Many thanks.
Santander sucks now.

6k put away for a year for £180. bit naff when its written down

I’ve mocked up what 50K in savings can get a single person. Around £1140 – tax (including two Tesco’s current accounts) you will need £1514 to £1519 (Santander 123 charges £5 monthly) per month to move between accounts and two direct debits per account. Two Tesco’s savings accounts can facilitate this. This is just for the direct debit and standing orders required for the loophole to work. Max out these accounts then max out the ISA/ Savings accounts (dependant on the % offered).

Didn't these guys get hacked recently, people accounts had money taken and accounts got locked out for days, direct debits weren't serviced as well

u can have 2 accounts

It appears that you can not just open an account - you need to switch from your current bank.
Is that correct ?

Thanks

You can "just open an account" no switching required.

Many thanks.
Santander sucks now.

Didn't these guys get hacked recently, people accounts had money taken and accounts got locked out for days, direct debits weren't serviced as well

I imagine they would have updated their security now, so even safer. Opened one, how do you open a second one?

Decent deal, so long as you don't live in Northern Ireland..

Even Martin Lewis likes this: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

6k put away for a year for £180. bit naff when its written down

Easy! You need to have the first one fully set up and then just go through the application process for the second account whilst logged in (I happened to have my original account open in another tab so I don't know if it's strictly necessary) and because you've already got a Tesco current account, you only have to answer a handful of questions and then you're done.

Does anyone know if you can open up a joint account as well?

The answer to this is in the terms and conditions..

"You can’t have more than two Tesco Bank Current Accounts (or one if you have a Tesco Bank Clubcard Plus account), whether solely or with another person."

Thanks

Why only guaranteed from April 2017?

Is this guaranteed to April 2019 if you already have an account?

Thanks for telling us. Easy to set up joint account with grandson over 18 years.

Cheers op.... Just opened one..ta

Stocks I assume?

As there a £3k limit on interest being paid do you have to move the interest off the account to keep it £3K and under each month?

Yes.

Nationwide FlexDirect current account paying 5% on up to £2.5k (fixed for 12 months). They also have a Flexclusive Regualr Saver paying 5% interest - rate is variable but it's remained at 5% for over a year. Also, you can get £100 if you're recommended by another Nationwide customer when you switch.

They do have a pay in requirement, but you can pay in and pay out the monthly requirement via a standing order which just takes 5 minutes and the rest is done automatically.

​Are you sure there are direct debit requirements. I set up 3 accounts last month and no need for direct debits. Just have to pay £1k into each account per calendar month

Well I did win £50 on ERNIE this month with the max amount!!!! Crazy world.

Ta - post amended. Got confused with other accounts that need DDs

So would I be right in thinking I could use this as a savings account and just put £3000 in this account and just leave it there make no further deposits or withdrawals for the year, just to get the 3%

definitely going to have a couple of these. one for me and one for the missus. Santander is full and also got three nationwide flex directs which are full. something like this Tesco one will be great to stick a few more k in. people moaning about it not being much money earned over the year, suggest something else or send £180 to me if it does not meant much to you. cheers. ;-)

thanks op, loads better rate than my pitiful ISA

I have one current account with Tesco and one saving account that pays 1%.I will definitely open another current account.Lets face it where else can you earn 3% other than gambling on the markets.Hot.

Good deal, bit long winded signing up though, apply online, wait a week, sign a form, wait a week...
Had to phone them last week for an update (3 weeks from applying) apparently mine had 'slipped through the net'

The account is currently not available to customers in Northern Ireland.

Peer to peer lending :wink:

Currently earning about 4% (based on a rolling, monthly basis)
It.s not guaranteed, but it's not gambling either.
With the P2P I use, they have never failed to pay out even if the borrower defaults

Should have added, they have been running for about 7 years now.

Locked away?! Not sure what you consider less locked away than being able to withdraw it at any time. I guess you could store 6K under your mattress, but that certainly won't earn you £180 a year. Nor will any other bank accounts on 6K...

Hot!! I'm now I just need to find 3k from someone. Anyone wanna make £100 lend me 3k for 12 months .lol

I was one of those hacked last year and until there is some clarity in what exactly happened, which is unlikely until the police and internal investigations have concluded, I wouldn't touch them.

Ah. Weird. Still using mine here in BT9. No issues.

Ta. To be honest, I never bother reading the t's and c's anymore!

Santander - 1.5% on £20k = £300 per year (likely to be a bit less when you factor in the £5 monthly fee but with cashback on household DDs).

Instead you could do this:

Nationwide - 5% on £2.5k
Tesco Bank - 3% on £6k
BoS - 3% on £11.5

Which equates to over £630 in interest.

If you value your money, then that extra £330 is surely worth an hour or two of your time?

But it's not 1.5% is it? You have a monthly charge that comes to £60 per year to pay. Yes, you can get cashback on certain bills but you can also set up these, a Nationwide account paying 5% on £2500 and a couple of the 3% BOS current account for another £10000 at 3%. Doesn't take much and it'll pay twice what you're getting at santander, and that's before the £60 is taken.

bank of scotland 3% to 11.5k ?

cant find this ?

BoS Vantage.

See the link in post#8 - it explains how you could get 3% on up to £15k

says 3% between 3 and 5k, nothing above

I've got some in Funding Circle and that is returning (so it reckons), after bad debt, 6.5%

I have some CFDs, which really is more like gambling, but they're up 20% on what I put in a year and a half ago.

I recently had a payout from p2p loan with The House Crowd - £300 off £5k after 8 or 9 months. Not all my investments with them as doing as well though (< 3% Divi on a rented property, but that doesn't include house price appreciation - however I don't think that will pay much if anything).

Read the T&Cs. :wink:

I've been holding off getting this since launch hoping for them to offer a switching incentive!

Thanks

thanks

seems a lot of admin this

what happens if account goes £5001 in the year , do you lose the interest?

is the interest added monthly or lump sum at end of year?

Last year they put up the monthly fee up from £2 to £5 whilst dropping interest rates from 3% to 1.5% .
I do not even cover my £5 fee with d/d cashback.

In effect doubling what I pay them whilst more than halving what they pay me.

Read the link in post#8 - all the answers are there :smiley:

The only difficulty once you have set up the necessary standing orders to recycle the funds is the amount of active direct debits you need - but the link explains how you could get those too

Yeah a shame really, I used to have a credit card with them but closed it after the 0% ended, I only have the 2 saving accounts with them now.

I might go for this though and hope they try and tempt me to switch my "main account"... :wink:

I have both a clubcard and one of their credit card accounts, but I've not received any current account switching offer that I know of.

They did threaten recently that they would close by credit card account due to inactivity (last used about 12 months ago)
I wonder if they will do the same to current account holders, especially as they have no pay in or DD requirements ?

Yes

Are people just stupid on here its 3% on 3k

​Have you actually opened an account? Terms state
"No, Tesco Bank Current Accounts are not available to people living in Northern Ireland, due to the regulatory differences between NI and the rest of the UK.

 

We hope to be able to offer current accounts to you in the future.

"

​No, Tesco Bank Current Accounts are not available to people living in Northern Ireland, due to the regulatory differences between NI and the rest of the UK.

 

We hope to be able to offer current accounts to you in the future.

​Were you able to open one? Terms and conditions say due to regulatory conditions they can't offer it in NI.

Applied for 2 accounts online last weekend by Friday I had received PIN numbers and debit cards allowing me to transfer £3k to each account, couldn't have been any easier. no forms to sign, all done online, even offered us a couple of £k overdraft(which I declined)
This week I will be applying for another 2 accounts.
3% is not great but they are simple accounts with no strings attached and it's better than where its sat at the moment for me.

I would jump at this but it seems paying in cash is a bit of a hassle (only certain stores)

not available in northern Ireland mate

if you have two accounts with 3k in each do you get taxed on the £180 ?

Past couple of years I've been banking with First Direct and they have a sweet "regular saver" account; 5% and you can whack up to £300/month into it over a year, paying out somewhere around £150 - £180 at the end of the period. I can't remember what the exact amount was now when you pay the maximum in.

