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

Tibbledom

pmorrison wrote: »

Ive just signed up for this account, I dont have a clubcard but in the t&c's it says:



I went through the application assuming it would sign me up for the account but at no time did it ask me if I wanted to open a Clubcard account - did anyone else get the option?

The process for getting clubcard points if you don't already have a tesco clubcard and don't already have a tesco savings account is as follows:-

After you have sent on your initial cheque with the paperwork, Tesco then send you another letter asking you to register for internet banking. You go on to their website choose "register now" rather than "log in". It then asks you for your tesco clubcard number which you leave blank if you don't have one.

You then have to print, sign and send back a letter to Tesco generated by this on line process of registering. This is the stage I have reached but they should then send you your final log in details and you can finally access the account.

At the end of November they check your balance to see what points you qualify for. If you have not entered a tesco clubcard in the "register now" process they then send you automatically a tesco clubcard. And then in February the points are added to this new card.

Obviously if you already have a Tesco clubcard you enter it at the "register now" stage and they know to add the points to that card.

I found this out by calling the Tesco internet savings helpline on 08457 104010 so the above is dependant on this info being correct.

anna42hmr

anna42hmr wrote: »

i know, it does seem long winded doesnt it, especially as they are not quick at processing the account openings, i applied to open it on 14th october, sent the cheque and forms they to you which i posted back on the 18th, and nothing heard since!

yeah some progress, ive checked my current account and the cheque is showing as being paid out, so fingers crossed not long before the account details come through and i can set up online banking etc

trashcan_2

The_Miser wrote: »

Normally Tesco will deduct tax at about 20% at source. However, most financial institutions will supply you with a simple form in which the account holder makes a declaration that he/she is not liable for tax and thereafter he/she is not taxed on interest by that financial institution. Check with Tesco if they comply with that industry norm (which seems to be accepted by the taxman).

Tesco is only interested in the identity of the account holder and, if they act like any other similar institution, will deduct by direct debit from the account which INCLUDES the name of their customer (it could be a sole or joint account) or accept a cheque drawn on such an account. Your wife should be asked for identification documents when opening the account.

Check on inheritance tax etc. - this whole area has many complex issues which could (but probably won't) arise.

Be very aware that:

- your wife MUST declare to the taxman even if she goes even one penny over her tax-free allowance or they can get very nasty. The fact that she is not working is not relevant; she could be getting a pension plus dividends plus all sorts of other legitimate income and it is her income from all sources which interests the taxman.

- theoretically the clubcard points are a benefit and therefore taxable (subject to the previous paragraph):eek::eek:. How the taxman looks at this is his affair and there exist freephone numbers to their helpdesks.

an aside:
- if you have joint income (interest, dividends etc.) the general rule is that such income is split 50:50 for tax purposes - if you have other income (salary perhaps) you could be taxed at 20% or 40% on half whilst she is taxed at 0%. There could be cases (which the taxman would have to agree to) where income is not split equally.

NOTE: always get qualified advice on tax etc., never from internet wallahs

Having just appied for a Tesco account myself and declaring that I am on Incapacity Benifit of £84 per week with a small ammount of interest of my savings. This would keep me under the taxable income.
But in a few weeks time I will receive £15,000 inheritance. Now this interest might take me over the permitted taxable income leval. But do I tell them straight away or do I do it at the end of the tax year as I will be receiving no interest to then.

anna42hmr

i could be wrong, but i think it is meant to be declared immediatly as the interest though paid at the end of the year, covers money over the tax year so if for a certain period of time, you have more than the allowance, then part of it may be liable for tax, (ie if you are over the allowance for 4 months of the tax year, they may tax you for those 4 months that you are over the allowance and onwards)

mexicanacheese

I tried to open an account online last night. The site was slow though I wasn't too surprised as I'm sure this offer is proving very popular.
In the small print it said I could open the account with a one off direct debit or cheque. A one direct debit was perfect as I simply wished to make a decent one off lump sum deposit. On reaching the appropriate page the options were either transfer from an existing TPF account or cheque (the direct debit area was geared up for regular deposits only).
When I rung for assistance I got through to a helpful guy quite quickly who said the only initial deposit option was to transfer from an existing TPF account (which I don't have) or to send a cheque. He also added that it would take about three weeks for the account to be opened.
So the t&c's are incorrect and you are not able to initially conveniently and speedily electronically deposit. If it takes 3 weeks to open the account + time for the cheque to clear there is every chance you would miss the end of Nov deadline to ensure you benefit from the clubcard points offer!
I'll look to a competitor on this occasion.

anna42hmr

at last got my account number and sort code! cant access the online details yet, have had to register on line and wait for an activation code, (plus send a letter with my signature on) but at least i can now set up a payment from my current account and start paying into it now i have the account details.

newish2this

anna42hmr wrote: »

at last got my account number and sort code! cant access the online details yet, have had to register on line and wait for an activation code, (plus send a letter with my signature on) but at least i can now set up a payment from my current account and start paying into it now i have the account details.

Thanks Anna, How long has this taken?

Thomas_Crown

stphnstevey wrote: »

Backed by RBS, so some might consider a little safer than ICICI

Is this new savings account backed by RBS? Tesco recently bought out RBS's share of Tesco Personal Finance.

anna42hmr

newish2this wrote: »

Thanks Anna, How long has this taken?

i started the application process on 14th october so 17 days to this point

newish2this

anna42hmr wrote: »

i started the application process on 14th october so 17 days to this point

Thanks:beer:
I was just trying to work out if mine was going to get done before the cut off. I've had my initial forms back and have sent a cheque, so hopefully it should be fine;)