Tesco savings account difficult to access

Countrygirl_3

I recently opened a Tesco Internet Saver account for which Tesco claims "You will have instant access to your funds and there are no restrictions on the number of withdrawals you can make". Perhaps, but there are restrictions on the amount that you can transfer and it is not instant. Today I attempted to make a withdrawal. Problem: I discovered that to do this online I needed a card reader (special security device) and that it would take 14 days to arrive. So in effect, Tesco try to keep your money for a minimum of 14 days. As I need my money rather sooner I rang their helpline. I waited 15 minutes to speak to someone. :mad: . They told me that they could accept the instruction over the telephone and took me through security. They then told me - very politely - that my password digits were invalid. I had just used the same password to access the website without any problem. As I was in danger of freezing the account and losing any chance of transferring my funds any time soon the helpful Tesco rep suggested I check the password by accessing online again and if this worked to call back and report it as a problem. I did, it worked, I called back and a second Tesco rep ignored my plea to report the password problem and transferred me to a holding queue for 18 minutes :mad: . When I finally got through, I was told that I could not transfer more than £10k at a time. I wanted to transfer more than £10k. I would have to move the money in two installments over two days. I said that I was unware of this and that I had seen no notice to this affect on the website or in any written communication. I was told that it does say so on the site. I cannot find any reference to this anywhere. I conclude that if mention is made of this important fact it is in a very obscure place. I am surprised that Tesco can call it instant access when there are - as far as I can make out - unpublished limits on the size of transfers and savers have to wait 14 days for a card reader (the website does not tell you that you can make transfers by phone.)

SavingSteve

It is in there FAQs ('Ask a question') section of the website, both the fact that you need a card reader and that you have a 10k daily limit.

Other than that point I agree with you that the card reader isn't dealt with very well. If they must have this they should send it to you on the day you open the account.

On the limit, to be fair I think many banks have such daily limits. Recently discovered that Alliance & Leicester have a 25k daily limit

withnell

Yes most have a daily limit online, then if you go into a branch you can transfer more.

You pay for the higher interest rate online with the lack of convinience!

Countrygirl_3

Thanks for your comments guys. It is not that I think the account is unusual, but I expect to be told about restrictions such as the transfer limit when I open the account -FAQs are not Ts&Cs - and to have instant access once funds have cleared. My previous experience of online banking is with First Direct and Cahoot where there are no transfer limits but extra security checks on larger sums of money.

Trollfever

Problem: I discovered that to do this online I needed a card reader (special security device) and that it would take 14 days to arrive.

If your card reader arrives within 14 days you will be one of the lucky ones.
Search this board for Tesco!

Robert_Sterling_3

They have a £10,000 per day limit so that you can only have your money stolen at a rate of £10,000 per day.