To close Tesco Internet Saver

ANGLICANPAT

Close by letter or phone? Cant do it online I dont think can you?
Need to close my present one and then re apply to get the new 2.70% rate. Has it got to be done by tel, or will they need it in writing? Ill BACS out the bulk of the money first .I cant find anything in the terms and conditions on the Tesco account as to how to close it , but on the good side, neither can I find anything restricting me from having the new acc with better bonus, straight away. (Well , as straight away as Tesco can manage - I seem to remember it took an age to open the first one !!)

SalsaDanca

When the bonus rate on my first Tesco Internet Saver expired, I phoned them and asked how to open a new account. They told me to apply online for a new account, so that both accounts were open at once. I could then transfer the money directly from the old account to the new one online, then phone back to request closure of the old account and transfer of the accrued interest. I did this, and it all went as expected.

Most of the delays in opening the first account were caused by the security procedures for the internet banking, not the savings account itself, so they should only apply the first time. My first Tesco Internet Saver was opened and visible online a week after I applied for it, because I was already set up on internet banking for an old Clubcard Plus account.

redmalc

Hi I had a similar situation and i was advised they would not transfer from old account to new one,i had to first shut the account by telephone get the proceeds and then go through the tedious process of opening a new account

Gaffy

I did the same about two weeks ago, exactly as SalsaDanca described, all went very smoothly.

ANGLICANPAT

Thanks for your replies folks. Ive searched previous threads re this business of getting out of the older version of an internet saver and into the new better paying one, and its unbelievable that experiences very so much. If only it really is as simple as opening a new one and transferring, that would be great . Has anyone who found that this direct transfer DID work for them , checked to make 100% sure they actually ARE getting the correct bonus on the new one? (With Tesco saying in the blurb that only one account can get a bonus and you would have actually had two running concurrently for a while )

alanq

If the bonus on the first account has ended then there are not two accounts with bonuses "running concurrently for a while". So maybe the answer is different if one wants to transfer from an account paying a lower bonus to one paying a greater bonus. Perhaps direct transfer is permitted in the former case but not the latter.

claire07

I like the Tesco Internet Saver and seem to have no problems transferring to newer ones to get the bonus. They've recently brought out the 2.70 one at a better rate than my existing one so I opened it with £1 and then transferred online the balance of the previous one. After reading this thread I phoned up to check that I would be getting the bonus and this was confirmed and I was told that the interest accrued on the old one would be transferred to the new one. I also confirmed that I needed to close the old one by phone(not online) and they said that was so and they would do it.

My only complaint is that they don't include the interest rate and bonus you are receiving on the account page.

ANGLICANPAT

alanq wrote: »

If the bonus on the first account has ended then there are not two accounts with bonuses "running concurrently for a while".

Actually this time, there was no gap between my original bonus and the new 2.60% one theyre moving me into automatically March 1st- so either side of that date if I open a new account before closing the old one , I thought there would be a risk that No. 1 would be counted as the only bonus I could have , and therefore one wouldnt be applied to No 2 (the new 2.70%) as I wouldnt be considered eligible. Anyway thanks again folk, Ill give it a go at swapping without closing first , and see what happens. Think I will be watching the rate of interest shown on my account VERY carefully though when you read whats happened to some people with this account.

ANGLICANPAT

Well, not sure how well this went really. Rang up yesterday afternoon to ask about moving to 2.70% and was told I could apply online for the 2.70% account, and that when I ticked the box that I was an existing Tesco banking customer and it was picked up internally that the account number I quoted was the current internet saver, the new account would be set up overnight (last night) and so today I would be able to move my old balance into the new one myself, and then phone to close the old one.
Sounded to good to be true. It was. No sign of any other account online today, just my original. Will have to wait now I suppose for the post to bring the new details of what I set up.

claire07

After reading this thread I checked to make sure my new internet saver was showing and it wasn't (just my Tesco credit card). But it said something along the lines of "if you have an account that is not showing click here to add it". I did this and added account number and sort code and it showed up, complete with the interest accrued from the other internet saver I closed. Hope this may help.

SalsaDanca

SalsaDanca wrote: »

When the bonus rate on my first Tesco Internet Saver expired, I phoned them and asked how to open a new account. They told me to apply online for a new account, so that both accounts were open at once. I could then transfer the money directly from the old account to the new one online, then phone back to request closure of the old account and transfer of the accrued interest. I did this, and it all went as expected.

Tesco's Internet Saver pays annual interest on the 1st April. I have checked the interest on my account today, and I been paid 2.6% as expected.