Tesco Internet Saver - Rate increase

Yorkshire_Pud

Hi all.
I opened a second IS a/c to get 3% instead of existing 2.75% but kept the first (old) a/c open with £1 in it.
Two months later I read the small print.

Open to new customers only (for bonus).

Only one a/c can receive the bonus.

Presumably I'm getting 1.25% (no bonus) where all but £1 of my Tesco savings is and 2.75% inc. bonus on the £1 in the first a/c!!

Have read one can close first a/c and thereby become a 'new' customer and only have one a/c so qualify for the 3%, however is this true? One would only find out on 31st March when interest is paid as Tesco are good at not displaying the actual rate received unlike Yorkshire BS who can manage it.

I feel duped, shafted and stupid because it is there in the small print but Tesco must realise people will be seduced into changing and Tesco don't tell you the customer you are going to lose out.:mad:

10_66

Yorkshire_Pud wrote: »

Have read one can close first a/c and thereby become a 'new' customer and only have one a/c so qualify for the 3%, however is this true?

Oops, I thanked instead of quoted.

I opened new Internet Savings account before closing old Internet Savings account. I asked TPF to confirm in writing that I'd get the 3%, as I don't trust them! Letter was sent quite quickly after requesting.

Yorkshire_Pud

10_66 wrote: »

I opened new Internet Savings account before closing old Internet Savings account. I asked TPF to confirm in writing that I'd get the 3%, as I don't trust them! Letter was sent quite quickly after requesting.

I just phoned Tesco PF and asked about the bonus.

The bonus is being applied to the newly opened account which was done automatically whilst the first opened account now gets no bonus.

A 'New' customer is one who opens a new account regardless of whether one is an EXISTING customer so that did not preclude me from getting the bonus.

Keeping the first opened account open does not prevent one from getting the bonus as it is applied/transferred to the newly opened account.

I have requested a confirmation of bonus being applied to the new account and closed the original account as it serves me no purpose. Also will get a cheque for the interest so far accrued on the original account that can be reinvested.

So overall a good result and seems Tesco are being fair and did not act to disadvantage me