aju
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Post by aju on Apr 9, 2018 19:15:33 GMT
Ok so its not really a Zopa thing except that Tesco is stopping all DD's transactions into its Saver accounts from Interest paying Bank Accounts.
This will be affecting a lot of people that used the trick of Tesco Savings account allowing DD's in from Current accounts. I for one have been using this trick for the last few years to satisfy a considerable number of current banks rules to enable higher interest.
They apparently sent out details of this last Oct but myself and Mrs Aju only got wind of this today with another change of theirs and looking up this change found this out. We did not get this information so were blissfully unaware.
So I'm guessing this affects a number of people the forums on MSE suggest quite a few are affected. For is it means in one single swoop on 22nd April we will lose access to the interest that was being created monthly using the above technique. There are too many for most of us to actually creaet elsewhere so I am guessing there could be considerable forey of new money into P2P perhaps.
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r00lish67
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Post by r00lish67 on Apr 9, 2018 19:35:35 GMT
Ok so its not really a Zopa thing except that Tesco is stopping all DD's transactions into its Saver accounts from Interest paying Bank Accounts. This will be affecting a lot of people that used the trick of Tesco Savings account allowing DD's in from Current accounts. I for one have been using this trick for the last few years to satisfy a considerable number of current banks rules to enable higher interest. They apparently sent out details of this last Oct but myself and Mrs Aju only got wind of this today with another change of theirs and looking up this change found this out. We did not get this information so were blissfully unaware. So I'm guessing this affects a number of people the forums on MSE suggest quite a few are affected. For is it means in one single swoop on 22nd April we will lose access to the interest that was being created monthly using the above technique. There are too many for most of us to actually creaet elsewhere so I am guessing there could be considerable forey of new money into P2P perhaps. Think this should probably be in 'chat', but anyway, yeah I noticed this the other week - bummer. Not surprising though, they must have thousands of £1's going into their savings account each month, --- and that's just from me.  There are a few other avenues to generate DD's e.g. credit card payments - a good excuse to open a nice 0% purchase card or 0% BT card with some cashback too perhaps. Also, 1 year rates are currently at 1.8%-ish, so if you can tolerate locking your money up for a year rather than instant access, we're not far off the 2% that most of these current accounts offer anyway.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 9, 2018 20:25:01 GMT
Ok so its not really a Zopa thing except that Tesco is stopping all DD's transactions into its Saver accounts from Interest paying Bank Accounts. This will be affecting a lot of people that used the trick of Tesco Savings account allowing DD's in from Current accounts. I for one have been using this trick for the last few years to satisfy a considerable number of current banks rules to enable higher interest. They apparently sent out details of this last Oct but myself and Mrs Aju only got wind of this today with another change of theirs and looking up this change found this out. We did not get this information so were blissfully unaware. So I'm guessing this affects a number of people the forums on MSE suggest quite a few are affected. For is it means in one single swoop on 22nd April we will lose access to the interest that was being created monthly using the above technique. There are too many for most of us to actually creaet elsewhere so I am guessing there could be considerable forey of new money into P2P perhaps. Yes, and Paypal killed the trick a while back.  Multiple credit cards the only answer now. You should have had two emails about the Tesco change incidentally, reminder sent out last week
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Post by dan1 on Apr 9, 2018 20:46:39 GMT
Ok so its not really a Zopa thing except that Tesco is stopping all DD's transactions into its Saver accounts from Interest paying Bank Accounts. This will be affecting a lot of people that used the trick of Tesco Savings account allowing DD's in from Current accounts. I for one have been using this trick for the last few years to satisfy a considerable number of current banks rules to enable higher interest. They apparently sent out details of this last Oct but myself and Mrs Aju only got wind of this today with another change of theirs and looking up this change found this out. We did not get this information so were blissfully unaware. So I'm guessing this affects a number of people the forums on MSE suggest quite a few are affected. For is it means in one single swoop on 22nd April we will lose access to the interest that was being created monthly using the above technique. There are too many for most of us to actually creaet elsewhere so I am guessing there could be considerable forey of new money into P2P perhaps. Hey aju - you no read all my posts? You've had over 3 months to sort this! p2pindependentforum.com/post/235382/thread
