Tesco Bank Internet Saver and Instant Access Savings Accounts - Direct Debits

4
Found 2nd Nov 2017Edited by:"jans"
Have checked if there has already been a mention about this and couldn't see anything so thought I'd bring it up. Apologies if I've missed it.

Just received a letter from Tesco Bank in regards to the savings accounts to inform of key changes happening in April 2018 in regards to Direct Debits and moving money out of your account.

- As of the 22nd April, account holders will no longer be able to fund their accounts by way of Direct Debit and Tesco Bank will be cancelling "All" DDs that are set up on the savings accounts with no further DDs allowed from that date. Now, It doesn't specifically say it, but the way I've interpreted this is that it now means that anybody who uses this facility to fulfill DD obligations for other banks to gain benefits from these banks will have to find other ways of fulfilling those Direct Debit obligations from April onwards.

It also states that as of that date, that they are making changes to the way money is moved out of these accounts. As in:

- "In particular, you will only be able to move money out of your Account to a Linked Account or another Tesco Bank account in your name."
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Any other options besides Tesco Bank, Internet Saver and Instant Access Savings Accounts, for direct debit options?

So far Tesco Bank, Post Office and Scottish Widows' are the only ones that I have heard which allow direct debits.
CHUNGHO115 h, 4 m ago

Any other options besides Tesco Bank, Internet Saver and Instant Access …Any other options besides Tesco Bank, Internet Saver and Instant Access Savings Accounts, for direct debit options?So far Tesco Bank, Post Office and Scottish Widows' are the only ones that I have heard which allow direct debits.


Not that I know of, sorry. To be honest, I wasn't even aware that the Post Office allowed it until reading your post just now. I'd only heard of Tesco prior to this (and again, that was down to somebody else posting about it on here)
I suspect others would follow.
MR11233 h, 20 m ago

I suspect others would follow.


If so, it looks like setting up charity direct debits is the next best thing.
jans3 h, 46 m ago

Not that I know of, sorry. To be honest, I wasn't even aware that the Post …Not that I know of, sorry. To be honest, I wasn't even aware that the Post Office allowed it until reading your post just now. I'd only heard of Tesco prior to this (and again, that was down to somebody else posting about it on here)


I only knew about Post Office a few months ago while looking for saving accounts due to the low rates from banks.
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