TESCO - anyone open their account on or before 7 Jan?

gingergirl21

Martin listed this account as a top interest account at the beginning of this year.

I complied with the terms and got my application in by the deadline (7th Jan).

My account is finally working and has money in it but I cannot find the interest rate anywhere - I just want to know I am being paid the correct amount.

I have hilighted this issue on the forum relating to the petition re interest rates and someone else has said they had the same problem and despite writing to them 9 times requesting their interest rate, they have been ignored.

I would really like to know (this is the first time I have EVER had savings and not debt (not including mortgage) what I am getting. I will write to them, but if they don't reply what can I do?

Help!

SoloSailor

I applied for one on the 5th Jan, finally managed to add funds about two
weeks later!!!!
Anyway rang them up last week to see if they would send me confirmation
of the interest rate and they said they wont as it's an internet based account. But because the application ref number shows the date you applied, that's weather you get the bonus rate or not. Well that's what they told me,
long time to wait and see if I get the bonus rate or not. Anyway the call was recorded....I'll be very annoid if I don't.....

gingergirl21

SoloSailor wrote: »

I applied for one on the 5th Jan, finally managed to add funds about two
weeks later!!!!
Anyway rang them up last week to see if they would send me confirmation
of the interest rate and they said they wont as it's an internet based account. But because the application ref number shows the date you applied, that's weather you get the bonus rate or not. Well that's what they told me,
long time to wait and see if I get the bonus rate or not. Anyway the call was recorded....I'll be very annoid if I don't.....

Whaaat? That is stupid! Why on earth can't they tell you? Surely they have to tell you! I know they don't have to automatically tell you on statements what the rates are (hence the petition), but it says you can request the rate by writing to them however for the customer who replied to my other thread that hasn't worked either.

I might have to do a bit of research or contact the Ombudsmen about this as it doesn't seem quite right to me. Why keep us in the dark unless there is a good reason for it?

The problem is that there is not a lot of evidence that they agreed the 5.1% rate for applications before 7 Jan. If it wasn't for this website then it would be quite hard to prove it it came to this.

oldfella

they told me, although I had to press them

interest is paid on 31 March so check the amount paid

cash-magnet

When I found out they had dropped their rates down to 3.25% I withdrew most of my money and just left £100 in the account in case it improves (much) later in the year. Thanks for that bit of info on when they pay the interest. I'd actually forgotten that bit! I'll be withdrawing the interest as well, but I have no idea what they have paid me?

cocktail

gingergirl21 wrote: »

Whaaat? That is stupid! Why on earth can't they tell you? Surely they have to tell you! I know they don't have to automatically tell you on statements what the rates are (hence the petition), but it says you can request the rate by writing to them however for the customer who replied to my other thread that hasn't worked either.

I might have to do a bit of research or contact the Ombudsmen about this as it doesn't seem quite right to me. Why keep us in the dark unless there is a good reason for it?

The problem is that there is not a lot of evidence that they agreed the 5.1% rate for applications before 7 Jan. If it wasn't for this website then it would be quite hard to prove it it came to this.

only 1.5% bonus is guaranteed if appiled before 7th Jan . the interest rate is variable. together the rate now is 3.25% not 5.1%

cocktail

cash-magnet wrote: »

When I found out they had dropped their rates down to 3.25% I withdrew most of my money and just left £100 in the account in case it improves (much) later in the year. Thanks for that bit of info on when they pay the interest. I'd actually forgotten that bit! I'll be withdrawing the interest as well, but I have no idea what they have paid me?

where did u then put it? i know the process is crap but the interest rate is good.

anna42hmr

gingergirl21 wrote: »

Martin listed this account as a top interest account at the beginning of this year.

I complied with the terms and got my application in by the deadline (7th Jan).

My account is finally working and has money in it but I cannot find the interest rate anywhere - I just want to know I am being paid the correct amount.

I have hilighted this issue on the forum relating to the petition re interest rates and someone else has said they had the same problem and despite writing to them 9 times requesting their interest rate, they have been ignored.

I would really like to know (this is the first time I have EVER had savings and not debt (not including mortgage) what I am getting. I will write to them, but if they don't reply what can I do?

Help!

the interest rates were as follows (and the changes between then and now, providing you have the bonus as well)

tesco6% until 8th jan in 1.5% bonus til nov 09
5.1% from 8th jan
4% from 5th Feb
3.25% from 5th March

SoloSailor

anna42hmr wrote: »

the interest rates were as follows (and the changes between then and now, providing you have the bonus as well)

tesco6% until 8th jan in 1.5% bonus til nov 09
5.1% from 8th jan
4% from 5th Feb
3.25% from 5th March

...........................................................................................................
O/K slowly getting me head straight about this all.
The bonus is 12 month's from when you opened the account. The confusing thing is, as we all know there are 3 dates they can take this as.

1. The date you applied for the account online.
2. The date the account says you opened it, when viewing online.
3. The actual date with all their fafing about, that you can actually get funds
into the account.

Maybe someone can come up with some concrete evidence! So we all know
when the bonus will run till.

At least I have cleared one thing up, I thought I was going to have to wait
till January next year for the first interest payment. But if it's coming on the
31st, I can start by trying to work out an Excell spreadsheet now to calculate it.

If it's not right where else can I move me money too anyway!!!

PurpleBox

Well - I applied on the 23rd Decemeber and then went on holiday to New Zealand returning on the 1st February. When I got back the paperwork was there for me to sign and return - so I did and enclosed a £1 cheque.

The cheque was cashed 10 days later and I had my card, card reader and PIN within a few weeks.

When I phoned to check the interest rate I had quailifed for the bonus rate until the 11th February 2010 - the 1st anniversary of initial funding!

I'm a happy Tesco customer!

PurpleBox.

.com_loverlee

I got in by the eadline, and I have a letter dated 9th Feb, telling me that I will shortly be receiving a welcome letter with my account details and info on how to begin the online registration process. Until this comes, I have only £5 in the Tesco account, and my savings are languishing, unloved, in cahoot. Anyone have any idea when it will arrive?