Tesco internet saver

martynh99

I opened one of these online on the 7th Jan when I received Martins weekly mailshot.
This was the 4.5% + 1.5% bonus offer.

Today I got the documentation through for it, all dated 7th Jan but theres no mention anywhere of the bonus rate.

There is a glossy rates leaflet enclosed but that just shows the standard rates as of 8th Jan 2009 and that is just 3.6%

Anyone else signed up for one of these and it show bonus rate anywhere ?

AndysDad

Hi,
I also applied on the 7th Jan and also noticed on the documentation that it doesn't mention the 1.5% bonus but on their website it does say anyone who applied online by the 7th will get the 'Bonus'.So don't worry.

martynh99

What they say and what they do can be two different stories, my father is locked in a bitter dispute over something like this with the Halifax and the FSA.

nikim1978

I just received my documentation through, same story. I applied online on 7th Jan but the rate leaflet enclosed states rates 'correct at 8th January 2009'. The rates shown are 3.6% Gross/AER or 2.88% Net. Therefore, even if the online bonus was given, this wouldn't amount to the rate I believed I would be getting by opening the account.

I've tried to call the number quoted on the letter from TPF (dated 7th Jan) several times, the first time I got a ringing tone but eventually it rang off. Since then it has been engaged.

Whilst I'm obviously angry that the rate has not been honoured, this, combined with the fact that no-one seems to answer the phone means I won't be taking it any further. I don't want an account with an unreliable provider so I'll be looking elsewhere.

Perhaps TPF would respond to Martin on this matter?

SilverScooby

I applied online on Monday 5th and received the paperwork dated 5th on Monday 12th.

Looking at the tescofinance website it says "any completed applications received on or by the 7th January may take up to 28 days to be opened. Customers whose applications were received by this date can be assured that they will be eligible for the advertised bonus rate, provided account opening formalities (for example ID checks) are completed satisfactorily"

I've tried ringing to see if "completed applications received on or by the 7th January" means "applied online by 7th" or "got the forms (which we delayed sending out) back to us by 7th which is conveniently impossible"

Like others, I've never got through. I've given up and went for ING direct instead

Prudent

I opened one of these accounts a few years ago when they had a good rate offer on. I phoned them today because they have still not given me a way to access my money, although I do get regular statements and interest. I spent weeks phoning them at the start and went round in circles. I left it for a while as I didn't need to take out the money anyway. I spent 20 mins on the phone this morning trying to set up a way of withdrawing the money because I need it in the next couple of weeks.

I will be pleased to close the account.

cottager

See this separate thread, and message #15
http://forums.moneysavingexpert.com/showthread.html?p=17675819#post17675819

withnell

nikim1978 wrote: »

The rates shown are 3.6% Gross/AER or 2.88% Net. Therefore, even if the online bonus was given, this wouldn't amount to the rate I believed I would be getting by opening the account

To be fair to Tescos, the reduction in the standard rate by 0.9% has been on their internet saver page since at least the end of 2008, and I think it may have been since before Christmas.

nikim1978

Originally posted by Silver Scooby: "Looking at the tescofinance website it says "any completed applications received on or by the 7th January may take up to 28 days to be opened. Customers whose applications were received by this date can be assured that they will be eligible for the advertised bonus rate, provided account opening formalities (for example ID checks) are completed satisfactorily"

The advertised rates were far higher than those mentioned in the account opening forms which were then sent out to me.

YorkshireBoy

nikim1978 wrote: »

Originally posted by Silver Scooby: "Looking at the tescofinance website it says "any completed applications received on or by the 7th January may take up to 28 days to be opened. Customers whose applications were received by this date can be assured that they will be eligible for the advertised bonus rate, provided account opening formalities (for example ID checks) are completed satisfactorily"

The advertised rates were far higher than those mentioned in the account opening forms which were then sent out to me.

The quote you quote above says "the advertised bonus rate", which was 1.5%.

Tesco had an announcement on their site for what seemed like weeks (and probably was) that the rate was falling to 5.1% (including 1.5% bonus) from early January. And this 0.9% cut was in relation to November's 1.5% base rate cut...not December's 1% cut.

I think Tesco have been extremely fair with interest rates and notification.

Now account opening, and withdrawal, processes?...well, that's a different story!