So no good if you already have £3k to invest; but a good way to save regularly and then get a decent brucey bonus after a year.

My mortgage means I'm thankful interest rates are so low; but I'd love to see a slightly better return on savings that at least beat inflation! Sigh.

So basically you put 3 grand in this account then leave it?

Any amount over 3 grand and you dont get the 3%?

Signed up to this yesterday (was a boring Saturday night!), mad to think I've agreed with a building society that I can't touch my money for 2 years for half the interest rate. Oh well between wedding, honeymoon and buying a house I probably won't have more than £6K to save in a couple of months, so this is clearly the best choice, at the mo.

Yeah its balances up to 3 grand anything over you receive no further interest.

But you also get Clubcard points when you decide to use it as a current account.

Where Using Tesco Bank debit card from 1 April 2017 Using Tesco Clubcard only
Tesco Fuel (excluding Esso) 2 points per £1 spent 1 point per £2 spent
In Tesco spend* 2 points per £1 spent 1 point per £1 spent
Out of Tesco spend 1 point per £8 spent n/a

Signed up to this yesterday (was a boring Saturday night!), mad to think I've agreed with a building society that I can't touch my money for 2 years for half the interest rate. Oh well between wedding, honeymoon and buying a house I probably won't have more than £6 to save in a couple of months, so this is clearly the best choice, at the mo.

you can open 3 Bank of Scotland accounts (£5k each) if you are a single person

(Probably more if you are married?)

Just signed up as my Nationwide Flex Regular Saver is coming to an end this month.

I was looking around online a few weeks ago and this is probably the best option for me.

Thanks OP!

So the rate of 3% is guaranteed from April 2017, what is the rate until then?

How do you open 2 accounts? I just applied online....do I do the same again? Surely something odd then?

Correct.

An additional advantage to Tesco bank accounts is that you can also open a Tesco Regular Saver and a Tesco internet saver. Both have terrible interest rates but come with one unique, fantastic advantage; you can set up Direct Debits as a regular contribution to these savings accounts.

Why is this useful? Because if you're savvy you can start juggling various bank accounts to maximise the interest AND the switching bonuses that are open to consumers because you can now satisfy the majority of bank accounts minimum Direct Debit requirements by setting up £1 monthly payments from your new bank accounts into your Tesco Regular savers!

Thanks for the heads up.. It would be good if they offered me the same deal as I also have a cash ISA which is currently doing nothing for me!

Looks like I'll be closing my 123 account :smiley:

May I suggest Sports Direct shares as an alternative, they have been up and down like a ****'s drawers for over 12 months and if you time it right ( not always possible obviously ), you are looking around 10% every time. There are numerous other shares that are equally as volatile, talking high street profitable companies here such as Tesco, not speculative mining companies in Africa.

HSBC - £200 incentive, 5% fixed saver

Same for rest of HSBC group, first direct £100 and 5% fixed. M&S, vouchers and 5% saver.

Nationwide's 5% is only for 1st year, so if you are looking for long term saving this is not a good option (good for temporary, but why not consider switch bonus if you are not looking for long term?).
BoS: as the link in #8 says: "Its interest rate is unmoved since August's UK base rate cut which has seen several other banks slash their rates, so it could change at any time." There is a possibility that you make all the trouble to open three accounts but then they announce rate drop.
Tesco Bank seems to commit this rate for long term. This means 3% on 6k, i.e. £180.
Also for Santander, you can open a joint account, so it is really 1.5% on 30k (20k+10k), i.e. £450 (and probably a bit less considering fees and cashback).

""Sorry, we are unable to continue online"" ...... their site has collapsed.

If you're referrred by a friend for a nationwide account you get £100 too not forgetting. I've referred a few friends.

free horse meat included with every account open!

OPs correct, each person can have two single accounts

AFAIK bank accounts numbers are only 8 digits

Did you give details of another account you already have? I gave them details of our Halifax account we have held for over 30 years.
Our Son opened an account last year and he received a letter to sign for his 1st account, not for his 2nd but we were automatically accepted with no letter to sign, no idea why.

Heat!

Yours was the same as my Son's he, got a pack with letter to sign. We just received 2 envelopes each, 1 with PIN, 1 with Debit card. We didn't switch accounts, it asked if we already had a UK account then the option was to switch or not. I guess supplying the details of that account satisfies their rules.

I was auto accepted for both accounts.. However I still have to wait for them to be processed before I can start moving money in

Zopa?

​thank you sir..you have to be logged in

​santander charges £6 monthly for what??
I'm gonna convert my 123 to their basic account.

It's £5, I've just saved you £12 a year :laughing:

Does opening up multiple accounts at once impact credit score?

The UK to be a Third World nation by 2020.

Opened one account no probs online there but how do I open a second one ?? Tried going through process again and not getting past 1st stage...

​thank you Sir! :smile:

3% on 15K at RBS

You're not applying for any credit so definitely not

Doh, thanks AFAIK, account opened :-)

Maybe someday they'll offer one in northern Ireland

what's happening with existing customers does anyone know ? :neutral_face:

Thanks

No monthly fee baby!

didn't tesco bank get hacked? wouldn't trust my money with them

Who with?

Shame, won't let me apply online. Tried 3 times just say can't continue with application :disappointed:

Saving accounts are very poor these days but they are risk free I guess. The limit at 3k on some of these accounts is quite frustrating. Of course after 1 year or 2 they often reduce the rate to something silly.

Stupid question, but do you need to transfer the interest out to stay within the £3k threshold?

You will be credit searched (hard search), and your new account will appear on your credit report though.

Let's say you have £3020 in the account......you will get interest on the £3000. The £20 is ignored.

I set up 2 months ago individual accounts for wifey and me, also a joint account. £3k in each individual account and set up a standing order transfer of the 3% interest into the joint account. Simple!

Edit, I just answered my own question!

Talk about big brother. You can't even fart these days without someone running a bloody credit search.

Talk about big brother. You can't even fart these days without someone running a bloody credit search.

You can.

FCA doesn't stand for Farting Conduct Authority.

Never messaged before but felt I had to on this one.Recently joined these clowns and have to say they have the worst customer service going. They don't even have a customer services email address which is particularly strange for an online operator. How they expect people to discuss financial matters on twitter and facebook is beyond me. You've been warned.

I wonder why this is so hot? It's been aroun for years!!!

You have others paying ok rates.
nationwide 3pc for 2.5k
loyds 2pc 5k
tsb 3pc 2k

I have two questions...

1) If we have more than £3000 this is allowed, but the interest will only be for £3000, right?

2) Will opening and closing all these accounts destroy my credit rating?

correction TSB has dropped to 1.5 %

​you have to open 3 separate accounts.
that's what he means.
I think these banks will put a stop to it very soon. I'm talking about opening more than one current account. I talked to bank of Scotland the other day just about my current account and the operator said these accounts are not created for savings. I'm just saying they know what we are doing and I'm quite sure that's not gonna be profitable for them. I'll give it a couple of months at most before we will know about it.

Thanks OP

Also, for any N&P customers who have the gold account you could get 4% for a year on a savings account. Not sure if this is still the case as I know they have done away with the Gold account now for new customers.

How about :

One couple
Two single accounts each
Plus a joint account

Is this allowed?

"fishmaster investments", of course. The poster is comparing apples and pears, clearly having investments of varying levels of risk. This is risk free, and fully protected, hence the lower, but guaranteed rate of interest.

I also had the thought "I've been getting this deal for over a year", but I guess the rate extension until April 2019 is a deal in its own right, so a hot vote from me. Especially as most other banks are reducing their rates. 3% may not seem a lot, but; it beats inflation, is 12 times the base rate, and is more than double many mortgage rates, so it certainly shifts where you may consider dumping your spare cash. With no tax to pay on the interest now (for the majority), this rate is closer to 4% with the old tax rules.

not great. i get 5% with nationwide and im not limited to 3k

Thanks op heat added ...account opened.......

Opened one with Nationwide last week as well.....

