Tesco Savings Account Free 1000 Clubcard Points Loophole!

A Tesco in-store leaflet is currently offering new customers 1,000 Clubcard points to customers who sign up to its Instant Access Savings Account and have £1,000 in it on the 30 September 2006.

Sadly this isn't a good account, it pays just 3.35% for amounts under £3,000 compared to the ICICI HisSave* at 5.15% (see instant access savings account article). Therefore you really don't want your money in there a long time, earning this rate of interest.

Yet it's possible to open this account with £1, briefly dunk the right amount of cash in, grab the points then take your cash and shut it down.

While 1,000 Tesco Clubcard points is only worth £10 off in-store spending, if you use it on Tesco's Clubcard Deals brochure (for things like days-out, RAC membership, magazine subscriptions etc, its worth £40) (see Loyalty Points Article for full info).


This deal's from a leaflet available in Tesco stores; it's available to all but won't appear online. The best thing to do is to grab a copy of the leaflet for yourself next time you're in the store, but if not, the text of the offer is reprinted below.


Open a Tesco Instant Access Savings Account with £1 before the 20 Sept (you may as well do it now, while you're still in the mood). This can be done online at www.tesco.com, via an application form collected from the store or by calling 0845 710 4010.

Do note the offer itself isn't specifically noted online, so you won't see it there, this comes from an in-store leaflet. There is no code on the leaflet, it is an open offer.

To get the points, you need a cleared balance of at least £1,000 on the 30 Sept 2006. The money should usually take around 3 days to get there, but I'd do it a week before just to make sure. A reminder note will appear in my weekly Martin's Money Tips e-mail just in case.

At the beginning of October, you can withdraw your cash and move it to somewhere paying more interest. The criteria is ‘£1000 cleared in the account on 30 Sept’. At that point you can close the account oo.

Your points will show on your November Clubcard statement; they can take up to 28 days from the end of the promotion to arrive in your account.

Though remember, as I always say, don't spend Tesco Vouchers instore. Instead use them on Tesco Clubcard Deals. These are things like days out, RAC subscriptions, gifts, etc... Do this and they're worth roughly four times as much, so the 1000 points becomes £40 worth of vouchers. Read Full Article: Loyalty Points: Tricks to Improve Your Stash


Quite simply because the interest rate really isn't very good currently paying:

3.3% on balances up to £3,000
3.5% up to £5,000
3.7% up to £15,000
4.2% up to £50,000
4.5% over £50,000

Remember the market leader which admittedly is an internet only account the ICICI HisSave* pays 5.15% on all balances. Read Instant Access Savings and Where to Start With Savings for the best rates.


This is about following a recipe to get the points. It’s not that much trouble, but if you can't be bothered to keep on top of it, this isn't for you.

There is a chance Tesco may close the deal, but if you've got a copy of the leaflet, it doesn't have a closing date on - so it should honour it (though it may not like it). Even if there were a reason it didn't pay out this is a savings account, you can still take your money out, and the worst is you may've forgone a little interest for a few days.

Also this should only be done by people with the £1,000 spare. If you're having to borrow to get the £1,000 - don't do it - it isn't worth it and the cost of the debt may outweigh any gain. This is about those with the cash who can simply shift it over for a few days.

Martin

The leaflet is two sided, with the main headline page being green and yellow entitled "instant access savings" with a red circle saying earn up to 4.5% a year. Then big and bold it says COLLECT 1,000 ClubCard Points.
How do I get my Clubcard Points?

Just open a new Tesco Savings Account between 19th July and 20th September 2006 and make sure there’s a cleared balance of at least £1,000 in your account on 30th September 2006.

Remember, you’ll need to allow time for cheques to clear and direct debits can take up to three weeks to set up, so it’s best to apply early.

What if I don’t have a Clubcard?

No problem. You can either apply for a Clubcard in your local Tesco store, or agree that we can use your information to open one in your name.

How do I know when my points have been awarded?

Your points will show on your November 2006 Clubcard statement. You can either get your balance online at www.tesco.com or by calling 0800 59 16 88 –but remember, your points could take up to 28 days from the end of the promotion to reach your account.

The easy way to watch your money grow
(TABLE OF RATES THEN DISPLAYED)

How do I apply?

Pick up a brochure in store and fill in the application form, or complete an application form online at www.tesco.com .

How can I get more information?

Call 0845 710 40 10, Textphone on 0800 783 31 88 or Typetalk on 18001 0845 710 40 10.





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