Tesco Savings Loophole: Make £10 with £1 Savings

savetilibleed

Well finally - got ATM card, two PINS (the same) two days apart (which I think I've forgotten already - ought to have changed it). Then followed the card reader card, then the reader, and card reader PIN.

But I was ever so slightly inpressed with the speed of payment even two and from LTSB. I tried a £1 transfer from LTSB online and it was there the next day (today). (If I'd done it by "pulling" via Tesco from LTSB it would not have transacted until 8 Sept.) Then today I tried it the other way by paying the £1 back and although you have to use the funny little card reader, it left Tesco and arrived at LTSB immediately (just like they said).

So I'm glad I opened the account for the loophole thing.

Dagobert

10_66 wrote: »

Online transfers out, using the Internet Banking Card and reader, are easier and cheaper (no 'phone call needed).

I thought the Instant Access account could only be operated by phone?

Or are you suggesting to transfer funds to a Tesco Internet Saver and out from there?

Via the phone: can funds only be transferred to a nominated account or any external account?

savetilibleed

Dagobert wrote: »

I thought the Instant Access account could only be operated by phone?

Or are you suggesting to transfer funds to a Tesco Internet Saver and out from there?

Via the phone: can funds only be transferred to a nominated account or any external account?

You can opt to have telephone and online access if you want, which I did.

YorkshireBoy

Dagobert wrote: »

I thought the Instant Access account could only be operated by phone?

Or are you suggesting to transfer funds to a Tesco Internet Saver and out from there?

Do you still have the Internet Saver? If so, you can instantly (as soon as you've got your account number...which they'll tell you over the phone when you call to activate the card) add the account online and manage it there.

I've just done this today, and moved monies in and out, and didn't even need the card reader because I was sending cash to an account already set up for my Internet Saver.

Mutton_Geoff

I just set up an account thinking it was all electronic, but after I'd ticked the "UK tax payer" box and selected "open account by cheque" (the help page suggested a one off direct debit could be used as well) the screen went blank.

I rang their helpline and was told they had no way of telling if my application had worked but in any case I had to now wait for a direct debit form and account information to be sent out to me. Only the initial form filling is done online, the rest requires human input at Tesco, so do hurry if you're trying to make the 7th October deadline. This is not one of those accounts that can instantly be set up online.

donny-gal

Thinking that this offer would come round again soon, but having missed it so far, I closed down the accounts for myself and my husband a couple of weeks ago, does anyone know how long they have to be closed?
DG

Passiflora_Polar_Bear

I would wait until the offer comes round again in about 6 months' time as it might raise questions. I've opened and closed an account twice now and the 2nd time I closed it over the phone I was questioned why. That might have been standard procedure, but still made me feel uncomfortable.

bobcurtis

Is it worth it, it sounds very complicated!!!!

flyingflea

I tried to apply for this account going via the "I am not an existing TPF Savings or Clubcard Plus customer" option and it gives the following message: "Savings Account Applications are currently unavailable. Please try again later."

However, it works fine if you're an existing customer! What gives?! It's like they don't want new customers to take advantage of the offer!!

outercontrol

According the advice on here I need to open a savings account with Tesco.
Although I haven't looked into it yet, I would imagine that part is fairly straight forward.

So my question is: Whats the best way to put £10,000 in and even more important how do I get it out again to put it back in my bank/savings account after I've got my points?