You have to make your money work for you as best you can....

me too

What???? How can 3% be closer to 4% on old tax rules? It's 3% AER.

Basic math.
3% of £3,000 = £90. That's the interest you earn right now.
Before you'd have automatically paid 20% on that making it £72.
3.75% would have earned you £90 after tax. Hence 'closer to 4%' on old advertised rates.

​The link says about switching​ current account though

​And sadly that's the best around!

​Sounds like you have enough already :wink:

The 5% is available on a maximum investment of £6000, but you have to build that balance up over the year as it's limited to £500 per month. If you manage to get the full amount of interest over the year £162.50, this is equivalent to 2.71% compared with the full £6000 being left invested in an account at 5% for whole year.

OK...
you go with your math, I'll stick with my maths.

Wow, you are seriously deluded. Have you ever actually earned interest before?

What???? How can 3% be closer to 4% on old tax rules? It's 3% AER.

NNot deluded, just trying to understand how you managed to get 3%=4%
My 'basic math' says that is not possible.

:laughing: clearly I'm wasting my time here. All the best pal. If anyone else can get it through to him, you're welcome to try.

Obviously we are...
However, back to the original post... 3% seems like a good deal to me for something that has no risk and instant access, wouldn't you agree?? :smiley:

The Bank of Scotland Classic Account pays 3% between 3000 and 5000

New tax year?

£6k on Chelsea to win the league. Will turn your money into £6857.14 in May.

​Is this really risk free?

Can someone let me know, is the application process just the one page?. I'm up to putting my income in and under that it says submit.. but I'm in a rush n don't want to carry on right now if it goes on and on more pages. I'd rather do it later on

Equivalent to about 50% AER. Needs to be posted as a deal.

Its the vantage current account.

Bank of Scotland I meant sorry!

You can have three of the current accounts. Just keep opening them one after the other (you may have to wait a week in between). You also need a certain no. Of direct debits and money in for each one so it gets a bit faffy.

​oh OK I already have one but haven't heard anything yet :smirk:

What account is this called, do you still get the £100 referal on any account?

Quick question is this also act as a normal current account as well (so I can take money ou)t) thinking of moving from Santander. And if I was to put money what bank can I go to to do this.

Just noticed that for the same period you get an extra Clubcard point for every £1 spent (usually 1 point for every £2 spent), on top of the standard 1 per £. That means Tesco debit card spend at Tesco will earn the same as the Premium Credit Card! Not bad!!

You pay in at customer service desks - but I think it's limited to cheques and cash only (probably not large amount of coin either).

Oh ok sounds simple enough how there app

Very good deal :smiley:

​They specifically ask during the application form if you want to switch current accounts.

The second option is "Not Right Now". I presume that basically means "No". Their wording obviously wants to leave you open to the suggestion, though!

No its 3% on £1500 now plus 5% on £100 per month of contactless spending

he is saying that the deal is closer to a standard 4% deal (Including Tax) ~ 3% AER that doesnt incur taxes.

Most 3% deals inccur a tax (so about 2.something%)

Some people here are saying you can only pay money into your account in store?

Can't I just transfer money over to the new account online? Anyone done this?

limited to £2500 instead

Yes, I transferred £3k to each account online.

Which company do you use? I'd look to read about it!

Thanks!

If you look at it that way then maybe but what If you have £6k already in savings and wanted a risk free option to allow that to grow whilst you wait for another opportunity I.e waiting to buy a house? It's a good option.

This is clearly a good deal in the current financial market. Those who keep badgering on about Nationwide and other alternative accounts that may offer a better percentage, do appreciate that there are hops to jump through to get those rates...minimum monthly pay-ins, DD etc. Having 3 accounts with 2 DD in each would be a real pain for me to set up...and then when the rate inevitably drops you'll have to swith all those DDs elsewhere...pain in the ****!

...this is simple and straightforward...excellent deal! :sunglasses:

Can someone let me know, is the application process just the one page?. I'm up to putting my income in and under that it says submit.. but I'm in a rush

360 quid profit just doesn't seem enough for me to put away 12 grand for a year. Is this really the best, safe way to earn interest on money? (honest qurstion)
I've only just got to the point in my life where I've enough spare money to consider doing stuff like this.

Better then nothing

For a risk free investment without having to jump thru hoops then you will not find any better
(if you do let us know)

Would I get Interest on 3,000 even if I use it like a normal current account as long I don't go under the £3,000?

+1 for Nationwide. Just switched to a FlexPlus account after 20 years + with Barclays, very happy so far, and seems a better bet than Tesco. Probably the best packaged account with insurances around, plus the 5% rates on savings.

​yes.

Well, it should be protected by FCA. Same could happen at pretty much any bank. I work in finance, they are regulated and people check their software and security controlls regularly. So it's pretty unlikely that it was due to TB being lax on security.

Having said that, it doesn't fill you with confidence either. But equally a mate just had £20k nicked from his Santander account, and Santander turned around and said case closed after just 24 hours and that my mate should not contact the police !!!! (wow)

Problem is when multiple peeps get hacked. they took ages sorting out the mess and people couldn't pay bills, take money out off atms etc. if you value your money put it else where if you can do without access for a few days/weeks then go for it. I doubt their systems are any securer then before hack. Auditors take a while to investigate and IT projects teams take ages to implement major changes along with the associated testing.

They probably just changed passwords and create new customer accounts and went with two tier authentication, doubt they invested in new hardware/software to protect to their estate, as that will cost money

The point is, if you are earning more per month than what you spend (hopefully you are in this situation), then you may as well put that money somewhere where it can maximise value. The 1st aim is to at least beat inflation. You don't have to put away £12k for a year (not sure where that amount has come from anyway), as the money isn't locked away and you earn interest for every day the money is in there whether you keep it there or not. There are of course higher risk investments that could give a higher return, but you could also end up losing some (or all) of that money. Most also tie your money up for a longer period - certainly if you want a return above 3%. The best place to start if you "don't know what to do with your money" is to get a higher interest current account like this. Money not tied up, yet its at least giving you something back.

I can't think of a safer place to put your cash. You're protected up to £85,000 by the FSCS. If you want to be even safer still, then separate your cash between different banks so at least you have instant access to cash if one completely folds.

Thanks. I'll take a look there.

Stupid question, just manage to apply for a account. How do I apply for a second 1? Do I need to wait my account to be open up then log in and apply for another one ? Thanks

​Yes all the time.

That's probably the simplest way, but not sure if that's the only way. Once you've got your first account and have access to online banking, you can click the 'apply for current account' link, and it will ensure the details are linked to the same online banking account.

Buy some talk talk shares and earn around 8% on your money . And they are at a low price now , so should ??? rise again

This isn't exactly new. I've had two Tesco current accounts for years paying 3% up to £3000. Nice if they are committing to not reducing the rate though, like most others have.

When you say fully set up - did you open the second account using the 'Apply for a new product' link after your application was submitted and successful and you were logged in i.e on the same day and more or less straight after opening the first account? I wasn't sure whether you had to wait for the first account to be 'activated'?

Thanks

Thank you

It's probably been mentioned, but the rate is 3% up to £3000, so any amount below will still earn 3%. Is that correct? Thanks

God I hope they don't, this is a dreadful company. If you have any ethics, you wouldn't invest in them. Hopefully people will eventually learn how terrible this company is, they will become worthless and get bought out by a company with some ethics, chucking out all the [so-called] management. They really don't care about the service they offer, or about securing your personal details. TalkTalk is probably the #1 example of getting what you pay for. I'd rather short the stock and wait patiently for the next security breach.

I've currently got 4 Vantage accounts with BoS. Getting 3% on £20k.

I agree they have had issues !! But who hasn't , Take Rolls Royce - BP etc etc ? They were £2.10 ish a few montha ago, now around £1.60 and As I said pay around 8% Divi !

​that is correct :wink:

​not 4 in your sole name though :wink:

No android pay still. Does support apple pay though. There banking app is good with its balance peak (so you don't have to log in every time).

I've applied and been accepted for one account, can I now just go back into it and apply again? Or should I wait for the first one to be processed?

