tesco let you set up as many DD as you liked - those other accounts let you DD to just one linked account. Often it is integral to how the accounts operate. I am surprised Tesco let it run as long as they did.
    • Doc N
    • By Doc N 13th Apr 18, 4:55 PM
    • 6,619 Posts
    • 19,489 Thanks
    Doc N
    The difference is that Tesco let you set up as many DD as you liked - those other accounts let you DD to just one linked account. Often it is integral to how the accounts operate. I am surprised Tesco let it run as long as they did.
    Originally posted by alternate
    Maybe it actually benefited them. I tend to leave money sitting there for a while under the present system, and Tesco Bank will use that.

    Once the new system comes in I shall have no dealings with Tesco Bank whatever. It's never been much cop, and the only reason for staying with it at all was the DD facility.
    • YorkshireBoy
    • By YorkshireBoy 13th Apr 18, 5:24 PM
    • 30,122 Posts
    • 17,978 Thanks
    YorkshireBoy
    Maybe it actually benefited them. I tend to leave money sitting there for a while under the present system, and Tesco Bank will use that.
    Originally posted by Doc N
    I suspect you were in a very small minority...certainly on here...and especially if you were using 0.xx% legacy accounts like the rest of us were .
    Once the new system comes in I shall have no dealings with Tesco Bank whatever.
    Even if you and your partner come in to 12K and want somewhere to make 3% AER on it? 360 a year? Nose...spite...face?
    It's never been much cop, and the only reason for staying with it at all was the DD facility.
    The Internet Saver is currently one of the best paying savings accounts. That's now. It was also a very good payer 7-10 years ago. That was then. It's probably been a good payer in between too.
    • polymaff
    • By polymaff 13th Apr 18, 5:28 PM
    • 2,046 Posts
    • 884 Thanks
    polymaff
    Maybe it actually benefited them. I tend to leave money sitting there for a while under the present system, and Tesco Bank will use that.

    Once the new system comes in I shall have no dealings with Tesco Bank whatever. It's never been much cop, and the only reason for staying with it at all was the DD facility.
    Originally posted by Doc N

    Hmm. A few quid for a few weeks. They must be coining it in
    • Doc N
    • By Doc N 13th Apr 18, 6:49 PM
    • 6,619 Posts
    • 19,489 Thanks
    Doc N
    I suspect you were in a very small minority...certainly on here...and especially if you were using 0.xx% legacy accounts like the rest of us were .Even if you and your partner come in to 12K and want somewhere to make 3% AER on it? 360 a year? Nose...spite...face? The Internet Saver is currently one of the best paying savings accounts. That's now. It was also a very good payer 7-10 years ago. That was then. It's probably been a good payer in between too.
    Originally posted by YorkshireBoy
    3% AER? Am I missing something here? None of these rates match stock market returns but 3% at Tesco Id consider.
    • Steve_xx
    • By Steve_xx 13th Apr 18, 6:54 PM
    • 6,520 Posts
    • 2,722 Thanks
    Steve_xx
    3% AER? Am I missing something here? None of these rates match stock market returns but 3% at Tesco Id consider.
    Originally posted by Doc N
    I think that in this instance Yorkshireboy might be referring to Tesco's current account.
    • YorkshireBoy
    • By YorkshireBoy 13th Apr 18, 7:06 PM
    • 30,122 Posts
    • 17,978 Thanks
    YorkshireBoy
    3% AER? Am I missing something here? None of these rates match stock market returns but 3% at Tesco Id consider.
    Originally posted by Doc N
    I assumed you were pulling from 2% paying BoS and Lloyds accounts (or 3 paying Halifax Reward accounts, or a 4 paying Co-op account), and that's why you were annoyed with Tesco pulling the DD facility. Is that not the reason you're annoyed?
    • Doc N
    • By Doc N 13th Apr 18, 7:33 PM
    • 6,619 Posts
    • 19,489 Thanks
    Doc N
    I assumed you were pulling from 2% paying BoS and Lloyds accounts (or 3 paying Halifax Reward accounts, or a 4 paying Co-op account), and that's why you were annoyed with Tesco pulling the DD facility. Is that not the reason you're annoyed?
    Originally posted by YorkshireBoy
    I'm not particularly annoyed - though rearranging all those Tesco DDs was time consuming. It's just that my dealings with Tesco Bank over many years have never inspired me with confidence.

    I was with it mainly for the decent interest rates they used to offer, and the credit card offered a decent cashback, but the customer service levels and operational efficiency was never very good.

    Once they dropped the interest rates and the cashback I stayed with it just for the very useful direct debit feature, but now that's gone it has no attractions any more.
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