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aju
Member of DD Central
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Post by aju on Apr 9, 2018 22:35:48 GMT
Ok so its not really a Zopa thing except that Tesco is stopping all DD's transactions into its Saver accounts from Interest paying Bank Accounts. This will be affecting a lot of people that used the trick of Tesco Savings account allowing DD's in from Current accounts. I for one have been using this trick for the last few years to satisfy a considerable number of current banks rules to enable higher interest. They apparently sent out details of this last Oct but myself and Mrs Aju only got wind of this today with another change of theirs and looking up this change found this out. We did not get this information so were blissfully unaware. So I'm guessing this affects a number of people the forums on MSE suggest quite a few are affected. For is it means in one single swoop on 22nd April we will lose access to the interest that was being created monthly using the above technique. There are too many for most of us to actually creaet elsewhere so I am guessing there could be considerable forey of new money into P2P perhaps. Yes, and Paypal killed the trick a while back. Multiple credit cards the only answer now. You should have had two emails about the Tesco change incidentally, reminder sent out last week Got a reminder by post for Linked accounts changes but nothing from email for either of us. It was the linked account reminder that prompted some investigation when I stumbled into the DD issue this morning. I spoke with Tesco today and complained I had received nothing until this mornings letter. Apparently they sent it so I should check with royal mail why it was not delivered. The lady also suggested that these DD changes were requested by the FCA - I think - but was unable to point me to which actual rules was changed that means you can't use DD's to poke money at a savings account. Tescos are not the only one that need to make changes either as I have the same thing operation on some santander savings accounts as well - although on those you had to do it via snail mail.
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aju
Member of DD Central
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Post by aju on Apr 9, 2018 22:50:22 GMT
Ok so its not really a Zopa thing except that Tesco is stopping all DD's transactions into its Saver accounts from Interest paying Bank Accounts. This will be affecting a lot of people that used the trick of Tesco Savings account allowing DD's in from Current accounts. I for one have been using this trick for the last few years to satisfy a considerable number of current banks rules to enable higher interest. They apparently sent out details of this last Oct but myself and Mrs Aju only got wind of this today with another change of theirs and looking up this change found this out. We did not get this information so were blissfully unaware. So I'm guessing this affects a number of people the forums on MSE suggest quite a few are affected. For is it means in one single swoop on 22nd April we will lose access to the interest that was being created monthly using the above technique. There are too many for most of us to actually creaet elsewhere so I am guessing there could be considerable forey of new money into P2P perhaps. Think this should probably be in 'chat', but anyway, yeah I noticed this the other week - bummer. Not surprising though, they must have thousands of £1's going into their savings account each month, --- and that's just from me. Yeah sorry but there was a lot of recent chat on Zopa regarding these things and also Zopa is currently picking up a bit of traffic from ISA issues etc. If it needs to be moved then someone can move it i'm sure. I'm a bit like you although I was poking much like thousand but it does mean I have to find places for some serious amounts of money although Mrs AJU is wondering if we should should just go a round the world cruise for a few years  Credit card payments it years since I left my CC longer than a few hours before paying it down. I'm open to what you mean though. I have 4 of them - that would cover 2 accounts I suppose though. I'm not sure though do I still get a grace period if I set them to pay off at the end of the month with the DD. Might actually be worth looking into and I could stop using my TescoCCard (still get points) and use my Tesco debit card (Clubcard+ replacement) for day to day Mrs Aju Spending. I've not got any balances to transfer and the last time I did stozer was with the icelanding banks in 2007 - bit to close to the edge for me to try that again - especially as I am properly retired these days - well workwise that is not SP wise. Go on tempt me where can you get 1.8ish for 12 months.