Regarding their security breach recently... ...it states in their Online Banking t&cs that a suitable operating system to use online banking is Windows XP! :confused:

...I've still opened an account though :smile:

I have excess money in my Santander 123 account, and after being made redundant at the end of last year I wont be getting the 1.5% interest due to not paying in 500pm.Would this be a way round it by opening this Tesco account, putting a few thousand in and transferring £500 backwards and forwards every month

All in my name, no joint accounts or anything :sunglasses:

You'll be lucky to get 1% in any normal savings account. Tesco are offering you three times that. Is it because they are big hearted and want you to be happy? No of course not they are bankers. There must be another reason. So I have to ask myself do I feel lucky? (No)

Unfortunately have to wait for the first account to be up and running before applying for the second

"I have excess money in my Santander 123 account, and after being made redundant at the end of last year I wont be getting the 1.5% interest due to not paying in 500pm.Would this be a way round it by opening this Tesco account, putting a few thousand in and transferring £500 backwards and forwards every month"

andym6561 - just draw out £500.00 from the Santander 123 account and re bank it, I've been doing that for years.

It's been this rate for ages now, nothing new

​Yes. I've 7 current accounts, 5 with minimum pay ins. i just pay one with another with a standing order. Easy peasy!

Yes it should work.

so you can open 2 current accounts? does this affect credit in any way?

Thanks bud, just opened an account with them to earn some interest. Would have never thought of your idea.

I had a letter from 1st Direct this weekend telling me that their saving account interest rate was going down 0.25% to 0.05% PA. One hell of a savings incentive that is - down from 1/4 to 1/20th of a percent per year!

​They do a 5% regular saver.

http://www1.firstdirect.com/1/2/savings-and-investments/savings/regular-saver-account

It is odd that it even mentions an operating system! Surely the only important factor is the browser and its ability to negotiate a secure connection using TLS.

How were you able to open 4 accounts? Last time I tried that they said (just like Santander btw) that I could have one, plus one joint account with the missus. How did you manage 4 ?

How do you create 2 accounts? Create the first one, wait till its all setup and running.. And then create the second account?

You got it :smiley:

My Nationwide regular saver is about to end at 5% with £6,000 In, so looks like I will move the money into 2 of these Tesco accounts.

£25 for a CHAPS payment though...which other (most) banks dont charge for Ridiculous!

​Theres an option once youve set up your internet banking, you can apply again from your internet banking.

Might be just me but I applied for my first account a few weeks ago, then immediately logged on to try and create a second account, it let me go so far but then said , sorry please contact tesco, so I called them up and was told I'd have to wait for the first account to become active... (which i'm still waiting for)

Yes your first account has to become active, you have to have either received your debit card or pin. I was told that today by customer service.

They could if BoS made a mistake. I've got three TSB Classic Plus accounts all earning interest and (until recently) cashback. There was a problem opening an account online and instead of resolving it the branch put another application through. The issue with the account opened online was resolved and I've ended up with three accounts.

My application stops everytime with the message that I cannot continue to apply online - anyone else getting this??

​Just the spend the 7£ odd a month...

​Once the account fee is taken for me it only worked out the equivalent of a mere 1.2%. Hence jumping over to first direct and opening this to keep the risidual balance.

Will open one each for me and the missus to move some Santander money across. Not ditching Santander as we have a mortgage with them so get a lot more cashback via that, so it's just down to the interest rate between this and that. Will keep more of our savings in Tesco to earn that little bit more.

You can cancel that account and open another one straight away, I did

i have opened one now? how and when could i open the second account?

I applied yesterday and got the following text message today

Thank You for your application. We need to complete some further checks and we'll get back to you in the next few days

Anyone else received a similar text? I passed the credit check so I am not sure what other checks are being done?

Yes I got this message as well

I just opened another 2 accounts (1 for me, 1 for my Wife) at the end I get this message below, I assume you didn't and that's why you had to sign and return.

"This is a legally binding contract, equivalent to signing a paper copy of the agreement. I have read and agree to the Tesco Bank Current Account Terms and Conditions and the charges detailed in the Rates and Fees section on this page and I am happy to continue."

Maybe silly question but ask because someone hear mention it if you have more than £3,000 do u still get the interest someone hear said something about spending the odd so don't lose the interest?

You will get the interest but only on the £3k. The amount over doesn't attract interest. Just withdraw it and put it elsewhere.

I see Ok would it be worth moving a account I have had since I 16 don't really get anything for being loyal customer

I've been thinking about switching for ages from my Halifax account but I'm scared.

Can anyone tell me, how does it work? If you switch, does it automatically switch all your direct debits or can you select which ones? i.e how can I apply for the Tesco one AND one of the others like the First Direct or TSB one and benefit from the cashback offer? Surely if I've already applied for the Tesco one I can't then apply for another one as all my direct debits will have gone to the Tesco one?

There's not much to be worried about, BUT:
You don't need to switch an account to take up the Tesco offer. Therefore go right ahead and have a Halifax bank account and a Tesco bank account.
Your Halifax account only closes if you use the switching process or agree to switch your account, during the application process. Just say you don't want to switch.

You can also switch your Halifax account to another brand for their cashback and the direct debits automatically get switched. But first you want to have a working 2nd bank account i.e. Tescos fully up and running. Plus you seem the worrying type from your post :smile: (Not a bad thing!) so stick to my first paragraph advice for now and you cannot possibly go wrong.

Probably worth reading through this thread.

Just go through the same opening process online as you did with the first account. Their system will have stored your details from your previous application though, so it will be easier second time around.
Wait for the first account to become active before applying for the second though.

Thanks for the reply. I've just gone through the process of switching my single Halifax account to the Tesco one. I don't really use the account so I'm not losing anything.

But I don't remember seeing anything to opt out of the switching?

Also, can I open one of the cashback offer current accounts such as First Direct or TSB if I'm switching a joint account? Or does it have to be single?

These jokers will do anything to cut costs.

Shocking how many people claim to have so much money sitting around to try and collect very poor interest rates. The UK must have no personal debt problems..... NOT!
If you have 3k sitting around and you don't have a mortgage or a car on finance you are in a very small percent of the population. Hence deal is good marketing sounds good but really not all that amazing.

​How have you made it so far down the comments with that sort of basic thinking. Your noodle must be aching something bad now.

I don't get your point. Also, why would having a mortgage have anything to do with this? Generally I'd advise overpaying on your mortgage, but with rates currently around 1-2% you're better off holding the cash here. Car finance completely different again. Don't suppose you're one of those "debt is terrible, period" preachers are you?

Are you completely sure about that statement?
5 minutes researching results in an alternative fact;
TSB £30, Lloyds £30, Natwest £23, Santander £25... I stopped there.

Could you possibly be confusing CHAPS with BACS, or perhaps FP (Faster Payments)?
For those interested, CHAPS is a guaranteed same day payment, been around much longer than faster payments. Usually used for the likes of transferring payments for a house. You (in my experience) have to go into your bank to make them.

Fairly standard sort of message, probably just gone into a manual check queue. To be honest, they've probably had an increase in applications due to this thread, so automatic fraud systems may also have responded to that.

Don't see anything shocking. Some of us are at a stage in life (I turned 50 recently) where we have cleared mortgages and loans. I have inherited half my Mums house, Wife inherited all her Mums house and money. Now trying to find a few reasonable investments to add to pensions, AVC's & other funds so we can both take early retirement.

Yeah, no debts here, aside from a mortgage which I have overpayed to the max this year. Just trying to maximise simone returns on our savings.

Maybe, Although I have have a Tesco credit card which is active and also a savings current,all online.

Every little helps. I already have a Tesco Account, just applied for another one which was fairly straightforward. I even got offered a £2900 overdraft. I plan to move money from my 123 Account to these 2 accounts.
Thanks OP!!!

If I have money in an isa can I just move it over here?

Thanks, just applied. Heat

Yes

Signed up yesterday and registered for online banking but it won't let me log in online won't let me past the username page. Has anyone else had a similier issue?

