Tesco Internet saver

Hsc

I'm thinking of opening a Tesco Internet Saver - on their legal section it says this account is a 'Tesco Personal Finance, a Joint Venture between The Royal Bank of Scotland plc and Tesco PLC.'

Does this mean that Tesco offer a separate £50,000 level of protection from any other account I have with Bank of Scotland OR is this classed as ONE instutuition and £50k protection is shared between the two?

isofa

Hsc wrote: »

I'm thinking of opening a Tesco Internet Saver - on their legal section it says this account is a 'Tesco Personal Finance, a Joint Venture between The Royal Bank of Scotland plc and Tesco PLC.'

Does this mean that Tesco offer a separate £50,000 level of protection from any other account I have with Bank of Scotland OR is this classed as ONE instutuition and £50k protection is shared between the two?

Tesco operate under a separate banking licence so 50K per person is protected in a Tesco account (or across all Tesco accounts you have), separate to other RBOS accounts. See here.

halight

Hi yes im with isofa on this, i read in the sunday news paper the other week that thay have there own licence. The news paper gave a list on every one who has there our licence and also the ones that share one and who thay share it with. The news paper was the mail on sunday so if you go to there web site then thay might have the same thing on there. Also i think martin might have one on this site somerewere?
Maybe someone knows and can post a link up for you.
I think at the moment Tesco are giving away club card points with some of there saving accounts. So you might get a good intrest rate and some free shopping too!!
All the best

shazkhan111

tesco are no good steer well away

isofa

halight wrote: »

Also i think martin might have one on this site somerewere?
Maybe someone knows and can post a link up for you.

Yes I did indeed gave the link to all the detail in my first reply (the see here part... blue text are links, click them and it'll take you to what you seek!)... it shows what group owns which organisation and how protection is made up and spread.

jem16

shazkhan111 wrote: »

tesco are no good steer well away

Why? What's no good about them?

CluelessJock

Hsc wrote: »

I'm thinking of opening a Tesco Internet Saver - on their legal section it says this account is a 'Tesco Personal Finance, a Joint Venture between The Royal Bank of Scotland plc and Tesco PLC.'

Does this mean that Tesco offer a separate £50,000 level of protection from any other account I have with Bank of Scotland OR is this classed as ONE instutuition and £50k protection is shared between the two?

Hsc, I am sure it is just a typo, but just in case; you mention Tesco having links with RBS which is correct, then you mention funds in Bank of Scotland.

Bank of Scotland is not associated with RBS, or Tesco, but do have subsidiaries that do not offer separate protection to the parent, Bank of Scotland.

CJ

TomsMom

shazkhan111 wrote: »

tesco are no good steer well away

The only problem I've had with Tesco is the length of time it took to receive the card reader. Other than that it's fine. It uses the faster payment system and you can set up payments to any payee not like some accounts which you can only have a nominated account. The card reader, although a bit long winded when doing a transaction, does give a good degree of security.

SickStu

I've got an account with them but have never been issued with a card reader. Should I be worried ?

Speculator

Why are you worried? Tesco do not send them out automatically.

Just log in to your Tesco account and order one. You will get your card reader, Internet Banking Card and Pin No. within 15 days.

Speculator

see this thread ...

http://forums.moneysavingexpert.com/showthread.html?t=1128737&highlight=tesco+security+card