Tesco Internet Saver

SnowMan

ANGLICANPAT wrote: »

Hi Snowman -Previous statements show the interest in two parts , the ordinary amount due on the basic rate, and the bonus interest. Only the ordinary one is shown on the statement for the last account I closed and its nowhere near enough to be a case that the two have been amalgamated ,which was my first thought.

I am quite surprised by that. Would be happy to check your interest if you either post up your payments or PM me them.

I can now confirm that the interest paid on closing my old account definitely included bonus i.e. based on the accrued 2.6% interest rate (including bonus) up to the date the account was closed (i.e today).

I expected the net interest on closure including bonus to be £3.06 (based on my own calculations) but was actually paid £3.10. So very close indeed.

It is shown on the on-line statement for the old account as one payment called interest of £3.10.

So it doesn't split into bonus and non-bonus but for certain it does include bonus accrued to closure.

I will wait until the old account completely disappears (currently shows zero balance) before transferring in my main funds.

martyn4764

Hi

I'd forgotten that my previous year's interest had shown as two separate entries; this year's (ie, added last month) was on a single line.

The amount didn't seem low, but as I've been gradually empytying the account it'd be difficult to calculate; before I phone to check, could I ask whether others had the interest shown on a single line or on two?

Thanks

mjmal51

martyn4764 wrote: »

Hi

I'd forgotten that my previous year's interest had shown as two separate entries; this year's (ie, added last month) was on a single line.

The amount didn't seem low, but as I've been gradually empytying the account it'd be difficult to calculate; before I phone to check, could I ask whether others had the interest shown on a single line or on two?

Thanks

Yes this year for the first time mine was shown as a single payment which did seem odd at first but the interest was at the correct rate including the bonus.

oldfella

mine was in 1 line, I rang them up to check and they confirmed thats how they do it now. Did a rough check and the bonus is included.

ANGLICANPAT

Snowman. Many thanks for your offer. Ive now had the time to address this numerically instead of a ballpark figure based on the fact I was expecting two lots of interest, plain and bonus. I have to hold my hand under Tescos ruler, for two really stupid mistakes. I misread part of a date when roughly calculating the interest ( 01 instead of 10 )which meant I was basing my ballpark figure over more months than I should have (forgetting Id opted out of Tescos for a few months in the middle of the year leaving a pittance in) and then , tsst, inexcusably forgot to mentally deduct the tax as well.
So--- sorry Tesco, and apologies to posters . I will make the time to double check myself next time I feel done down, before going into accusation mode.

mjmal51

My new 2.9% saver fully opened today with interest due on the old closed account due up to today paid into the new account.

malc_b

mjmal51 wrote: »

Santander do exactly the same hence people recently having to open Issue 3, close Issue 2 and move the money over so all the banks require existing customers to be vigilant.
None of them tell you about new rates.
There are people here with money in both Santander and Tesco anyway.

I agree they are no better. It is just a convenient stick with which to beat them. If enough people email the ceo to say because you have abused me I'm taking my £Xk elsewhere then perhaps they actually might take notice. The next year do the same with Santander.

AbbieCadabra

how long does it take before you get any paperwork through? i applied online a few days ago & have a feeling the process didn't complete properly, should you get an email acknowledgement of your application at all? also, i'm pretty sure it said that your bank details would be required during the process, i wasn't asked for this (i only have a tesco credit card, nothing else with them at the moment).

mjmal51

AbbieCadabra wrote: »

how long does it take before you get any paperwork through? i applied online a few days ago & have a feeling the process didn't complete properly, should you get an email acknowledgement of your application at all? also, i'm pretty sure it said that your bank details would be required during the process, i wasn't asked for this (i only have a tesco credit card, nothing else with them at the moment).

A few days for paperwork, no e mail. The paperwork includes a direct debit form for your bank details. Did you get a ref number when you completed, if not then go through the process again.

Stompa

AbbieCadabra wrote: »

how long does it take before you get any paperwork through? i applied online a few days ago & have a feeling the process didn't complete properly, should you get an email acknowledgement of your application at all? also, i'm pretty sure it said that your bank details would be required during the process, i wasn't asked for this (i only have a tesco credit card, nothing else with them at the moment).

I also got no email and wasn't asked for bank details. But my paperwork arrived after about 3 days.