I thinking of switching my Halifax (I have had since July) got £150 cashback from them. To tesco would I have any problems as I only had Halifax for less than a year?

I signed up yesterday and logged in ok just now.

You might want to think carefully about that as you will lose future protection from tax.

So my account has been approved (notified by text). Can I go ahead and open another straight away or should I wait for the info to be posted to me (waiting a few days)?

I would wait until you have online login set up. When you do, apply whilst logged in.

I managed to log in about half an hour ago, and only just got approval text, yet am still waiting for letter.

However, I just successfully applied for second account, where they recognised my details and logged me in for an easier application.

hi does anyone know if you can apply for two accounts each partner, plus two joint accounts per couple making £18000 saving

Lol I like your thinking.. I am not sure.. I wish we can, so all my savings would go in there!! Lets see if this is possible..
P.S. The credit score isn't going to like having these many accounts for sure! As this being current accounts..

My intention is to keep just over 3K in the Tesco account without letting it drop below 3K but also using the visa to get extra club card points. I applied yesterday so how long do you think it will be before I get my card and pin through? My application was accepted but I'm wondering if there will be delays because of all the new sign ups.

Not correct! Most banks charge for a CHAPS payment. However, payments by BACS are usually free, including with this Tesco Current Account.

As I said you are in a very small percent of the population. PS if you invest in a good accountant when the time comes your children won't have to worry about maximising their inheritance I shudder at though of you paying inheritance tax then trying to get £90.

I don't preach. Just trying to point out that this is not a hot deal. Unfortunately this will benefit very few people a could be detrimental to people who choose to save instead of servicing their debt

Answer's in the Ts&Cs - https://www.tescobank.com/assets/sections/current-accounts/pdf/tesco-current-accounts-terms-and-conditions.pdf

You are certainly making out that very few have £3,000 lying around!
21 million of us have premium bonds..... That's an interest rate of 1.15% in May. So that's 21 million people who may benefit from this deal.
Perhaps add another 10 million whom have savings in others forms without premium bonds.
Looking at 30 million, or half the population.

In fact, the average person has £10,200 in savings according to Halifax. Of course they have an average debt too, but for whatever reason they do have £10,200 in savings. The savings would be best placed in this account in a lot of circumstances. So I would be happy to say this deal will benefit half of the population.

This should not be a problem but check the Halifax Ts&Cs to see what it says about the switching incentive you got.

I have a very good IFA taking care of my long term investments, retirement etc, that is nothing to do with the spare funds I have to use short/medium term. These accounts although not amazing are OK for £12,000 of my money.

Thanks OP.
Opened 2X2 accounts (one set of 2 for the Mrs. too) completely online.

For info : Had not waited for the first account details to come through via the post, before attempting to open the second account online aa well. Opened the second account after registering and logging in to the online site, so will report back to the community here what happens finally (if both my accounts get rejected due to this OR both created successfully on Tesco's side ) ... fingers crossed

Updated 08Feb17 19:35z with RESULT !
We have confirmation of both accounts successfully opened via text and also in the online site ! RESULT :smiley:
Now on to transfer 4 X £3k into 2 X 2 Accounts ...

BTW : The T&Cs state "3% AER/2.96% Gross variable credit interest on balances up to £3,000 guaranteed *from* 01/04/17 to 01/04/19" anybody knows what the current interest rate is up until 01Apr2017 please ? ( is it 3% ?)

can one person open two accounts in just one name?

Yes

Its the same 3% even now. Its just that the rate is fixed between those dates and wouldn't go lower than 3%

I'm sure it'll be fine.

Read the whole lot and I don't see a place where it talks about having joint accounts in addition to individual accounts. Did i miss something?

I’ve mocked up what 50K in savings can get a single person. Around £1140 – tax (including two Tesco’s current accounts) you will need £1514 to £1519 (Santander 123 charges £5 monthly) per month to move between accounts and two direct debits per account. Two Tesco’s savings accounts can facilitate this. This is just for the direct debit and standing orders required for the loophole to work. Max out these accounts then max out the ISA/ Savings accounts (dependant on the % offered).

This is a great post, needs to be get the likes to get it to the top! The direct debit trick using the Tesco accounts is something I was not aware of as most savings account transfers have to be setup as standing orders. I may actually have a re-shuffle of my accounts based on that!

​I have 50k in savings but 2 123 accounts, tsb and 2 tesco. This looks better! Plus the 123 account I want to lose I can do a switch for some free cash. What's the time frame for the direct debits and standing orders. Presumably moving it all around on the same day would cause problems? Thanks for the post. Very useful and the Tesco DD trick is a real bonus!

I opened a second account immediately after opening the first one too.

I doubt it'll cause any issues. Just waiting for my card(s) to arrive now so I can transfer some money in and start earning some interest :wink:

After signing up yesterday I'd have thought they would have at least had the courtesy to text/email confirmation.
As of yet, nothing whatsoever.

It seems I can have only one further indidividual/joint account as I already have a joint ClubCard Plus account and this is apparently treated as a current account. Can anyone confirm that this is correct please?

Mine took a day to get the text, They are probably bombarded with all the HUKD ops opening accounts. :stuck_out_tongue:

Not only that - but it's in MSE's weekly newsletter which is sent to 10 million people.

A lot of that chart could be simplified. Tesco doesn't need any pay in requirements so can be removed.

BoS can have have money transferred like this: account 1 to account 2, 2 to 3 and 3 to 1. If all of those are done on the same day then you don't really need to add money via an external source. DDs still required for obvious reasons.

All that's left is to create a loop between TSB, Lloyds and NW along with a few DDs.

To go that extra mile - 'cream off' the interest from all those accounts so that it can be reinvested.

i opened one account a few days back and was accepted, just tried again and received this message

Sorry, we are unable to continue online

Please, contact us and one of our advisors will help you complete your application

anyone else had this?

This is a modification of the 5% loophole outlined by MSE. I mocked this up to give a visual guide to it. As some people don’t have/ trust others with a Joint account. The idea is to create quick loops of Standing orders and move the £1500 or so between all 7 Direct Debit current accounts. With a safe margin of days. By my calculations. Around 5 days (using two loops). Then into the current account or a savings account if you have more that £50k to save and are saving more than £1500 monthly. I’ve adjusted the initial flow taking into account the Tesco’s one.

JUST REMEMBER peeps....most the time these are only for 12 Months, once they get you in...they know we're lazy deep down to change banks.

I am not sure this is the case here , but the whole bank game as changed since the whole EU change.

I would be very careful about Tesco Current A/C ,people accounts had money taken and accounts got locked out for days, direct debits weren't serviced as well. Hackers dream Tesco Bank and it was handle very bad as well! Just do not think it is worth the risk!

​Same here. Signed up Monday evening. no emails no text. can't even log into my account either. dunno what's going on with it. CS are useless. say account open but can't sign in till I get my welcome pack and card etc. I understand you can't use account till card is activated but should be able to least log in.

If I switch my bank now then top up balance to 3,000 do I still qualify for the 3% interest?

Yes

I wouldn't use them as a real current account tbh, but happy to use this as a savings account. Debit card never activated and cut up and no direct debits setup. If locked out of savings account, don't care, as long as money is still there when it returns.

Ok thanks

Same here, purely somewhere to gain a little interest over the next couple of years. rather than sat in my Halifax current account earning around 0.05%

Tempted

You don't need to switch. You get paid for that at various other banks. Just open this as a standalone savings account.

A few people have asked me this question.
The p2p I was referring to is Ratesetter.

New customers who invest £1000 for at least 12 months will also get an additional £100 bonus
https://www.ratesetter.com/welcome-bonus

Thanks sailesh07 ! Was indeed :smiley:

Great work AR2012 !

If you were to setup 2 accounts can you just transfer the money like so:

Current account -> Nationwide 1 -> Current account -> Nationwide 2 -> Current account

Thanks.