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aju
Member of DD Central
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Post by aju on Apr 9, 2018 22:55:22 GMT
Ok so its not really a Zopa thing except that Tesco is stopping all DD's transactions into its Saver accounts from Interest paying Bank Accounts. This will be affecting a lot of people that used the trick of Tesco Savings account allowing DD's in from Current accounts. I for one have been using this trick for the last few years to satisfy a considerable number of current banks rules to enable higher interest. They apparently sent out details of this last Oct but myself and Mrs Aju only got wind of this today with another change of theirs and looking up this change found this out. We did not get this information so were blissfully unaware. So I'm guessing this affects a number of people the forums on MSE suggest quite a few are affected. For is it means in one single swoop on 22nd April we will lose access to the interest that was being created monthly using the above technique. There are too many for most of us to actually creaet elsewhere so I am guessing there could be considerable forey of new money into P2P perhaps. Hey aju - you no read all my posts? You've had over 3 months to sort this! p2pindependentforum.com/post/235382/threadOops Sorry dan1, I spend most of my time shopping with Mrs Aju and when I'm not I'm grappling with Zopa - I might have seen it in Chat so perhaps that's where this should be as @roolish67 said above. Do you work for tescos thats what they said this morning when I asked where my warning has got to ;-)
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r00lish67
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Post by r00lish67 on Apr 9, 2018 23:25:30 GMT
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benaj
Member of DD Central
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Post by benaj on Apr 10, 2018 7:17:57 GMT
Think this should probably be in 'chat', but anyway, yeah I noticed this the other week - bummer. Not surprising though, they must have thousands of £1's going into their savings account each month, --- and that's just from me. Yeah sorry but there was a lot of recent chat on Zopa regarding these things and also Zopa is currently picking up a bit of traffic from ISA issues etc. If it needs to be moved then someone can move it i'm sure. I'm a bit like you although I was poking much like thousand but it does mean I have to find places for some serious amounts of money although Mrs AJU is wondering if we should should just go a round the world cruise for a few years Credit card payments it years since I left my CC longer than a few hours before paying it down. I'm open to what you mean though. I have 4 of them - that would cover 2 accounts I suppose though. I'm not sure though do I still get a grace period if I set them to pay off at the end of the month with the DD. Might actually be worth looking into and I could stop using my TescoCCard (still get points) and use my Tesco debit card (Clubcard+ replacement) for day to day Mrs Aju Spending. I've not got any balances to transfer and the last time I did stozer was with the icelanding banks in 2007 - bit to close to the edge for me to try that again - especially as I am properly retired these days - well workwise that is not SP wise. Go on tempt me where can you get 1.8ish for 12 months. Automatic e wallet offer 3% via MSE, crawl money via DD. However, i have to chase them to get interest paid manually. DD takes money every week and you can withdraw money any time www.moneysavingexpert.com/banking/digital-banking
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Apr 10, 2018 8:05:27 GMT
Just noticed that I only received the basic interest on 31/3 because the bonus element is not paid until a year after a/c opened.
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Post by sayyestocress on Apr 10, 2018 8:15:53 GMT
It might be of interest that ratesetter accept monthly investments via direct debit. Also my S&S ISA provider (Cavendish online) accept monthly direct debits, so I assume other providers will. There's a few savings accounts that still accept direct debits that are listed on the MSE thread: forums.moneysavingexpert.com/showthread.php?t=5734632. |
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Post by dan1 on Apr 10, 2018 9:53:18 GMT
/Mod hat on
Moved to chat
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aju
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Post by aju on Apr 10, 2018 10:05:40 GMT
thanks dan1, It has gone away from Zopa - I was hoping to draw in some of the Zopa forumites as we had discussed some of this stuff a little while back but I guess its definitely not a zopa thing now.
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Post by dan1 on Apr 10, 2018 10:16:00 GMT
thanks dan1, It has gone away from Zopa - I was hoping to draw in some of the Zopa forumites as we had discussed some of this stuff a little while back but I guess its definitely not a zopa thing now. Seemed like the right time to move the thread.
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Multiple credit cards the only answer now.
