'Earn 6.5% plus £60 of Tesco Deals' article discussion area

isofa

isofa wrote: »

(21 days so far, from opening on-line to being able to access the basic on-line banking.)

Now awaiting the card reader...

Just to keep others up to date. 7 days after I requested a card/reader, I've received the card, but no PIN or reader yet...

(28 days so far )

moneysavingmatthew

How hard is it to open this account!!! :mad: :mad: :mad:

So I had my Kaupthing Edge account and at the beginning of October when it was going belly up I thought I'd better find another home for my savings. Tesco seemed a good idea....how wrong could I be.

Requirement - an easy to use 'Internet Savings Account' I can transfer spare cash in and out of as required.

Step 1- apply 'online'. Takes a while but eventually they have your details and the final step is to.....print out the application form and send it to Tesco. OK, so maybe they need to manually intervene and check my signature or something.

Step 2 - I've sent the form in and a week or so later I get another form back which asks me to sign and then send in my first deposit (a cheque in my case) to open my account.

Step 3 - another week or so later and I get the 'your application is processed and your account is open' letter. Great! I'll get online and transfer some money into my easy ot use Internet only account.....ummmm no....I need to register for Internet Banking so I can use my Internet only bank account.

fine....

Step 4 - go online and register. I create my customer number and security code and the final step is......print out a form and send it back to Tesco.:mad:
This is beginning to annoy me and I have an ever increasing list of account details to track:

Applicaiton ref number, Account Name, number and sort code, customer number, security code and now I await my 'registration code' - I can't wait!!

Step 5 - the registration code arrives a week or so later and finally I get to go online and use my easy to use Internet only account!!! I register (which is OK if you have all your required numbers) and finally I CAN SEE MY ACCOUNT AND THE MONEY IN IT!!! I think I'll transfer some more in....

ummm.....no.

Step 6 - I need to register my payment account - this involves giving them the sort details and account number of my bank account and.......send them in another form. After that the form says it wil take a further 14 days AFTER they receive this form before I can do anything with my easy to use Internet only account.

I give up - this is too hard and taking too long. I don't want to want to put anymore in, I want my deposit back....

ummmm....no

Step 7 - to 'instantly' withdraw money I need a 'security device' which I need to order. I have ordered it and apparantly it will take several days to arrive.:rolleyes:

I don't know what will happen next but there is an option on the online account called 'activate security device' so I am guessing:

Step 8 - activate security device and send another letter to Tesco with the details

Step 9 - recieve some form of PIN

Step 10 - setup payment account and send letter to Tesco

Step 11 - perhaps I can withdraw some money......

If anyone can recommend someone better I'd be very grateful....

anna42hmr

isofa wrote: »

Just to keep others up to date. 7 days after I requested a card/reader, I've received the card, but no PIN or reader yet...

(28 days so far )

lol!!

it gets better!

i hope my card and reader comes soon ish as had a bump in the car last night so need to draw a bit out for the excess, blinking typical

bowlesbargain

Thanks for the last. I sent a cheque a week last Thursday I am still waiting for it to clear!! It is sitting in my Nationwide flex account earning 0.1%. Is there anyway I can just close the application and forget about the whole thing.

anna42hmr

tell us about it, if there is an award for the most winded online only account set up, this would win it hands down. i am currently waiting for the card and card reader so i can set up payees to withdraw when i want to (god knows why as the set up forms had a place to nominate another account for a payee!)

theres a few of us that have had these problems on this thread:
http://forums.moneysavingexpert.com/showthread.html?t=1235543&page=5

bryanb

bowlesbargain wrote: »

Thanks for the last. I sent a cheque a week last Thursday I am still waiting for it to clear!! It is sitting in my Nationwide flex account earning 0.1%. Is there anyway I can just close the application and forget about the whole thing.

Sent my cheque (£10000) 3 weeks ago,the funds are getting no interest in CA, Tesco can't find it, Put stop on the cheque and transferred it to Coventry BS existing account. Cost so far to me £40 lost interest plus £10 to stop cheque. Tesco say they are unable to compensate as they can't find the paperwork. Every little helps!

Milarky

moneysavingmatthew wrote: »

Step 7 - to 'instantly' withdraw money I need a 'security device' which I need to order. I have ordered it and apparantly it will take several days to arrive.:rolleyes:

This has unfortunately been added to the set up of the account only in the past couple of months. When I opened my account with them in July (and it might have helped things that I was already using the online facility with the Instant Savings account) you could set up new payee details without any of that card reader tosh. Fortunately for me, I had a couple of existing payee details when this requirement came in. Therefore, I continued to use these (first direct and halifax) to make payments to directly - and where the payment has to go on to somewhere else I route it to first direct and forward from there - since they don't use the card reader yet.

(It took about two weeks only to get my account up and running)

Swipe

I applied for one of these the other day. I think when the application form comes in the post I will tear it up.

gussie

Yep - totally agree - been through all the same frustrations! Have just managed to get £5001 into the account but what a chore it was.

This is symptomatic of this country's current malaise - folks rushing here and there - endlessly viewing comparison sites - mail boxes bursting with hot deals advice - wasting huge amounts of energy to save a few pennies!

A whole industry, in fact probably one of the few left in this country that's expanding, is devoted to this pastime.

I long for the old times when you knew that your utility bills, insurance bills, savings interest, mortgage rates etc etc were within a few percent of each other.

What a ******* world we live in now!!!!!

moneysavingmatthew

Milarky wrote: »

This has unfortunately been added to the set up of the account only in the past couple of months. When I opened my account with them in July (and it might have helped things that I was already using the online facility with the Instant Savings account) you could set up new payee details without any of that card reader tosh. Fortunately for me, I had a couple of existing payee details when this requirement came in. Therefore, I continued to use these (first direct and halifax) to make payments to directly - and where the payment has to go on to somewhere else I route it to first direct and forward from there - since they don't use the card reader yet.

(It took about two weeks only to get my account up and running)

So when the reader arrives how do I use it without a card? What do I do?

I just want to transfer moeny to/from my current account when I have or need momey as I am a net saver but my my income varies a lot month to month due to the way salary, bonuses and expenses are paid...