Yep , indeed it was OK in the end :smiley:. Only if they displayed me the Account number in full i could have already attempted to transfer the monies ; even before Activating the Debit cards to the account ...not complaining though ;-)

Did you guys get your account number at the end of the application? I just received info that they need to check few more things and will contact me in the next few days. I also received text confirming this.

​I registered for online banking right off the back of the application process ... saw a line saying that my account opening was being processed by them. Opened the second account whilst logged into the o line site; which resulted in second line suggesting that the second account was being processed. This was 8pm yesterday. Today i receive 2 texts stating that my accounts have been successful opened ! logged in to the online site to fing 2 account numbers allocated

I had the exact same experience as you, created both accounts within 5 minutes of each other, and can now see both accounts on online banking.

I have been asked to provide acc details when I tried to register for online banking but I do not know them so was not able to register.

applied online, it went through. then they asked to send attested photo copies by post. now who will bother to go and find a solicitor, pay him for attestation!

How do I set up Direct Debits from my Tesco Current Account.

I opened a Tesco account last year when I read a post by this chap who used his Tesco Account to set up Direct Debits to draw funds from his other bank accounts so his other accounts would meet the conditions to be able to get interest. But while logged into my Tesco account I could not find where to set up Direct Debits, I could only find Standing Orders. As the post I read was over 6 months old at the time, I thought Tesco had removed this feature, but I now read you have just been able to do this.

Whereabouts is the page I need to find when I'm logged into Tesco banking.

Thanks.

You need the two tesco savings accounts. In the flow chart ive listed on the left and right. The good thing is the accounts are all managed by a singe user. You then go into each savings account and setup regular payments in.

Photocopies of what, your birth certificate? Also did you have another bank account to put the details of in when you applied?

Or do you mean photocopies of your application forms?

Just had another text from Tesco, 4 days after applying saying

"We are still working on your application and we'll get back to you as soon as possible."

Seems they are having trouble with all the applications....

Ditto

I've had my PINs for both accounts but I'm still need the cards before I can use the accounts.

When did you apply for yours? I applied for mine on Monday and got a text yesterday saying they'll send me all the things that I need in the next few days.

Applied on Monday PINs just arrived. Will activate cards when they arrive then open up the other 2 accounts and fill them up.

I already have a Tesco savings account.

When I logged in to apply for the current account, it showed a message under my name and address saying details are incomplete and that I'd need to call them.

Anyone else in the same boat?

Get a job?

I applied for both accounts on Sunday evening.

I think it'd be possible to activate the accounts without the cards as all it asks you for the last 4 digits, and the PIN letters state they are for card ending ####.

I was going to do this but thought it's probably better to wait until I have the cards in hand incase they get lost in transit.

I think the 4 digits you have are the last 4 of your account number! you need the last 4 digits of the long number in the middle of the card to activate it.

Is the interest paid yearly or monthly?

Is the interest paid yearly or monthly?

Interest is calculated daily and applied monthly. The interest will appear in the next month's statement.

Cheers mate, will look into it!

Thanks for that info.

I checked the digits on the letters against the last 4 digits shown on the account summary page and they don't match up so they must be for the cards.

Got one, thats how I can afford to save, lol

You can have over £3000 in this account but u only get 3% for the first £3000

Yep, if you only have a thousand in, you will only get interest on that and not the three thousand

Thank you, good to know u can have over though in case you forget to transfer the interest out

Heat added, good find.

You can also open a second joint Santander account, so a couple could have 3 x Santander accounts

Depends on how much Bunce you have!

I've applied for one account, how do I mow apply for a second? Simply repeat the application process?

Also, is there any impact on credit scoring to keeping these 2 current accounts inactive as using purely as savings accounts?

What do I need to setup online banking

Just got text to say that they just need to complete some further checks. This normal

give me the option straightaway along with a £1000 overdraft, guess your credit report threw up some queries?

My credit report should be fine never missed payment etc but am going to switch a account

Think it must be random, as i got my first one no problem with overdraft and the second has stated it needs further checks.

Ok will wait for more information

Just a theory but maybe if you've put your 1st a/c details (ie a/c number and sort code) into the 2nd a/c application form then that might cause a hiccup as they then wont have any history to check, hence we need further checks...

That's what I did, used first 2 account details to open second 2 accounts, no issues, accepted immediately with no signatures required so I guess its a random thing.

Yes I see this , but the problem is how these hackers then , have all your details etc.

Based on what I've read about the "hack", my understanding is that clubcard was the weak link in security. Presumably they tightened up security after the hack but if you're still worried, your debit card acts as a clubcard, so if you don't activate it, the theory is your details won't be passed on or used by the clubcard data collection farm.

Ok , Yes I see your point with this now , could be worth a go!

Nationwide now pay a huge 0.4% to customers of over 15 years loyalty.... they can go stuff themselves...

First tesco account opening and it ask if I would like to switch and said yes.

my partner opened an account without switching and was no further checks asked

Update:- think I just realised what it might be I have a club card fob that is my mum clubcard to collect points as she does online shopping and used the number so when I use card in tesco she will get the points as she shops more than I do in tesco.

I'm slow clapping you right now with one of my hands.

I've applied for one account, how do I mow apply for a second? Simply repeat the application process?

Also, is there any impact on credit scoring to keeping these 2 current accounts inactive as using purely as savings accounts?

You apply for a second account when logged into your first.

No bad effects on my credit rating. I don't use the account, I just move the interest elsewhere each month after its paid.

I had my cards delivered today.

Activated both and topped them up... now time to sit back and plan ways to spend the 3% monthly interest :wink:

When did you apply? I ordered Monday and so far I've only had my card pin followed the next day by a security code to set up online banking which I can't do as I don't know my account number yet.

What...the Money Sponging Expert. He hasn't given any useful info for years. Which is why MSE is so crap now.

I applied for 2 x 2nd accounts Monday, Pins came weds, cards yesterday

Cant even bother watching his show now, same old crap that everyone knows anyway.

Damn. They've stopped applications from 3am this morning. Was putting it off until the weekend

Just saw this and says will let us know when it starts again in coming weeks.

The fact that this posting get 1434 degrees explain anomaly of the bargain value vs temperature on HUKD.
It explains that people casting without doing research, do not do their desktop.

This current account was launched about two years ago and it has always been paying 3% easy access unlimited withdrawal, up to two accounts per person.

Those who do not know this account, where have you been, are you a truly bargain hunter??

"Due to essential maintenance, faster payments in and out of your banking account will be delayed between Saturday 11 February and Sunday 12 February. All faster payments made within the timescale will appear on Sunday evening.
We apologise for any inconvenience."

:neutral_face:

Regarding the pause on applications, I've just been told on the phone when they re-open for applications the offer will remain the same. Some of the info online made that sound a bit less clear as talked about existing applicants getting the offer. Will wait and see.

On the letter that came with the pin it has the last 4 digits of your card number. Go to online banking, activate my card and it will ask you for them 4 digits.

Is it a good idea to activate a card that you don't have in your possession yet? You won't be able to pay in or do anything until you receive the card anyway, as only then you'd be able to confirm your sort and account number (unless I'm missing something?).

Not received my card yet, but have transfered money from my Santander account to my Tesco one online.

Ah, perhaps what I'm missing is what you activate your online banking you can then see your account and sort details there? I didn't think of that, but my card came today anyway.

Where I got text to say they need to do further checks will I receive something in post? Or wait for a update via text?

If you're going to talk about people not doing their research, surely you must know that, despite your talk about this being available for two years already, it's only since January that this has been the best deal for either £3K or £6K in all cases (before then, it could be Lloyds with 4% on 5K, or TSB's 5% on £3000).

And with almost every other bank dropping interest rates in the last couple of months, this is the only bank to just announce a two year fix on rates instead. Pretty sure that makes it a great deal now.

Just been into my account to open up a second and get message all new accounts have been suspended. Guess they do not want any more accounts opening at this time

I applied on Sunday evening.

From https://yourcommunity.tescobank.com/t5/Current-Accounts/What-does-pausing-our-Current-Account-applications-mean-for/ta-p/8991 :

"Existing customers, and those who have applied for an account up until this point, are unaffected by this decision and will benefit from the guaranteed 3% interest"

Almost makes it sound like they might be re-opening applications in a few weeks, with a lower interest rate, which I guess existing customers would then revert to when April 2019 rolls around...

