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

bowlesbargain

Thanks for all the posts..I have just told them to stick it...on my way to the bank to stop the cheque!!!

anna42hmr

moneysavingmatthew wrote: »

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...

from my understanding, when you request a reader, they first send you a card and then the reader comes after that, within 14 days, i could be wrong though as this is the stage i am currently at, waiting for the reader to come so i can add payees to the account, apparently you only need it to add payees, so once those payees are set up you dont need it each time to withdraw

moneysavingmatthew

anna42hmr wrote: »

from my understanding, when you request a reader, they first send you a card and then the reader comes after that, within 14 days, i could be wrong though as this is the stage i am currently at, waiting for the reader to come so i can add payees to the account, apparently you only need it to add payees, so once those payees are set up you dont need it each time to withdraw

Thanks - I think I'll crack on with this as presumably once it is all in place everything will work OK - I'll also open a couple of other savings accounts with other banks so I can at least quickly take advantage of rate changes once things settle down.

I'll also update my original post with some more detail as my 'application' progresses. Why they can't just capture all this information at the outset and send you everything you need at once beggars belief....ISAs at A&L and Newcastle BS were far easier to setup!!

anna42hmr

moneysavingmatthew wrote: »

Thanks - I think I'll crack on with this as presumably once it is all in place everything will work OK - I'll also open a couple of other savings accounts with other banks so I can at least quickly take advantage of rate changes once things settle down.

I'll also update my original post with some more detail as my 'application' progresses. Why they can't just capture all this information at the outset and send you everything you need at once beggars belief....ISAs at A&L and Newcastle BS were far easier to setup!!

no problem, i know its a pain, i applied for this the same day as i applied for a savings account from sainsburys (both on the 14th october) and that was opened in the matter of days and had online access less within days of the origional application, this one has been going on since 14th october!

with this account and the fun and games i ahve had with transfering my isa to natwest ive had my fill of banks for a while! lol

domcastro

I wrote an earlier post about how long this process took. Anyway, mine is all set up and it is fine now.

My only advice is transfer money into it by using the other account's transfer facilities. Otherwise, you'll get that "print this transfer authority, sign it" etc etc.
Well, at least I can use my points to get some day out deals

jem16

moneysavingmatthew wrote: »

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.

You don't need this step. Simply transfer the money from the other bank account using its transfer facility.

isofa

A few days ago I transfered in a small test amount from my current account, left my current account same day, arrived in Tesco the next, all very good.

On the 5th I transferred a larger sum, left my current account before 9am on the 6th, but on the 8th it's still not appeared in the Tesco account, now I'm getting a bit concerned, the first transaction suggested faster payments were working, now have a chunk of savings "missing" - this account just gets worse and worse!

SkipClick

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 :rolleyes: no hurry lads just go slow as you like one day I open Somerfield account opps Tesco I mean!. I beat you!!!! my neally open up on 8th October now 8th November.

Tibbledom

isofa wrote: »

A few days ago I transfered in a small test amount from my current account, left my current account same day, arrived in Tesco the next, all very good.

On the 5th I transferred a larger sum, left my current account before 9am on the 6th, but on the 8th it's still not appeared in the Tesco account, now I'm getting a bit concerned, the first transaction suggested faster payments were working, now have a chunk of savings "missing" - this account just gets worse and worse!

It is possible that the larger amount is higher than your bank's limit for Faster Payments. For example my bank only sends amounts below 10K by Faster Payments; larger amounts are paid by BACS. If it is going through BACS for this reason then might not arrive until Monday. Could this explain it?

I've made 3 payments in myself all using Faster Payments and fortunately all got through OK.

My card has also arrived today (6 days after ordering the card reader on line). Letter says pin will follow in 3 working days. Awaiting card reader. There is some info about using the card reader on www.tesco.com/cardreader/guide

Lost count of the total time so far!

p.s. hope you get access to your money soon anna42hmr

mickW_2

My wife applied for a Tesco e mail account a months ago. Got some letters from then so completed them and sent a cheque. No request for ID. Then 2 weeks later they asked for an inland revenue from which my wife does not have since she hasnt worked for 30yrs. So rang them they said to wait for a letter. A month on and weve told them where to shove their account. The 6.51 % was variable anyway so will be about 3.75% by this next week.
Got fixed rate 6.4% telephone account at Birmingham Mids (Fixed 1 yr immediate access) also a 7% bond with Close Brothers.

moneysavingmatthew wrote: »

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....