Tesco Savings Loophole: Make £10 with £1 Savings

10_66

Should appear between now and November clubcard statement.

cottons

Scrounger wrote: »

If you log in to your Tesco account and select 'view account details', it shows the date the account was opened.

Scrounger

well it says that my initial deposit was paid in on the 18th September, despite me applying for the account right at the beginning of September.

So I'm still not 100% sure that the new offer applies, or the old one. It all seems rather unsatisfactory.

minimoneyme

If anyone is adding the £1000 to get the next level of points (500), remember you need to have CLEARED funds in the account on 7th October, so it might be time to start thinking about setting that up.
One of my banks requires at least 4 days, so I'd better get moving!

Just realised - this is applicable to the first offer as detailed in the first post - not the more recent one.

stuart79

I transferred some money into this account today in order to get the next level of points, but I noticed that I had to order a card reader in order to transfer the money back to my higher interest savings account after the offer was over. It said the card reader would arrive after 15 days, meaning that I will need to keep the money in there longer than expected. If anyone else is in the same situation, be sure to order your card reader as soon as possible!

minimoneyme

Stuart - yes, you need a card reader, and you have to wait for a card to use in the reader - it's a different one from the bank card, also you have to wait for a PIN to go with the card that goes into the card reader - get the picture - it's going to take a while! It does come in slightly less that the 15 days though, was just over a week, I think.
Some one mentioned earlier that it could be done by phone banking and that was quicker to set up ??? I haven't tried that though.

stuart79

It does come in slightly less that the 15 days though, was just over a week, I think.

Thanks for the info. It's not the end of the world, I mean £10 worth of points is still worth more than a couple of weeks' interest even in the best IAS account like egg or citibank.

savetilibleed

stuart79 wrote: »

I transferred some money into this account today in order to get the next level of points, but I noticed that I had to order a card reader in order to transfer the money back to my higher interest savings account after the offer was over. It said the card reader would arrive after 15 days, meaning that I will need to keep the money in there longer than expected. If anyone else is in the same situation, be sure to order your card reader as soon as possible!

My card reader + card + PIN was about a week as far as I recall. I remember thinking it was a whole lot quicker than opening the account and getting the activation code in the first place.

stuart79

My card reader + card + PIN was about a week as far as I recall. I remember thinking it was a whole lot quicker than opening the account and getting the activation code in the first place.

I can't believe that they go through the trouble of issuing a card and card reader just for the purpose of transferring money from an online savings account. Must cost a fortune!

Absinthe_Fairy

For anyone who's transferring from a NatWest account...

I transferred £1,000 today to make sure the money was cleared by the 7th. I logged into the Tesco account first to get the account details handy.

After transferring the money from NatWest I refreshed the Tesco account page and the money was in there! I'd heard of faster payments but this is unbelievable!!

Absinthe_Fairy

Bella198421 wrote: »

Is anyone gonna actually use the account they've opened? I wasn't at first but now I'm thinking of actually using it. I have savings account with my bank but no money in them cos I can access them too easily by transferring money online but with this one is better having a card that I can leave at home. I have some money in a money box and am trying to save a little every month so might put all that in the Tesco's and save that way instead.

I think I might put my Christmas savings in there! I use my e-savings for earning interest on my interest-free overdraft and don't want to get the two mixed up. The interest rate on the Tesco account isn't great, but I guess that doesn't matter too much if it's not much money and it's only in there for a short time.