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

supergirls_sister

Points based on the balance on 30 Nov.

Balance of £1,000 gives 500 points

Balance of £3,000 gives 1000 point

Balance of £5,000 gives 1500 points

Balance of £50,000 gives 2000 points

Aehm, 500 points are worth £5. So in total one can get 2000 points meaning £20.

Therefore, where are the £60 resp. £80?

Earn 6.5% plus £60 of Tesco Deals

Tesco's savings rate of 6.5% AER pushes it into the best buy tables, better still put over £1,000 in and you get up to £80 worth of freebies on top (even if you don't keep the money in for long). This is a full Q&A guide to maximise the benefit.

Never mind! I've missed the quadruple bit!

LesU

smartpicture wrote: »

Just tried to apply online, and it says that you cannot apply between the hours of 24:00 and 06:30. First time I've heard of a website with opening hours... Bit ironic really, since Tesco shops are open 24 hours!

Applied yesterday and the final screen says my application is approved and they will be sending out the forms. I'm assuming that 'approved' means they do some initial checks using a database somewhere in their or someone else's system. The main system is probably handling batch runs after midnight and so is unavailable to do the checks.

pennine

I rang them yesterday after sending my cheque over a week ago, still not cashed. They said they couldn't tell me when the account would be open as they are very busy at the moment. Could be a couple of weeks

ginvzt

We applied for the accounts this morning (both me and OH), since we managed to get our money of Kaupthing Edge. Now, we just need to get the forms and send the cheques - do you get the information about that with the forms they send you?

I am looking forward to spending my clubcard points!!!!

Former_MSE_Dan

brionz wrote: »

The T&Cs for this account mention that this is a joint venture between Tesco and RBS. However, according to the "what counts as one institution" MSE page, Tesco & RBS are separate institutions. Is this actually correct for this account?

Hi brionz

The way FSA licences work is unnecessarily confusing. However we do address this in the tesco savings article and our full savings safety guide

Essentially, even though Tesco Personal Finance is a joint venture with RBS, you get seperate sets of protection. So you could have £50k in RBS and £50k in Tesco and the FSCS fully covers it all.

As an aside (to make things even more confusing) they will soon cease to be a joint venture - but obviously this wont have an affect on the compensation scenario explained above.

HTH

Dan

RajaStyle

If both myself & my wife open one seperately and both put in £5k each will we get 2 loads of points on the same clubcard account ? or is it just 1 load per clubcard account ?

leviathan

Tried to open an account.
They insist on only taking a cheque for the opening balance, but yet allow bank transfers once the acount is open.

Banks are pushing to stop using cheques all together and Tesco themselves have stopped taking them in stores!!

No wonder they are taking too long to cash people's cheques, they've forgotten how to do it :rolleyes:

Bit daft operating an internet bank which requires manual work.
Surprisingly, I wont be opening an account with them.
No cheque book!!

muffin_man

leviathan wrote: »

Tried to open an account.
They insist on only taking a cheque for the opening balance, but yet allow bank transfers once the acount is open.

Banks are pushing to stop using cheques all together and Tesco themselves have stopped taking them in stores!!

No wonder they are taking too long to cash people's cheques, they've forgotten how to do it :rolleyes:

Bit daft operating an internet bank which requires manual work.
Surprisingly, I wont be opening an account with them.
No cheque book!!

If you go into a branch of your bank, they should let you withdraw money in cheque form, and give you the option of who it should be made payable to. So, check that first, and if you can, just wait until you get the instructions from Tesco about who the cheque needs to be made payable to and you're away

richardsonian49

My wife is the main cardholder on the Tesco Credit/Clubcard and I am extra cardholder.

If I applied as I am in the lower tax band would I have to take out an account in my own name to receive the Clubcard Points?

Great and informative site. Many savings made through your advice. Keep it up.:T

richard28

inkypinky999 wrote: »

thanks!

If I open in my Wife Name and as she is not a tesco TPF customer, she would be eligible for the CC points.

Apologies for asking an out of thread topic question, so can I give/transfer my savings into account of my wife and she would still not require to pay tax on the interest earned? Is there a similar thread discussing these options on MSE?

Your wife would have to pay tax if her income went over the personal allowance, usuaully around £6k - check on hmrc.gov.uk . Interest earned on standard savings accounts counts as income. If her total annual income will be below the tax personal allowance, she can fill in a 'pink form' R85 IIRC and send it to Tesco who will then pay gross interest.

If you go with a joint a/c you will have to let Tesco pay full tax on the a/c. However, if her income is below her personal allowance, she can claim back any tax overpaid on a very simple form. Joint a/cs are usually deemed to be held 50:50, so half the interest would be hers.