Transferring money into Tesco Internet Saver

garvey_2

I'm in the process of opening the Internet Saver account with Tesco. I want to deposit a lump sum (not regular amounts) and was wondering if it is therefore necessary to complete the Direct Debit form that came with the application form? Thanks for any help.

juicyjude

Well I can only go from my experience of opening various online savings account, and I also just wanted to deposit a lump sum, with occasional transactions (I did and do have monthly interest put into my current account though) and you have to complete a dd as they pull money from your linked account and vice versa via the dd. I dont have a Tesco account though but this is how a lot work, it may well be the same. Hope this helps

garvey_2

Thanks, Juicyjude, I'll complete the dd then. Appreciate your reply.

the_seer

There's no need to fill in the Direct Debit form if you don't intend on using it. I threw mine straight in my paper recycling sack:)
You can make deposits to it by just using the sort code and your account number.
And it's Faster Payments, both in and out, which can be very handy.

jem16

juicyjude wrote: »

I dont have a Tesco account though but this is how a lot work, it may well be the same. Hope this helps

It's not how the Tesco account works.

If you pay in from another account via BACs and your other account supports Faster Payments it will appear instantly. I never use DD to make a payment into my Tesco account.

Going the DD route will take a few days.

gnvqsos

They advised me to open with a cheque which would help to verify my ID

AF

hasdogs

I am also in the 'process' of opening an Internet Saver account - 10 days and counting. Now I discover the bonus rate has dropped for new accounts - hope the rate at the time of application applies not the rate when you eventually manage to open an account.

I had to call them while I was applying on line. I don't want to send them a cheque, I haven't written a cheque in months. You can't proceed with the online application without checking the box that says you will send a cheque unless you already have a Tesco account although elsewhere it says you can transfer an opening £1 into the account. On the phone they said just check the box you will be able to make an electronic transfer when you get the paperwork.

I get the paperwork and that also appeared to insist I send them a cheque. Calling them again I am told no I don't need to send a cheque but I should write on the form no cheque enclosed and initial it. I was told I will get more paperwork in the post providing the information needed to transfer money into the account and set up the online account. I am still waiting for it.

What a tedious and confusing process - not very impressed so far and if I'm not getting the 2.75% rate it has probably been a complete waste of time.

edit: More tedium and confusion - the paperwork says you will not be able to 'fully use' the account until you have applied for and received their stupid banking card and reader. I had to ask on the phone what 'fully use' means and was told basically you can't take any money out of the account without the card and reader.

YorkshireBoy

hasdogs wrote: »

...was told basically you can't take any money out of the account without the card and reader.

That shouldn't come as a surprise though, being as it's on their website...

Your Card Reader will arrive along with details of how to activate it online. Once activated, you'll be able to use your Card Reader to set up payee details for your account and make payments online.

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/managing-my-account-online.jsp (stage 3)

Note the last word "online". It's possible to initiate payments via the telephone, should they be required in the days before your card reader and card arrive.

D1zzy

hasdogs wrote: »

I had to ask on the phone what 'fully use' means and was told basically you can't take any money out of the account without the card and reader.

Not strictly true - you need the card reader to setup payees, but once setup you can just transfer money out as normal.

Its definitely worth having one of these as its one of the few savings accounts that allows FP (10k per transaction/day) in and out.:)

hasdogs

YorkshireBoy wrote: »

That shouldn't come as a surprise though, being as it's on their website...Note the last word "online". It's possible to initiate payments via the telephone, should they be required in the days before your card reader and card arrive.

But their Internet saver page says
"Withdrawals for the Internet Saver account must be arranged using the Online Banking service."

and

"Withdrawals for the Internet Saver account can be made using our online service to a nominated account in your name"

Which confuses me, does the "in your name" mean the nominated account must be in your name or that the payment is in your name (whatever that might mean).

If and when I do get this card and card reader I suspect it will be used once to set up payment to the account where the money came from in the first place.

D1zzy

hasdogs wrote: »

But their Internet saver page says
"Withdrawals for the Internet Saver account must be arranged using the Online Banking service."

and

"Withdrawals for the Internet Saver account can be made using our online service to a nominated account in your name"

Which confuses me, does the "in your name" mean the nominated account must be in your name or that the payment is in your name (whatever that might mean).

If and when I do get this card and card reader I suspect it will be used once to set up payment to the account where the money came from in the first place.

I transfer money to/from 6 different accounts without problem - card reader used once to setup each payee.