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  • FIRST POST
    • harz99
    • By harz99 29th Nov 17, 11:49 AM
    • 2,514Posts
    • 2,452Thanks
    harz99
    Tesco new 1.35% rate (including bonus) Internet saver
    • #1
    • 29th Nov 17, 11:49 AM
    Tesco new 1.35% rate (including bonus) Internet saver 29th Nov 17 at 11:49 AM
    Seems to be a fair amount of interest, as in the half hour between my application and my wife's, the account numbers have increased by over 800.
Page 3
    • ToTo Man
    • By ToTo Man 1st Dec 17, 10:50 AM
    • 91 Posts
    • 30 Thanks
    ToTo Man
    Opened 1 of these this week, expecting the rate to increase today (1st December) but it is still showing at 1.2%?
    Originally posted by The Book-keeper
    See post #39.
    • AirlieBird
    • By AirlieBird 1st Dec 17, 11:06 AM
    • 743 Posts
    • 526 Thanks
    AirlieBird
    I expect the interest rate shown is what it was at the close of business yesterday and won't be updated until close of business today
    • ToTo Man
    • By ToTo Man 1st Dec 17, 11:12 AM
    • 91 Posts
    • 30 Thanks
    ToTo Man
    I see BM are now offering 1.45% easy access. Is this going to be the trend now, each week another bank comes out and grabs the top spot for savings, meaning we are going to be endlessly hopping from one to the next? I wouldn't mind if I was able to access the funds in the Tesco Saver, but as others have reported the funds are inaccessible until the documentation is returned by post (documentation I have yet to receive)...
    • Bobblehat
    • By Bobblehat 1st Dec 17, 12:07 PM
    • 76 Posts
    • 63 Thanks
    Bobblehat
    ......... I wouldn't mind if I was able to access the funds in the Tesco Saver, but as others have reported the funds are inaccessible until the documentation is returned by post (documentation I have yet to receive)...
    Originally posted by ToTo Man
    I opened the 1.2% Saver beginning of November ..... put over £9K in on day of opening intending to feed other accounts. It took several attempts to try to move some of it out the day after, before I realised they were all doomed to fail. Tesco via phone said ... "Sorry, it takes 48 hours to fully set up the account you should be able to withdraw funds tomorrow"

    It all worked OK after the 48 hours were up ...... literally 48 hours, or as near as, given that an attempt to transfer shortly after 9am on the second day after opening also failed, but worked later in the day.

    Documentation turned up days later.
    Last edited by Bobblehat; 01-12-2017 at 12:09 PM. Reason: clarification
    • SG27
    • By SG27 1st Dec 17, 12:33 PM
    • 1,947 Posts
    • 1,212 Thanks
    SG27
    Just out of curiosity, what's behind your aversion to annual interest? If you're talking about funds from a Nationwide current account and regular saver it's presumably 'only' a four-figure sum so I wouldn't have thought that monthly income of roughly 0.1% of that amount (a single-digit sum) would be significant enough to need to have in your hand every month?
    Originally posted by eskbanker
    Mainly because its more inconvenient. I like to be able to switch about if a better deal comes out and take all my interest with me. Also I like to see the interest adding each month.
    Mortgage Debt: £93,537.48/£105,025 Feb 13
    Overpayments so far: £3,939.72
    • eskbanker
    • By eskbanker 1st Dec 17, 1:20 PM
    • 5,906 Posts
    • 5,881 Thanks
    eskbanker
    Mainly because its more inconvenient. I like to be able to switch about if a better deal comes out and take all my interest with me.
    Originally posted by SG27
    You do realise that (in the context of accounts like these rather than fixed-term products) if you switch mid-year you still receive pro rata interest up to the date of closure regardless of whether it's (otherwise) scheduled for annual or monthly payment?

    Also I like to see the interest adding each month.
    Originally posted by SG27
    Fair enough, your choice, I was just wondering if there was actually a rational reason! Personally I'd choose a higher-paying annual interest account over a lower-paying monthly one but each to their own....
    • colsten
    • By colsten 1st Dec 17, 1:35 PM
    • 8,816 Posts
    • 7,517 Thanks
    colsten
    Mainly because its more inconvenient. I like to be able to switch about if a better deal comes out and take all my interest with me. Also I like to see the interest adding each month.
    Originally posted by SG27
    If you close an instant access account, you get all the accrued interest credited on the date of closure.

    Unless you need to actually spend the interest each month, there is really no logical argument for settling for a lower AER simply because interest is paid monthly.
    • 18cc
    • By 18cc 1st Dec 17, 2:49 PM
    • 77 Posts
    • 58 Thanks
    18cc
    Just had a long chat with Tesco they were busy but very laid back.

    The 'old' 1.2% account of yesterday (bonus 0.8%) has had the base rate increased to .55% so a total of 1.35% from today.

    New accounts opened from now on will only receive a 0.65% bonus as well as the underlying .55% base so a total of 1.2%

    They have, apparently, been inundated with people opening accounts because they publicised the 1.35% rate and have tried to stem the flow from today.
    • Nick_C
    • By Nick_C 1st Dec 17, 3:10 PM
    • 3,149 Posts
    • 4,183 Thanks
    Nick_C
    Just had a long chat with Tesco they were busy but very laid back.

