Tesco Internet Saver

SnowMan

Gaffy wrote: »

Just got confirmation that my second account @ 2.7% is now opened. I phoned them up to confirm that it is indeed 2.7% and also asked them to transfer the remaining balance from the first account to the second and then finally to close the first account. A bit of hassle but at least we got there in the end.

I'm not sure if other people can do this as my first account was still within the 14 day cancellation period but I guess there's no harm in trying.

Think you might have to switch again :rotfl:

Tesco Savings have increased the rate for new internet saver accounts to 2.9% AER for accounts opened from today (7th April). They have done this by increasing the bonus to 1.65%.

This time round I'm going to give it a go as the Tesco account I've got is paying 2.6% AER (i.e. 1.35% bonus).

Have applied for the new account and will transfer over the balance when it is open. Will then close the lower rate account as only one account can have bonus at the same time under the terms and conditions. Will report back on how I get on.

It is a good account even if isn't quite the best easy access rate. Good because of the Faster Payments in and out up to 10K and ability to have multiple payees and the security of the card reader technology.

Milarky

SnowMan wrote: »

This time round I'm going to give it a go as the Tesco account I've got is paying 2.6% AER (i.e. 1.35% bonus).

Have applied for the new account and will transfer over the balance when it is open. Will then close the lower rate account as only one account can have bonus at the same time under the terms and conditions. Will report back on how I get on.

My one concern is the payment of any bonus - and whether they still do pay it if you close the account. Obviously they should, of course, but is there anything - for instance - to stop customers doing repeated account opening and closure manoeuvres?

mjmal51

Milarky wrote: »

My one concern is the payment of any bonus - and whether they still do pay it if you close the account. Obviously they should, of course, but is there anything - for instance - to stop customers doing repeated account opening and closure manoeuvres?

My account pays 2.75% so have just opened the new one at 2.9% and will transfer over.
Have already repeated this opening and closing several times over past few years and bonus is paid and Tesco advise this is the way to take advantage of new rates.
Bit of a pain but aren't all banks like this now? My experience is that they are and you have to keep checking the latest rates.

SnowMan

Milarky wrote: »

My one concern is the payment of any bonus - and whether they still do pay it if you close the account. Obviously they should, of course, but is there anything - for instance - to stop customers doing repeated account opening and closure manoeuvres?

I don't think there should be any problems (having done it once and definitely been given the full rate including bonus) but I will only have a minimal balance in the account until the old account is closed and the new account up and running. You do have to ring them up to close the old account and whether that is just poor systems or an attempt to make it difficult to move to the new rate I don't know.

It is not without a small risk as the interest is paid annually in March so you might not realise there was a problem for nearly a year if they tried to withold the bonus for example. I guess ringing them up to confirm the rate once the new account was open and old account was shut would be a good protection.

ANGLICANPAT

After opening the latest version of their saver account, transferring the balance and then closing the old version , Ive now received the final statement of the old account, and it shows no bonus paid. Im dreading ringing up the call centre to query it.

Stompa

Are you able to push funds from an external account into a Tesco Internet Saver (by providing the TIS account no/sort code)?

Thanks

Sparky47

Stompa wrote: »

Are you able to push funds from an external account into a Tesco Internet Saver (by providing the TIS account no/sort code)?

Thanks

Yes, and they accept faster payments.

Stompa

Sparky47 wrote: »

Yes, and they accept faster payments.

OK, many thanks.

psychic_teabag

I wonder if an upgrade tactic would to first open a non-bonus instant-access account, minimally funded, then close the old internet saver, and then open a new internet saver. By keeping an account open at all times, saves having to start the registration from scratch, but you never have more than one internet saver open at a time.

mjmal51

psychic_teabag wrote: »

I wonder if an upgrade tactic would to first open a non-bonus instant-access account, minimally funded, then close the old internet saver, and then open a new internet saver. By keeping an account open at all times, saves having to start the registration from scratch, but you never have more than one internet saver open at a time.

Not quite sure why you would do that, maybe I'm misunderstanding your idea? You open a new internet saver with £1 funded from old account, then when new account details are available Tesco customer service will move all the old money over as instructed.
Having the 2 accounts is not a problem, just wish it was a bit simpler.