Fixed Rate or Tesco Saver ?

jchrisj

I opened a Tesco Internet Saver Account on 7 December 2008 and I still cannot access it online nor can I find out when the registration process will be completed. Is anyone else experiencing the same problem? No point in having an instant access bank account if you can't access it! :mad:

Rose_Crow

Chris - I'm having the same problem, and seem to have moaned about it tirelessly on here, so probably shouldn't keep going on about it However, I've opened and deposited money into the account a couple of months ago, then my car needed repairing and I had to get the money out quickly. At no point beforehand was I informed that i needed a card reader to get my money out. So the time comes to withdraw money and only then am I told that I need this card reader. I ordered one a few weeks ago and while the card has arrived the reader hasn't. A few people have mentioned that you can withdraw money via telephone banking, but I have tried this on a number of occasions at various times of the day and be kept on hold until I have given up. Luckily my boyfriend lent me the money to pay for the car, and I am still waiting to access my money to pay him back.

Until now I would always go for the higher rate of interest, but now I'm tempted to go back to Sainsburys. While they offer a lower rate at least I know I can access my money very quickly.

juicyjude

While we are on about Tescos, does anyone know if they do an instant access account which pays monthly interest. The web site says interest only in March, but the Which report says that they are now doing one for new customerss which is monthly interest. Anyone any ideas, thanks

Rose_Crow

Ah much better - just opened a Yorkshire BS Internet Saver account. They pay 3.75% gross and I opened the account in about 5-10 minutes and was able to log in straight away. I used Yorkshire BS for a regular saver a year ago but closed the account after the rate dropped.

Deal with a bank or a building society (who are used to looking after money) not a flippin' supermarket!

mushtiff

Yes, steer clear of Tesco if you want an efficient online bank! 4 weeks on, am still awaiting a card reader for the Internet Saver to be able to get cash out, but I should have known. I use their credit card & have an (empty-ish) ordinary savings account, and both are a nightmare to deal with online. Time-consuming, overcomplicated systems, and worst of all, you can only contact them by phone = paying for a long call being kept on hold. :mad: You can't manage all your accounts together but have to log in separately for savings and credit card. Why?? I have accounts and cc's with Egg, Smile and Halifax and they're incredibly quick and easy to use, & Egg & Smile customer support is a fairly-promptly replied to email away.
Money-saving is all very well, but I wish now I'd remembered how frustrating Tesco are and left my savings with Egg.

Pssst

Buy shares. Savings accounts are a joke now.

truckid

I'm not fussed about an efficient online service, as money won't be needed for at least six months.

Have seen it before with many new services, where the service at the beginning is abysmal due to teething trouble but they end up being very good. Think Sky TV, Be Broadband, Co-Op bank, Cahoot etc.

With the resources of the giant Tesco and overall good brand, I'm sure it will be alot better in the coming months. Although, they sure screwed up on the account opening process.


But what do I do with my money now ? Julian Hodge have dropped their rates today, Interest Rate Decision due next rate (ANOTHER drop no doubt). Bare in mind I'm looking at a 6 month - 9 month period (12 months would be too long) before I would need the money.

I need to act fast, i.e. cleared money into an account before next Thursday, if I go for a fixed rate saving. If Internet rates hit 0, do I still get my 1.5% bonus from Tesco ? Any advice appreciated

Julian Hodge - 3.77% AER 3% NET
Nationwide - 3.38 % AER 2.68% NET

Tesco - 5.1% AER (include 1.5% bonus)

G_M

Try Investec's High 5 account http://www.investechigh5.co.uk/

The rate paid is always the average of the top five gross rates published by Moneyfacts so is consistantly high. 3 months notice needed though (but you can give it straight away and then cancel 2 months later and give another 3 months notice etc so as to always have shorter access!).

They also give £50 to new applicants and an existing accountholder (referee) on application. If you want my details for this, PM me.