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  • FIRST POST
    • mikeyp231987
    • By mikeyp231987 6th Jun 17, 10:35 PM
    • 11Posts
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    mikeyp231987
    Tesco 3% Interest - when is it paid?
    • #1
    • 6th Jun 17, 10:35 PM
    Tesco 3% Interest - when is it paid? 6th Jun 17 at 10:35 PM
    I've met the criteria for 3% interest on my current account. In May I paid in £750 and paid out 3 DDs yet I haven't received interest yet this month.

    When should I expect to receive it?
Page 1
    • YorkshireBoy
    • By YorkshireBoy 6th Jun 17, 10:37 PM
    • 29,530 Posts
    • 17,326 Thanks
    YorkshireBoy
    • #2
    • 6th Jun 17, 10:37 PM
    • #2
    • 6th Jun 17, 10:37 PM
    I've met the criteria for 3% interest on my current account. In May I paid in £750 and paid out 3 DDs yet I haven't received interest yet this month.

    When should I expect to receive it?
    Originally posted by mikeyp231987
    On the same day of the month you opened the account, ie your statement date.


    https://www.tescobank.com/assets/sections/current-accounts/pdf/tesco-current-accounts-april-2017-rates-and-fees.pdf?_=cachebuster04042017 (page 3)
    Last edited by YorkshireBoy; 06-06-2017 at 10:39 PM.
    • mxhoward84
    • By mxhoward84 8th Jun 17, 9:12 AM
    • 18 Posts
    • 0 Thanks
    mxhoward84
    • #3
    • 8th Jun 17, 9:12 AM
    • #3
    • 8th Jun 17, 9:12 AM
    Have had the tesco current account for a few years and recently opened a second one after the new stipulations were brought in. Am i correct in thinking that my old account doesn't need the 3 direct debits a month as it was opened before the new rules were brought in.

    Thank you.
    • binaryuniverse
    • By binaryuniverse 8th Jun 17, 9:27 AM
    • 464 Posts
    • 247 Thanks
    binaryuniverse
    • #4
    • 8th Jun 17, 9:27 AM
    • #4
    • 8th Jun 17, 9:27 AM
    Have had the tesco current account for a few years and recently opened a second one after the new stipulations were brought in. Am i correct in thinking that my old account doesn't need the 3 direct debits a month as it was opened before the new rules were brought in.

    Thank you.
    Originally posted by mxhoward84
    Unless they inform you otherwise in future, this is correct.
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 8th Jun 17, 2:50 PM
    • 130 Posts
    • 65 Thanks
    wiseonesomeofthetime
    • #5
    • 8th Jun 17, 2:50 PM
    Paperless statements
    • #5
    • 8th Jun 17, 2:50 PM
    Have you selected Paperless Statements for your new account?

    I assumed that it was already active as I hold a savings account with TSB, but alas not and lost first months interest.
    • badger09
    • By badger09 8th Jun 17, 3:45 PM
    • 5,396 Posts
    • 4,635 Thanks
    badger09
    • #6
    • 8th Jun 17, 3:45 PM
    • #6
    • 8th Jun 17, 3:45 PM
    Have you selected Paperless Statements for your new account?

    I assumed that it was already active as I hold a savings account with TSB, but alas not and lost first months interest.
    Originally posted by wiseonesomeofthetime

    This thread is about Tesco current accounts. I wasn't aware of any requirement for paperless statements.
    • Pizza Man
    • By Pizza Man 12th Jun 17, 6:38 PM
    • 10 Posts
    • 0 Thanks
    Pizza Man
    • #7
    • 12th Jun 17, 6:38 PM
    • #7
    • 12th Jun 17, 6:38 PM
    I opened two Tesco accounts recently. Paying in 750 and then transferring it out again to my HSBC account. Also have a couple of 123 accounts.

    What's the easiest way to set up DD. Can I set up 1 pound DD from Tesco to HSBC and each of my 123 accounts? I'm looking for the simplest way to qualify for the 3% interest. I don't have enough bill payments of any sort to have monthly payments from the Tesco accounts (they are already on the 123 accounts).

    Thanks folks
    • TheGardener
    • By TheGardener 12th Jun 17, 6:55 PM
    • 2,167 Posts
    • 2,051 Thanks
    TheGardener
    • #8
    • 12th Jun 17, 6:55 PM
    • #8
    • 12th Jun 17, 6:55 PM
    ^^ same question for me.

    Also - am I being dim - but is a regular payment set up from my Tesco account to a savings account with another bank classed as a DD for the purpose of meeting the criteria for the 3% interest?
    • ceredigion
    • By ceredigion 12th Jun 17, 7:05 PM
    • 2,378 Posts
    • 2,965 Thanks
    ceredigion
    • #9
    • 12th Jun 17, 7:05 PM
    • #9
    • 12th Jun 17, 7:05 PM
    I opened two Tesco accounts recently. Paying in 750 and then transferring it out again to my HSBC account. Also have a couple of 123 accounts.

    What's the easiest way to set up DD. Can I set up 1 pound DD from Tesco to HSBC and each of my 123 accounts? I'm looking for the simplest way to qualify for the 3% interest. I don't have enough bill payments of any sort to have monthly payments from the Tesco accounts (they are already on the 123 accounts).

    Thanks folks
    Originally posted by Pizza Man


    Simple anwser is no
    • ceredigion
    • By ceredigion 12th Jun 17, 7:07 PM
    • 2,378 Posts
    • 2,965 Thanks
    ceredigion
    ^^ same question for me.

    Also - am I being dim - but is a regular payment set up from my Tesco account to a savings account with another bank classed as a DD for the purpose of meeting the criteria for the 3% interest?
    Originally posted by TheGardener


    Is the transfer of £ a DD or a standing order ?
    • YorkshireBoy
    • By YorkshireBoy 12th Jun 17, 7:11 PM
    • 29,530 Posts
    • 17,326 Thanks
    YorkshireBoy
    Also - am I being dim - but is a regular payment set up from my Tesco account to a savings account with another bank classed as a DD for the purpose of meeting the criteria for the 3% interest?
    Originally posted by TheGardener
    Yes, provided it's initiated by the savings account provider, not Tesco.
    • YorkshireBoy
    • By YorkshireBoy 12th Jun 17, 7:14 PM
    • 29,530 Posts
    • 17,326 Thanks
    YorkshireBoy
    I opened two Tesco accounts recently. Paying in 750 and then transferring it out again to my HSBC account. Also have a couple of 123 accounts.

    What's the easiest way to set up DD. Can I set up 1 pound DD from Tesco to HSBC and each of my 123 accounts? I'm looking for the simplest way to qualify for the 3% interest. I don't have enough bill payments of any sort to have monthly payments from the Tesco accounts (they are already on the 123 accounts).

    Thanks folks
    Originally posted by Pizza Man
    The "simplest" will be charity donations. Each account will pay circa £7.50 a month interest so for each account maybe £1.50 each to 3 of them and keep the remaining £3 for yourself?
    • adindas
    • By adindas 12th Jun 17, 7:29 PM
    • 3,313 Posts
    • 1,640 Thanks
    adindas
    Many people have 2 current accounts:
    Finding out 2 x 3DD excluding DD to Tesco Bank will be a challenging task if you do not want to get involved with charity donation.

    In the past people are using Tesco Saving account to generate DD but now you cannot used it with Tesco Bank AC.

    Think this thread will need to be revived.
    http://forums.moneysavingexpert.com/showthread.php?t=4168667
    Last edited by adindas; 13-06-2017 at 7:44 AM.
    • Pizza Man
    • By Pizza Man 12th Jun 17, 7:54 PM
    • 10 Posts
    • 0 Thanks
    Pizza Man
    How about 123 and Ratesetter?
    I opened two Tesco accounts recently. Paying in 750 and then transferring it out again to my HSBC account. Also have a couple of 123 accounts.

    What's the easiest way to set up DD. Can I set up 1 pound DD from Tesco to HSBC and each of my 123 accounts? I'm looking for the simplest way to qualify for the 3% interest. I don't have enough bill payments of any sort to have monthly payments from the Tesco accounts (they are already on the 123 accounts).

    Thanks folks
    Originally posted by Pizza Man
    Does 123 account allow DD into it? How about Ratesetter? Any other suggestions?
    • badger09
    • By badger09 13th Jun 17, 10:01 AM
    • 5,396 Posts
    • 4,635 Thanks
    badger09
    You can indeed use your PayPal account to pull money in from multiple current accounts.

    Sadly, you can't automate that process so must remember to do it manually every month.
    • schiff
    • By schiff 13th Jun 17, 12:16 PM
    • 17,711 Posts
    • 9,040 Thanks
    schiff

    Finding DDs excluding DD to Tesco Bank will be a challenging task if you do not want to get involved with charity donation.
    Originally posted by adindas
    If the OP has credit cards that are open but not used, that can be useful. At the point of closing a credit card that I no longer really needed a few weeks ago, I had the brainwave of keeping it open to create such a DD if I ever needed it. I do a couple of modest transactions a month to keep it ticking over and am currently thinking of opening a HSBC Advance account that requires DDs or, perhaps more interestingly, SOs.
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