    The 'old' 1.2% account of yesterday (bonus 0.8%) has had the base rate increased to .55% so a total of 1.35% from today.

    New accounts opened from now on will only receive a 0.65% bonus as well as the underlying .55% base so a total of 1.2%

    They have, apparently, been inundated with people opening accounts because they publicised the 1.35% rate and have tried to stem the flow from today.
    Originally posted by 18cc
    See post #39. And post #41.

    You didn't need to phone them!
    • 18cc
    • By 18cc 1st Dec 17, 3:20 PM
    • 77 Posts
    • 58 Thanks
    18cc
    I know, but I was lonely and fancied a chat with someone.
    • Nationwide8
    • By Nationwide8 1st Dec 17, 3:22 PM
    • 319 Posts
    • 135 Thanks
    Nationwide8
    Just for info,my internet saver opened mid Oct was showing still 1.2% about 3 hrs ago.Now showing 1.35%…

    *headaches aplenty at Tesco bank today I reckon*
    • 18cc
    • By 18cc 1st Dec 17, 3:29 PM
    • 77 Posts
    • 58 Thanks
    18cc
    Mine also now showing 1.35% (on the Tesco Banking App)
    • ColdIron
    • By ColdIron 1st Dec 17, 3:30 PM
    • 3,679 Posts
    • 4,424 Thanks
    ColdIron
    Yes mine is showing 1.35% now, even my really old ones for DDs are showing 0.55%. Thank you Tesco
    • Mee
    • By Mee 1st Dec 17, 4:15 PM
    • 1,031 Posts
    • 1,007 Thanks
    Mee
    Mine too
    Saves opening new accounts each time for which I am really grateful. Wonder how long it will take Ford Money etc to raise their IRs.
    • SG27
    • By SG27 1st Dec 17, 7:40 PM
    • 1,947 Posts
    • 1,212 Thanks
    SG27
    If you close an instant access account, you get all the accrued interest credited on the date of closure.

    Unless you need to actually spend the interest each month, there is really no logical argument for settling for a lower AER simply because interest is paid monthly.
    Originally posted by colsten
    Yes of course I know its not a bond but I prefer to have to close the account to receive my interest. When the difference in rates is so small I will go for the monthly option.
    Mortgage Debt: £93,537.48/£105,025 Feb 13
    Overpayments so far: £3,939.72
    • SG27
    • By SG27 1st Dec 17, 7:50 PM
    • 1,947 Posts
    • 1,212 Thanks
    SG27
    It seems BM is now 1.45%! http://www.birminghammidshires.co.uk/savings/
    Mortgage Debt: £93,537.48/£105,025 Feb 13
    Overpayments so far: £3,939.72
    • ToTo Man
    • By ToTo Man 2nd Dec 17, 10:46 AM
    • 91 Posts
    • 30 Thanks
    ToTo Man
    I opened the 1.2% Saver beginning of November ..... put over £9K in on day of opening intending to feed other accounts. It took several attempts to try to move some of it out the day after, before I realised they were all doomed to fail. Tesco via phone said ... "Sorry, it takes 48 hours to fully set up the account you should be able to withdraw funds tomorrow"

    It all worked OK after the 48 hours were up ...... literally 48 hours, or as near as, given that an attempt to transfer shortly after 9am on the second day after opening also failed, but worked later in the day.

    Documentation turned up days later.
    Originally posted by Bobblehat
    Having opened my account on 29th November afternoon, it's well past the 48 hour period, yet I am still unable to move funds out of the account.
    • ColdIron
    • By ColdIron 2nd Dec 17, 10:50 AM
    • 3,679 Posts
    • 4,424 Thanks
    ColdIron
    They are probably very busy right now, it's a manual action to remove the block. Give them a ring, they usually do it there and then though weekends may be different
    • Katiehound
    • By Katiehound 2nd Dec 17, 4:13 PM
    • 3,910 Posts
    • 38,018 Thanks
    Katiehound
    Where are you planning to move your money?
    I'm thinking you might be able to move it to a Tesco current a/c first .. and then out.
    I haven't tried moving mine as I use it to bank 'capital' to feed the RSs, so have been setting up those payments for the early new year,
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
    • EachPenny
    • By EachPenny 2nd Dec 17, 4:47 PM
    • 3,377 Posts
    • 6,290 Thanks
    EachPenny
    Where are you planning to move your money?
    I'm thinking you might be able to move it to a Tesco current a/c first .. and then out.
    I haven't tried moving mine as I use it to bank 'capital' to feed the RSs, so have been setting up those payments for the early new year,
    Originally posted by Katiehound
    Post #28
    If you have a Tesco current account then FP money into the current account and do an internal transfer. The reverse also works. Transfers in and out then become instant.
    Originally posted by EachPenny
    I've never had a problem with withdrawing money from new accounts, but that might be because I've been with them for some time.
    "In the future, everyone will be rich for 15 minutes"
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