Tesco Savings Loophole: Make £10 with £1 Savings

savetilibleed

Absinthe_Fairy wrote: »

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!!

No such luck with Lloyds (online that is - not that it wil have made a difference if I'd phoned)! My £1000 left today but not in the Tesco account yet. Hope it'll get there in time. I guess they look at the end of day on 7 Oct to see what is in the account to award the points.

minimoneyme

Absinthe_Fairy wrote: »

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!!

Me too! I did exactly the same. I was so gobsmacked I did another small transaction just to check it!
Pity the other banks can't do the same :rolleyes: 4 days for Alliance and Leicester :eek:

btw the Natwest card reader works with the Tesco card, if anyone mislays their Tesco one (:o)

10_66

savetilibleed wrote: »

No such luck with Lloyds (online that is - not that it wil have made a difference if I'd phoned)! My £1000 left today but not in the Tesco account yet. Hope it'll get there in time. I guess they look at the end of day on 7 Oct to see what is in the account to award the points.

My transfer from LTSB took 3 working days to arrive, so you should be fine.

muffin_man

minimoneyme wrote: »

Me too! I did exactly the same. I was so gobsmacked I did another small transaction just to check it!
Pity the other banks can't do the same :rolleyes: 4 days for Alliance and Leicester :eek:

btw the Natwest card reader works with the Tesco card, if anyone mislays their Tesco one (:o)

Natwest are brilliant in that respect. It is possible to get faster payments from A&L, but only up to £250, and they will only let you transfer into an account once per day.

This wikipedia article is handy to get an idea of how banks stand as regards faster payments: Faster Payments

savetilibleed

10_66 wrote: »

My transfer from LTSB took 3 working days to arrive, so you should be fine.

It was fine - got to Tesco today.

savetilibleed

When it comes to paying the money (£1000) out of Tesco savings after the 7 October, because I have a card reader will the £1000 be a Faster Payment to LTSB? I have only tried a trial £1 soon after I got the reader.

minimoneyme

savetilibleed wrote: »

When it comes to paying the money (£1000) out of Tesco savings after the 7 October, because I have a card reader will the £1000 be a Faster Payment to LTSB? I have only tried a trial £1 soon after I got the reader.

Nope, not as far as I am aware, transfering in, from Natwest took seconds, transfering out to Natwest when I did a test took 4 days for me. (using card reader)

10_66

savetilibleed wrote: »

When it comes to paying the money (£1000) out of Tesco savings after the 7 October, because I have a card reader will the £1000 be a Faster Payment to LTSB? I have only tried a trial £1 soon after I got the reader.

As long as LTSB accepts FP then the transfer back from Tesco will go by FP. Tesco are one of the few that operates FP very well.

savetilibleed

10_66 wrote: »

As long as LTSB accepts FP then the transfer back from Tesco will go by FP. Tesco are one of the few that operates FP very well.

They do accept FP. But they seem far less keen to pay out FP with a ridiculously low limit when they do. Do Tesco have a limit for FP out?

10_66

I can't remember for sure, but Tesco's FP limit may be £10,000.