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Tesco Internet Saver rate dropping from 2.5% to 1.75% on 5th March

Tescos customer service just told me that the Internet Saver rate is dropping from 2.5% (4.0% inc 1.5% bonus) to 1.75% (3.25% inc bonus) on 5th March 2009.

Typical as I only JUST got the account setup with the card reader about 3 months after my application :)

I called them because I got a letter from ING saying the rate had dropped from 4.0% to 3.51%.

Anything better than 3.51% right now?
«1

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Amazing! OK, Shame Tesco are so c**p at setting up accounts, and shame they are dropping their rates (but no surprise - long overdue), but they acually wrote to me today to say the rate will drop in March!

    How many banks tell you when it happens, let alone in advance??

    And they are the only non-mainstream bank doing Faster Payments in and out. So not all bad then.

    Investec 3.54% + £50 when you sign up .
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    The one good thing is the advance notice - as with all their rate changes - which banks are not required to give....
    .....under construction.... COVID is a [discontinued] scam
  • Got a letter today saying about reduced rates.
    I'm seriously thinking about getting involved with a few shares now.
    The interest rates around are so poor at the moment.
    If it's not a bargain, it's not worth buying :D
  • mooch
    mooch Posts: 154 Forumite
    Part of the Furniture Combo Breaker
    I've always been informed in advance of any rate changes until this letter from ING.

    Received on 27th Feb informing me that my rate reduced with effect from 7 February. Letter is simply dated February 2009 and customer service blame it on high volume of customers being transferred from Kaupthing Edge.

    On top of that, there's no way to even know what your current ING 'Kaupthing Edge' rate is other than calling them up - website, account page and automated telephone all say you're on the lower ING standard savings rate.

    They could actually be giving whatever rate they want, I never actually take time to calculate if interest payments are correct.

    Are there any competent banks out there that give a decent savings rate?
  • I have an A&L account, and their current OnlineSaver Issue 4 pays 3%, not bad IMO

    (No withdrawel penalties and it supports faster payments)
  • Call me cynic - but the 5th March is the date of the next BOE rate review...

    PurpleBox.
  • PurpleBox wrote: »
    Call me cynic - but the 5th March is the date of the next BOE rate review...

    PurpleBox.
    And? I don't get your point?
  • And? I don't get your point?

    His point might be that they are getting this cut in before rates possibly drop again. Then they can reduce their rate again if the BoE drop their rate
    Mortgage free
    Vocational freedom has arrived
  • I have an A&L account, and their current OnlineSaver Issue 4 pays 3%, not bad IMO

    (No withdrawel penalties and it supports faster payments)
    no doubt that this rate will drop soon.
    Mortgage free
    Vocational freedom has arrived
  • melbury
    melbury Posts: 13,251 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've been Money Tipped!
    Yep, you will have to pay them to keep your money soon:D
    Stopped smoking 27/12/2007, but could start again at any time :eek:

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