Tesco Savings Loophole: Make £10 with £1 Savings

savetilibleed

scouselad1974 wrote: »

Hi

When opening a savings account with Tesco and paying in your inital deposit of £1 via cheque, who do you make the cheque payable to, is it Tesco or yourself ?

Thanks in advance

Make the cheque out payable to yourself - that's what I did. Can't remember if it said so in the instruction now.

cottons

Does anyone know what stage of the long winded application process do you need to get to in order to constitute opening an account in time for the September 16th deadline? Do you eventually get any confirmation that you have qualified for the clubcard points bonus?

Thanks, C

YorkshireBoy

cottons wrote: »

Does anyone know what stage of the long winded application process do you need to get to in order to constitute opening an account in time for the September 16th deadline?

http://metafaq.tescofinance.com/help/savings/instant_access/account_opened_when

dougz_2

Please note: due to current unprecedented demand for our savings accounts, it is taking longer than normal to process applications. As a result it may take up to 28 days for your account to be opened. Once your account is open we will confirm your account details in writing.

Unfair that they continue to advertise the points offer, despite the hidden catch that the above probably means that customers have been too late to open an account before 16th September deadline for quite some time.

purplestar133

YorkshireBoy wrote: »

http://metafaq.tescofinance.com/help/savings/instant_access/account_opened_when

Thanks for this link. Just to confirm, I went through the online application process late last week. Just received the papers to sign and was going to send them with my cheque tomorrow. But tomorrow's the 16th. So I'm too late right?

If so, do I need to do anything to cancel the account opening or just leave it?

Thanks!

Biggles84

Is it too late to do this now then do you think? Gutted!

flyingflea

purplestar133 wrote: »

Thanks for this link. Just to confirm, I went through the online application process late last week. Just received the papers to sign and was going to send them with my cheque tomorrow. But tomorrow's the 16th. So I'm too late right?

If so, do I need to do anything to cancel the account opening or just leave it?

Thanks!

Question:

Once I've submitted my application does it take long to open my account?

Answer:

Upon completion of the online application process, your documents will be sent to you to sign along with the Savings Terns & Conditions. We will process your account as soon as we receive your signed application form. Once your account has been opened, you will receive a welcome pack. This contains information on how to use your account and helpline numbers if you need to contact us.
Please note: due to current unprecedented demand for our savings accounts, it is taking longer than normal to process applications. As a result it may take up to 28 days for your account to be opened. Once your account is open we will confirm your account details in writing.

Like broadband, just because you are applying for speeds "up to" 8mb, doesn't mean you'll get 8mb. I applied online on the 12th and it arrived this morning. Hopefully they'll cash my cheque long before the 7th October!

sabretoothtigger

Can anyone confirm whether its September 16th, September 30th or October 7th which is the hidden deadline for the cheque being cashed into an actual Tesco account rather then just receiving documents in order to start the process

MSE_ wrote:

Sign up to a Tesco Instant Access Savings account, before 16 September 2009 and if you're a new customer you'll be awarded at least 250 points on its Clubcard rewards scheme. The points you get depend on how much you have sitting in the account on 7 October.

10_66

The bonus payment is dependant upon what the cleared balance is in your account on the 7 October 2009. The account must have been opened between 23 July and the 16 September (ie they must have had your signed form back and opened the account by 16 September).

flyingflea

10_66 wrote: »

The bonus payment is dependant upon what the cleared balance is in your account on the 7 October 2009. The account must have been opened between 23 July and the 16 September (ie they must have had your signed form back and opened the account by 16 September).

Have you or someone else spoken with Tesco to clarify whether they need to have received your form back by 16 September to get the bonus points or whether you just to have "applied online" before this date?