Tesco Internet Savings Bonus account

gutherie

hi
I opened an account last December when it was advertising 6%. But now realise they gave me the wrong the savings account and not the Internet Bonus. It was a nightmare at the time I remember, impossibly complicated, now it seems they have made a clerical error which is going to be difficult to prove.
Anyone had this problem? Would like to hear your thoughts,
cheers

Angus

D1zzy

Which account do you have? The 6% on the internet saver was not fixed only the 1.5% bonus was fixed and the underlying rate of 4.5% in Dec had dropped to 1.25% by August

Effective between 27/11/08 and 07/01/09

Gross / AER Net + 4.50% / 3.60%
+ 1.5% bonus

gutherie

Hi

The letter said Instant Access. BUT I was very aware about the 1.5% bonus and the 4.5% when I applied last December when it was open which is the Internet Saver. I am sure they made an error at the time of my application. Wasn't it completely swamped with applications.
I have yet to hear back from tescos today or tomorrow regarding it. Thanks for replying.

Angus

ps with plummeting interet anyway the difference cannot be a huge amount I have only now made my enquiy.

cheers

jem16

gutherie wrote: »

Hi

The letter said Instant Access.

The internet saver is instant access.

What account does the letter from Tesco say you have?

gutherie

ahhh, it says Intant Saver, it was all sooo confusing at the time only now i can get my head worked up about it! I've had lots of savings account and this one is the most un userfriendly.

jem16

There are two Tesco savings accounts - both are instant access.

One is called Internet Saver and the other is called Instant Access Savings.

The confirmation letter I received clearly said that I had opened an Internet Saver account.

Perhaps you clicked on the wron account when you applied?

gutherie

The way Tesco ran administration last December I would not be surprised if they made a clearical error, I applied for it initally on the telephone I think...

cheers

YorkshireBoy

gutherie wrote: »

I would not be surprised if they made a clearical error...

It would seem the error was yours?...

I applied for it initally on the telephone I think...

I've had two Internet Saver accounts (opened July 2008 and October 2008) and as far as I'm aware they've never taken phone applications for the Internet Saver.

They do take phone applications (as well as online applications) for the account you have though, because they took yours!

It seems you've simply applied for the wrong account, and then failed to realise for some 9 months.

---

I have a vague recollection of the Instant Access Savings account also having some sort of bonus interest rate applicable at some point in the past. Maybe someone can confirm/deny?

db3745

Can I ask a supplementary on this? Is the Internet Saver account as unwieldy to set up (as in for a new customer to set up for Online Banking) as it appears? There seems to be a fair bit of letters going back and forth, waiting for card reader etc etc. I'm just looking to use it to transfer money to my current account from time to time, and the set-up guide has put me right off after the ease of setting up previous accounts with ING for instance.

Milarky

A way to tell these accounts apart is the Instant Access pays interest monthly whereas the Internet Saver is annually (31 March) so if you received interest at any other tmie then the end of March it was the former type and not the latter.

10_66

db3745 wrote: »

Can I ask a supplementary on this? Is the Internet Saver account as unwieldy to set up (as in for a new customer to set up for Online Banking) as it appears? There seems to be a fair bit of letters going back and forth, waiting for card reader etc etc. I'm just looking to use it to transfer money to my current account from time to time, and the set-up guide has put me right off after the ease of setting up previous accounts with ING for instance.

It is definitely not the most straightforward account to set up. I opened the last Internet Saver last November and the latest one to replace it, and neither of them went smoothly. However, once set up, it's very easy and convenient to use, especially with the FP (shame I'm not actually using the account at present, as the rate's not the best).