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  • FIRST POST
    • teddysmum
    • By teddysmum 3rd Oct 17, 6:30 PM
    • 8,606Posts
    • 5,093Thanks
    teddysmum
    Every Little Helps
    • #1
    • 3rd Oct 17, 6:30 PM
    Every Little Helps 3rd Oct 17 at 6:30 PM
    I have a couple of Tesco Online savers ,used to catch interest from current accounts and open should I need a spare direct debit.


    However today, I noticed that, opened a few months apart, they had different interest rates; the earliest 1% and the second 1.1%.


    However ,on the banks information page it states the rate as 1.2% , 0.8% of which is a bonus for one year.


    I'd had a letter saying that the first account was due to lose it's bonus, but rang up to query the situation, believing it was just a case of not updating the online account page, though I'd had no notification of changes in the (stated as variable) rate .


    The lady explained that the bonus is fixed for the 12 months and the base rate is the variable part, but this puzzled me as there had been no rate change notified.


    She said that if I opened to new ones today they would get the 1.2% as every now and then it is the fixed bonus offer which changes;adding that customers regularly close accounts and open new ones with a better bonus.


    I knew you could have up to 6 such accounts, so asked what the situation was once you'd gone through your 6 ie was that the end of having a bonus, but she said as long as you only have 6 you can keep on opening and closing to get the best deals.


    It's only a small difference between 1 and 1.2 ( 20p on £100), but as they say, 'Every little...'
Page 1
    • soulsaver
    • By soulsaver 4th Oct 17, 12:40 AM
    • 1,484 Posts
    • 535 Thanks
    soulsaver
    • #2
    • 4th Oct 17, 12:40 AM
    • #2
    • 4th Oct 17, 12:40 AM
    I'm aware of above, but maybe plenty aren't... so:

    Here's an additional tip: If you keep opening the new account to chase the best rate, you end up having to change your DDs over from the ones you're closing... So keep 2 (or 3 if necessary) acs dedicated for your DDs and use a 3rd 4th 5th etc to follow the interest, closing the old.
    You can rename the DDs acs, too, so you can see which they are at a glance.
    Last edited by soulsaver; 04-10-2017 at 12:42 AM. Reason: clarity
    • teddysmum
    • By teddysmum 4th Oct 17, 8:23 PM
    • 8,606 Posts
    • 5,093 Thanks
    teddysmum
    • #3
    • 4th Oct 17, 8:23 PM
    • #3
    • 4th Oct 17, 8:23 PM
    I'm aware of above, but maybe plenty aren't... so:

    Here's an additional tip: If you keep opening the new account to chase the best rate, you end up having to change your DDs over from the ones you're closing... So keep 2 (or 3 if necessary) acs dedicated for your DDs and use a 3rd 4th 5th etc to follow the interest, closing the old.
    You can rename the DDs acs, too, so you can see which they are at a glance.
    Originally posted by soulsaver
    That's why I'm keeping no one open with 5p at the moment
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