I've got my card pin and temporary reg number but without card you can't sign up for online banking, I thought I was doing something wrong but rang helpline and they confirmed you can't without the card

See comment #387 above.

​I've gone on to it, couldn't find it, rang customer services and they said you cannot do it without having the card itself.

I was able to sign up for online banking immediately after opening the account. I hadn't even received a confirmation email/text from Tesco at that point.

Same here. Cards received and activated via online banking. Just need to wait for applications to be accepted now before I can open the other two. Should maybe have tried earlier but who was to know they would halt them!

How did you do this without account number

I just received the text that my application have been approved and should expect everything what I need in the next few days.

Still waiting for mine 7 days on.....

I got a text to say need further checks on Friday not heard anything yet

got a text a week ago all fine no documents in post yet. meh.

I was given the option at the end of the application process

Got a text to say will receive stuff in next few days

I ask to switch my bank but not been told yet when switching will happen

I just this minute got a text to say my debit card is on its way and if I haven't received it within 5 days to contact them. Anyone know if it's sent 1st or 2nd class?

Called today.No new applications for at least 2 weeks.

should be first class

Thanks. I hope so. I guess they have a lot to catch up on.

Can anyone help. If I open a Bank of scotland account (or two) I need two direct debits a month. Can I set up a direct debit from one of my savings accounts, or are direct debits only able to be set up from organisations. Hope that makes sense.
Also,spoke to Bank of Scotland who told me the Vantage interest if I deposited £5000 would be 1.5% on first £1000, 2% on 2nd £1000 and 3% on the £3000-£5000. But Martin Moneysaver says on his site you get 3% on the whole balance if you have a balance of £3000-£5000. Im so confused, have BOS given me the wrong info, or is Martins info wrong. Any help would be appreciated. Thanks Gutted I missed the tesco offer. Thanks

Once I completed the registration process for my first account, it prompted me to set up online banking.

I then logged in and applied for my second account.

oh ok I didnt get this option as they needed to do further check why tho not sure.

Did you enter the details of another current account when you registered for Tesco Banking?

Yes I did haven't received a switch date yet

not sure why anyone would switch to this? Better deals to be had switching elsewhere. Would just open these to use as deposit account.

I switched as I not getting anything special from my current bank plus work a lot and don't have much much time to go though transferring myself as always at work

There are better deals but don't ways get enough wages to put in the minimum amount

Anyone paid any money into these accounts yet?
I sent a payment from HSBC > Tesco Bank but hasn't arrived yet, thought it was meant to be faster payment?

Tried another payment HSBC > BoS Vantage and was pretty much instant.

Opened 4 accounts in the past couple of weeks, transferred £3k into each, all showed within the hour.

Within minutes fro Natwest on sunday

Nevermind, seems to have taken approximately 1 hour and a bit from HSBC > Tesco

Am I right in saying that this pause stops you from opening the second account when logged in?

I didn't switch my current account.. maybe that has something to do with the delay..

yes

OK, thanks, thought so.

The only problem with this Tesco current account is that it's difficult to pay cash or cheques in. My nearest Tesco that accepts payment into a current account is about 5 miles out.

Sign up to a bank closest to you then do online transfer, simple

Some savings accounts do allow you set up direct debits. You should check whether it's possible to do so from the savings account that you want to use.


You have been given the wrong information.

Bank of Scotland T&Cs state:



The terms clearly state that the interest is on whole balances not on tiered amounts.

If your online application is approved straight away then what follows depends on whether or not you continue to do the online banking registration immediately afterwards.

On my application I allowed the registration screen to time out thinking I could simply call it up again. Wrong! When trying to register subsequently I was prompted to enter my sort code and account number which are not known until the debit card gets delivered about a week later. Not being able to log in meant that I was unable to open a second current account without encountering an error. On calling them I established that they could not tell me my sortcode/account number (for security reasons), they could not open the 2nd current account for me over the phone and that I would have to wait until the debit card arrived before I could register and then apply for the 2nd account. I received the debit card pin and a Temporary Security Number (only needed for this separate registration procedure) then yesterday got the debit card and could finally register. Now I find that the pausing of applications means that I can't get the 2nd current account despite Tesco saying on their site "Existing customers, and those who have applied for an account up until this point, are unaffected by this decision". As an existing customer (since last week) I HAVE been affected by the decision.

On my wife's application I made sure the registration was done straight after the approval screen. Then it was plain sailing... Log into account then take option to open current account and 2nd account was opened without problem. I've got the text message saying the card for the 2nd account has been sent and am expecting it to arrive today.

Note that you cannot activate the debit card online and use the account until you receive the card as the online activation procedure requires you to enter the last 4 digits of the 16 digit card number not the last 4 digits of the account number.

Getting the savings accounts hasn't been easy. When my wife was logged into her account then applying for an Internet Saver account gave the error "Sorry, we’ve not been able to continue your application online. Please try again or contact us". We waited until the debit cards had been received and activated and tried again with the same result. This also happened when applying for Instant Access accounts. We called them and had a very good conversation with Mark who opened our savings accounts for us but had no idea why we were getting the error messages when applying online.

lol .... Yes I to the point , this is right !!

You can use your account before the card arrives as the letter with the pin code comes with the last 4 digits of the card number which is all you need to activate the account. I have been using my account since last Thursday and my card only arrived today.

I got a email today saying I can setup online banking but haven't received online banking code so how do u set it up now.

Just got our latest credit scores no change after opening 4 accounts, still 965 out of 999 :smiley:

Asking me for the 8 digit account number + 6 digit sort code.

Both my online account and pin code had arrived ? Is my bank card suppose to arrive after ?
Also does this mean I can open my second account now ? Or I can't no more because they paused the applications now ? thank you

You should be able to open the second account. I did it with just the last four digits of my debit card(which hasn't arrived yet like yours). £6k in accounts now.

One problem.. just trying to register online to sign in? However it's asking for sort code and account number ? I only got 2 letters through ones my online temp code and the other is my pin code both letters don't have account number or sort code ? Am I missing a letter or something ? So confusing

Thank you however I can't register to log in. Read comment below.

Your full account details will be shown when you receive your debit card, which will require to be activated online before you can deposit any funds. Hope this helps.

I just wait for my card then. I got told I can set it up without debit card thank you

Can I just say that I have only very recently activated my Tesco debit cards after having the accounts for over a year and I transterred/deposited the money from an external source into both of my accounts within a day or so of the accounts being set up. So, unless Tesco have changed the process since I opened mine, then the cards don't actually need to be activated prior to you funding the account. I wouldn't advise funding them without having the cards in your possession though. I would definitely wait for everything to arrive first.

Bit of an odd way of doing things, they've sent me my pin number, they sent my partner a temporary pin number and the proper pin number, but they haven't sent us the debit cards. Also when trying to sign into the account online it doesn't recognise the password I picked (I know I definitely have the right password as well!), and won't let me resent it as I'm not on the same device I used to sign in on. Useful!

They've changed the process. Recent accounts opened require activation of the debit card before transactions are allowed.

You will receive a welcome pack that comes with a letter with your account details

Cards always come after you receive pin to stop someone taking your account.

Just incase some want to know if you switching banks switch over happens after you have received and activated your debit card

Forgive me if this has already been answered. I'm on the app and it says there's 20+ pages of comments!

Is the interest paid monthly? Or is it all at the end of the year? My TSB account pays monthly.

Thanks!

Monthly :smiley:

Guys, should I worry? Got my welcome pack today and the envelope wasn't sealed ? I read all the documents it's only got my account number and sort code on it? Do I need to report to Tesco bank ?

Are you sure it was the welcome pack? I received envelope with account number and sort code first then a few days later the welcome pack with everything else in.

Perhaps your postie wants to pay some funds into your account, or setup a Direct Debit in your name?

