Tesco Internet Saver

DimSum

How long did people have to wait for their registration letter to complete part 2 of the online registration process?

10_66

Can't remember now, it's been so long ago since opened my first one, but I do remember it took weeks' from opening the account to being able to operate it online. After you complete all the registration process, you then have to request (and wait for) the card and card reader with which to operate your account. I think you can ask them to make transactions over the 'phone if necessary, while you're waiting.

DimSum

I see.Thanks.
I am going to mainly be putting funds in rather than take out. How do you do that with this account? I already have an account number and sort code so could send via BACS if need be. Or is it one of those types of account where you have to operate from within Tesco and get them to draw out of a nominated account?

DimSum

Oh, I've just noticed the rate has dropped from 2.75% to 2.6%. They've dropped the bonus. I wonder if the bonus is based on when the account was opened or is also variable.
Well it says fixed so I hope I manage to get the higher bonus for a year.

claire07

I've found this a great account. I've always just paid in using the sort code and account number from various other accounts. As it does faster payments in and out you can also see pretty quickly anything that's been transferred. You can also add other linked accounts for transfers out. I find the only problem is they don't have the current interest rate on your account page so I'm never sure whether the latest reductions apply to my account or not. When the last bonus ran out they offered me a good replacement and I hope they do it again - I think I'm still getting 2.4% net on this one.

jem16

DimSum wrote: »

I see.Thanks.
I am going to mainly be putting funds in rather than take out. How do you do that with this account? I already have an account number and sort code so could send via BACS if need be. Or is it one of those types of account where you have to operate from within Tesco and get them to draw out of a nominated account?

You can do both.

Personally I prefer to send money to Tesco from another account. As it's Faster Payments it's there instantly. With the other method there will be a delay whilst the direct debit is requested.

DimSum wrote: »

Oh, I've just noticed the rate has dropped from 2.75% to 2.6%. They've dropped the bonus. I wonder if the bonus is based on when the account was opened or is also variable.
Well it says fixed so I hope I manage to get the higher bonus for a year.

Bonus is fixed although base account rate is variable.

alanq

jem16 wrote: »

Bonus is fixed although base account rate is variable.

The basic interest rate has not changed this time. It is the bonus that has dropped from 1.50% to 1.35%. As the bonus is for 1 year the change only seems to affect newly joining customers.

dali21

If you opened your account before 12 August 2010, the bonus is fixed at 1.5% so the total interest rate of 2.75% still applies. The reduced bonus rate applies to new accounts opened from 12 August.

getmore4less

I have opened one of these at 2.6% today shame I miised the extra 0.15%.

My egg 3.25% runs out this weekend and the new egg is 2.5% so was looking for somewhere better.

with a mortgage rate of 1.45% the offset money gets an extra 1%.

Will be Interesting to see how long it takes to set up, I allready have CC+ and instant access accounts.

gt94sss2

getmore4less wrote: »

I have opened one of these at 2.6% today shame I miised the extra 0.15%.

My egg 3.25% runs out this weekend and the new egg is 2.5% so was looking for somewhere better.

I was in the same position but went with the AA instead - they are still offering 2.8%..

Regards
Sunil

jem16

alanq wrote: »

The basic interest rate has not changed this time.

Wasn't really suggesting it was. Really just clarifying that although the bonus is fixed, the total interest rate can vary as it has caught other people out.