Tesco Internet Saver - Rate increase

nzseries1

mm79 wrote: »

Here's the linky - https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=188338

Moneyfacts are a reliable source IMO.

As OP noted, no mention of how this affects existing accounts though...

Thanks for the source.

When they dropped the bonus from 1.5% to 1.0% for new customers some time back, that didn't affect existing customers. Therefore, I would expect that when they raise the bonus to 1.75%, that won't affect existing customers. But we can all hope!!!

D1zzy

I believe their bonuses were FIXED for 12 months so your existing bonus will stay as is. Can you open a 2nd account with the new bonus - I have £3 left in my original.

Dagobert

I opened several tesco accounts with bonus. I opened the last one in January. I had it confirmed in writing that this account was with a bonus, too.

So, the answer is yes.

thor

I reckon EGG's new 3.25% account is putting the pressure on Tesco which is why they are raising their rates. It is too late for them in my case as I have moved my money to EGG already and I suspect there are a lot of people who have done so similarly. Tesco b*llsed up by following the herd and letting their once very good rate drop like a stone. Like all the rest they are counting on the majority not bothering to bail out but they will need to do better than this(even if it applies to existing Tesco account holders) if they want to tempt me back.
It will be very interesting in the near future to see which way Tesco will go as they move into the world of banking big time.

D1zzy

The good thing about Tescos, if they are offering a half decent rate, is their excellent FP operation - so its easy to get your money out quickly when the next good thing comes along.

flyingscotno1

D1zzy wrote: »

The good thing about Tescos, if they are offering a half decent rate, is their excellent FP operation - so its easy to get your money out quickly when the next good thing comes along.

That's because they are still using RBS systems hence why they are full FP right?

D1zzy

flyingscotno1 wrote: »

That's because they are still using RBS systems hence why they are full FP right?

Yep -but RBS interest rates are rubbish at the mo (I have a 3.24% Natwest about to end - so Egg or Tescos then) pity LTSB don't hire in the RBS system

Steve_xx

Tesco have now updated their website to reflect the changed interest rate:

Link: Click here

and please note the following:

Bonus Details

Open a Tesco Internet Saver Account and earn fixed 1.75% bonus interest on balances up to £100,000 for 12 months.
Accounts with balances above this will receive the standard underlying rate (currently 1.25% Gross / AER (variable)) on the amount above £100,000. New customers only. Only one account per person is eligible for the bonus.

bagsacash

I take it this mean only new account get the new rates?

bagsacash

Just phoned tesco and was told to get the new rate on the internet saver I would need to close the existing account and open a new one.

What F* !!!! holes