Jokes aside, why not call Tesco and get their take. Ensure they can confirm exactly what should have been in the envelope and also that there's been no activity on your account.

I first received the online temp code then pin code the card now welcome pack? Well I think it's a welcome pack? First line says " welcome to your new current account " then my sort code and account number " good news your account is now open " ? I also got a text saying my bank card is on the way today

Rather posting on here I should of just phone them haha no idea why I rather ask on he then bank lol maybe I trust you guys more lol

Got my card waiting on transfer

I've had my card for just over a couple of weeks now but still no paying in book that I requested just in case I don't want to always carry my card but I still haven't received my paying in book. Is taking this long normal?

Can anyone confirm when they pay the monthly interest? Is it based on the date you opened the account? Thanks in advance.

Not sure.
I opened 2 accounts with £3k in each on 3rd Feb, received £6.08 interest in each on the 28th Feb.
Another 2 accounts with £3k in each on the 12th Feb, no interest in either yet.

Everything done just need to top up before April

Have they started paying interest though it starts April or is that just when it go up to 3%

It's already paying 3% as I understand, they've just guaranteed it remaining fixed at 3% from April 2017 to April 2019.

Has anyone spoken to Tesco Bank and know when they are offering this account again and if it will still be 3% interest?

As morgie said, already paying 3%, the new terms are now paying thru til April 2019.

Oh ok will I only get it with 3,000 no less I can't put 3,000 till end of month. Don't matter to much as tesco only just finished sorting mine out also wasn't expecting to get till April lol

You get 3% on any balance upto £3k, 0% on any amount over £3k.

Sorry if silly question but let say I have 3,300 in there I still get the 3%. Sorry for the silly question

It'd be as above as Asters says. E.g. you'd earn 3% on the £3,000 and then 0% on the £300. Not much incentive in ever having a penny over £3k in this account, put any extra somewhere else where it will earn something (if you can).

Received my interest and statement yesterday. Ties into being a month from opening.

I can understand why you may not wish to carry your card with you. Don't need a paying in book. Just write your sort code and account number in a convenient place like your mobile phone, a small paper in your purse, etc. and just turn up at the bank and instruct them to deposit money in account and provide details by showing the phone. easy peasy

Thanks for replying. I didn't realise you could do that. Now I feel a bit silly! Lol.

Thanks for replying. I didn't realise you could do that. Now I feel a bit silly! Lol.

I wonder when they are going to accept new applications again (or second account applications even for existing customers)?

it is open now but with new requirements.

payments and dd required now

Looks like the current account back but with hoops to jump through. £750 monthly pay in and 3 direct debts!

I feel a boycott coming on...

i managed to open an account before the changes.
I'd like to open an additional account but wonder if I would be classed as a new applicant ?

I presume existing customers don't have to jump through these hoops.

EDIT: customers who opened a Tesco current account before applications were paused will not have to comply with the new rules, a spokesperson confirmed.

So no boycott from me :stuck_out_tongue:

It's great that nothing changes for existing customers as they say if you opened your account before 1st April 2017 then there are no monthly requirements. I just wish that I hadn't waited to open another now! Very frustrating!

would opening a second account be classed as 'a new application' though ?

It would be a new application I believe as it's another account with a new account number so presumably it would need to comply with the new rules regarding the minimum pay in etc or am I wrong? Can somebody confirm?

It is very clear that anyone that opened an account prior to the 1st April will be unaffected by the changes as it clearly states on the website.

http://www.tescobank.com/current-accounts/existing-customers/

Yes interested in this answer also. Already have one at the old terms, wouldn't mind a second on those terms also. Only reason I didn't apply at the time for a second, was that I was told over the phone to wait until the first one is set up online and it will be easier to apply for the second.

It's definitely a new application and the new terms apply, they're shown as you go through the application when already logged in. I also waited to open the second, understanding it would be best to have the first one fully setup beforehand. Obviously a bit frustrated, but happy I have the first one as having two accounts with 3 DD on each etc for this would have been a massive pain, one is probably possible.

can standing order be used instead of dd?

Looking forward to the rates going up at some point so we can stop all of this nonsense and just get a normal rate in a normal savings account!

Would be great but can't see it happening anytime soon.

Neither can I sadly...I am turning to investing to try to defeat inflation

I am at a stage in life with zero debt and looking for a few good investments to achieve early retirement, hopefully around age 57 but not easy.

ya well some times you lost on not waiting to with tsb's now giving 3% and another £10 (£5 for 2 dd and £5 for using debit card 20 times with no min so 1 x 10p sweet x 20, or just normal usage) in free to get rewords pcm to only new customers from march, ofc i got acocunts with them before than and only get the 3% lol

but like others have said will be nice when saving rates come back and dont have to play games to get offer rates

tho i do have 2 for the tescos 3% from doing nothing for it under old rules, tho 3 DD's really aint hard to get, paypal is a DD, send 1p to a family or friend from each account a month, and get a new credit card or credit cards, set up a DD to pay off the full, and only use that card once a month, thats up to 6 DD's covers, just had to carry more cards and remember what ones you main are and what ones your DD filler are

wouldnt even have to carry the new cards around with you as could be online use as what common to buy more than 4 things online a month any more aint it lol, just have to remember the use the CC for DD once a month, and set up a DD to pay it, really not so hard to get any number of dd's you like even if you dont have bills to pay monthly, i only have 2 bills a month, and still have over 10 DD reqs that i meet, 5 paypal and 2 of bills and 3 with CC's, really not hard if your willing to think about what card to use for a few mins once a month, until it becomes routine / habit

tesco account 1

the pay in ofc just move from another outside bank
PP (DD tho you cant set up a DD for paypal, all paypal payments you make count as a DD so send 1p to someone you love or hate)
CC 1 (1 use rather than normal CC a month DD in full) *£30 cashback to for post office matched CC* **no fee ofc**
CC 2 (1 use rather than normal CC a month DD in full) *£26 cashback for AA dual CC* **no fee ofc**

tesco 2

the pay in just ofc move from other outside bank
PP (DD tho you cant set up a DD for paypal, all paypal payments you make count as a DD so send 1p to someone you love or hate)
CC 3 (1 use rather than normal CC a month DD in full) *£30 cashback for auqa CC* **no fee ofc**
CC 4 (1 use rather than normal CC a month DD in full) *£17 cashback for argos CC* **no fee ofc**

really not hard to do the added terms is it, even if you dont have or want to move dd's from your main bank, true getting 4 cards just for DD's can hit your credit report but oh well can be done over time *or it will just repair it selfs in a few months anyways from you gaining 4 cards that are paid of in full each month less you fail to set up the DD's with them but thats your problem if you cant deal with money*, and even get the up to £30 cashback offers for them each lol

really all the terms add are a challenge to see who can think and who cant,

so i really dont get all the moaning about it (ofc not directed at who i replyed to more in general from the reopened topic)

Asked them today and got this reply.... "your second application would be considered a new application and therefore the new criteria would be applicable. If you opened the account you currently have before the new rules then there will be no changes to that account. However, for any new applications, including secondary accounts, the new rules will apply, I hope that makes sense!

I was due an interest payment today, which has not been credited. It always appears on the 7th. Please can I ask if any one else in the same position. I do not have easy access to their original T&C's at the moment to see what notice period is required and how they announce it to see if they changed my account without my knowledge.

In their new T&C's it says they give two months notice with the option to close the account. I have not received any notice or option so the interest payment must be late. Perhaps they are experiencing IT issues.

I received the usual interest in my account today.

In all 6 of our accounts today.

Thanks for the replies. There is something amiss then. If it does not show in the morning, I will call them.

I'm in the same position as you. The last two months it has been paid on the 7th, nothing today. Will check in tomorrow. This is an account opened before they stipulated the 3 x Direct Debits and minimum pay in.

It's been credited now. Credited on the 8th, but the transaction shows as being done on the 7th. Cheeky of them to not notify customers affected of late payment. An email costs nothing and potentially saves a load of people phoning in. Glad I do not use the current account as a proper current account!

How strange?

Same here. Let's see if it's back to normal next month.