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

cocktail

.com_loverlee wrote: »

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?

do you have an account number yet. from your post it appears that the £5 is in the account already. in that case you should be able to initiate transfer from your current bank to tesco, without having to wait for the online registration, which can unfortunately take ages.

.com_loverlee

No, no account number, no details...... The letter said my account had been opened, and these would follow shortly. I'm still waiting.

gingergirl21

I got a letter saying the account was open and this had the sort code and account number on it. I then had to go online and apply for an internet password and had to wait for a letter with a customer number on it. Then I was set to go.

Useful to know the interest rates so thanks for replies. Think I will stick half of it in the Barclays ISA (if they continue to have the same rate for next year).

cocktail

.com_loverlee wrote: »

No, no account number, no details...... The letter said my account had been opened, and these would follow shortly. I'm still waiting.

you will then have to wait for the account no. can take 6 weeks though.
once you get it you can intiate transfer from your bank , which may be quicker

anna42hmr

cocktail wrote: »

you will then have to wait for the account no. can take 6 weeks though.
once you get it you can intiate transfer from your bank , which may be quicker

i am sure that some people phoned tesco and advised their customer reference number and were advised the acccount numbers (or at least got the letter issued again with the account number), so that may be worth a try

denise38

I too applied before deadline and got a letter dated 7th Feb telling me I would get my welcome pack.
Well I had to phone two weeks ago as I didn't arrive. Still not managed to get any money into it as I have only just got my registration code but they haven't got my signature so I can't do anything.
At the stage now that I am not going to bother have found a home elsewhere for my lump sum. Like others no info about interest rates. Not impressed.

binkyb

Ring them. I rang them soon after I opened mine as I was in doubt and they told me there and then.

cash-magnet

Finally got my card reader set up. Not bad since I opened this account in December 2008! Someone asked where I moved my money to when they dropped the rate down to 3.25%... It went on my egg money card earning 4% until they killed that rate on 23rd April, so it went back to Tesco again. I have just moved £6999 of the balance out of the account and into a Lloyds current vantage account paying 4%.

This is fidgety money. It never stays anywhere for long if a better rate is available. Maximum interest earnings wherever possible.

cash-magnet

I received a letter from Tesco the other day telling me my new rate of interest on my savings had dropped from 3.25% to 3% effective from th 16th April. You have to love the way they tell you after the event.

Baldur

cash-magnet wrote: »

......You have to love the way they tell you after the event.

Unfortunately, they're not obliged to do anything else by the Banking Code (see sections 4.4 & 4.5 - http://www.bba.org.uk/content/1/c6/01/30/85/Banking_Code_2008.pdf

Changes in interest rates

4.4 We will keep you informed about changes to the
interest rates on your accounts and we will tell you
about the ways we will do this.

4.5 When we change the interest rates on your accounts,
we will update the information on our phone helpline
and our website within three working days. To help
you compare rates, the old rate will also be available on
our website and our helpline.