Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • FunLovinCriminal
    • By FunLovinCriminal 11th Apr 18, 9:36 PM
    • 380Posts
    • 413Thanks
    FunLovinCriminal
    Regular Saving Help
    • #1
    • 11th Apr 18, 9:36 PM
    Regular Saving Help 11th Apr 18 at 9:36 PM
    Hi all
    I need help, hope you can offer advice.
    My OH has a Tesco Savings account, where she pays 50 DD into.
    They have written to us, saying they are no longer taking DD payments in the account.
    So we want to find the BEST account that we can pay 50 in to per month, and have instant access.
    I wanted a bank with a switch bonus, but I cannot find one that would need DD's coming out, or we are not paying enough in to get any sort of bonus.
    Pleas help!!
    FLC
    Mortgage: 01/02/14 - 108k
    Mortgage: Current - 97k
    Mission: MF by 50
Page 1
    • YorkshireBoy
    • By YorkshireBoy 11th Apr 18, 9:49 PM
    • 30,175 Posts
    • 18,067 Thanks
    YorkshireBoy
    • #2
    • 11th Apr 18, 9:49 PM
    • #2
    • 11th Apr 18, 9:49 PM
    You will still be able to 'push' money into a Tesco savings account by faster payment using the Tesco sort code and account number, even after they remove the facility to 'pull' money in by direct debit.

    And even better...you'll make an additional 2 days interest on all the money you send!
    • FunLovinCriminal
    • By FunLovinCriminal 11th Apr 18, 9:54 PM
    • 380 Posts
    • 413 Thanks
    FunLovinCriminal
    • #3
    • 11th Apr 18, 9:54 PM
    • #3
    • 11th Apr 18, 9:54 PM
    Cheers YorkshireBoy
    We did prefer the DD method, of automatically sending the cash, rather than relying on one of us remembering to send.
    Any ideas on the best place for 50 per month, with no penalties to withdraw?
    Mortgage: 01/02/14 - 108k
    Mortgage: Current - 97k
    Mission: MF by 50
    • YorkshireBoy
    • By YorkshireBoy 11th Apr 18, 9:58 PM
    • 30,175 Posts
    • 18,067 Thanks
    YorkshireBoy
    • #4
    • 11th Apr 18, 9:58 PM
    • #4
    • 11th Apr 18, 9:58 PM
    How much is already saved?
    What will the minimum balance be?
    Who does she bank with now?
    How much cash is available on payday, even if only for a few minutes?
    • Herbalus
    • By Herbalus 11th Apr 18, 10:00 PM
    • 2,105 Posts
    • 1,741 Thanks
    Herbalus
    • #5
    • 11th Apr 18, 10:00 PM
    • #5
    • 11th Apr 18, 10:00 PM
    Why not go onto your bank, and set up a regular payment from your bank to the Tesco account? It works very similarly to how you have been using your DD from Tesco. Its called a standing order. You can send 50 each month on a regular date.

    There is no benefit of a direct debit over a standing order for the purpose you have described.
    • Zanderman
    • By Zanderman 11th Apr 18, 10:06 PM
    • 1,764 Posts
    • 4,397 Thanks
    Zanderman
    • #6
    • 11th Apr 18, 10:06 PM
    • #6
    • 11th Apr 18, 10:06 PM
    Cheers YorkshireBoy
    We did prefer the DD method, of automatically sending the cash, rather than relying on one of us remembering to send.
    Any ideas on the best place for 50 per month, with no penalties to withdraw?
    Originally posted by FunLovinCriminal
    As Herbalus says above, just use a Standing Order. You never needed a DD, a standing order is simpler and easy. No need to remember. And no need to change to another bank. (And you won't find a 'switching bonus' for switching a savings account anyway.)
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

395Posts Today

5,315Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin