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    • nervous_switcher
    • By nervous_switcher 10th Jun 17, 3:37 PM
    • 11Posts
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    nervous_switcher
    Is Tesco Bank a safe place to put one's money?
    • #1
    • 10th Jun 17, 3:37 PM
    Is Tesco Bank a safe place to put one's money? 10th Jun 17 at 3:37 PM
    With BOS cutting the rate on Vantage accounts to 2% from tomorrow, I am in the process of looking around to see which accounts now offer the best interest rates. It appears that Tesco offers the highest non-teaser rate at 3%. I am a bit hesitant about using them after the hacking incident last year which resulted in a few thousand customers having money stolen. I don't know if it's worth the worry for the sake of a few extra pennies each month. Are these legitimate concerns? Is it likely the attack was a one-off or could it happen again?
Page 1
    • EachPenny
    • By EachPenny 10th Jun 17, 3:48 PM
    • 2,141 Posts
    • 3,189 Thanks
    EachPenny
    • #2
    • 10th Jun 17, 3:48 PM
    • #2
    • 10th Jun 17, 3:48 PM
    With BOS cutting the rate on Vantage accounts to 2% from tomorrow, I am in the process of looking around to see which accounts now offer the best interest rates. It appears that Tesco offers the highest non-teaser rate at 3%. I am a bit hesitant about using them after the hacking incident last year which resulted in a few thousand customers having money stolen. I don't know if it's worth the worry for the sake of a few extra pennies each month. Are these legitimate concerns? Is it likely the attack was a one-off or could it happen again?
    Originally posted by nervous_switcher
    Yes, it is safe. Any money taken was returned. The only people who lost out were Tesco Bank themselves.

    Could hacking happen again? Yes.

    Could hacking happen with any bank? Yes.

    Tesco offer a good rate with good customer service - go for it!
    "In the future, everyone will be rich for 15 minutes"
    • badger09
    • By badger09 10th Jun 17, 4:14 PM
    • 5,127 Posts
    • 4,339 Thanks
    badger09
    • #3
    • 10th Jun 17, 4:14 PM
    • #3
    • 10th Jun 17, 4:14 PM
    Yes, it is safe. Any money taken was returned. The only people who lost out were Tesco Bank themselves.

    Could hacking happen again? Yes.

    Could hacking happen with any bank? Yes.

    Tesco offer a good rate with good customer service - go for it!
    Originally posted by EachPenny
    As one whose account with Tesco was affected, I echo EachPenny's comments.
    • Brewer20
    • By Brewer20 10th Jun 17, 9:49 PM
    • 23 Posts
    • 8 Thanks
    Brewer20
    • #4
    • 10th Jun 17, 9:49 PM
    • #4
    • 10th Jun 17, 9:49 PM
    Didn't put me off opening a Tesco account, infact the reason I did was to gain more points now that I'm a regular Tesco shopper. I just keep £3k in there permanantly and shift my everyday money in on top to spend. I got in just before they change T&C's for the account, meaning no min pay in and no DD to worry about.

    Of course it's won't be all bad getting 2% on £5k BoS now, I've just opened one of those, wished I could have done it earlier.
    • colsten
    • By colsten 10th Jun 17, 11:19 PM
    • 8,723 Posts
    • 7,388 Thanks
    colsten
    • #5
    • 10th Jun 17, 11:19 PM
    • #5
    • 10th Jun 17, 11:19 PM
    I am a bit hesitant about using them after the hacking incident last year which resulted in a few thousand customers having money stolen.
    Originally posted by nervous_switcher
    Nobody had any money stolen. Some people had money temporarily vanish from their accounts but everybody was reimbursed in full, within a working day or two. Many, perhaps even all, of the "victims" got compensation payments for any stress and anxiety caused.
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