Tesco Internet Saver renewals

pqrdef

This time last year, Tesco Internet Saver was paying 2.75% for 12 months to new customers. Those who opened an account at that time have been offered a 12 month renewal at the same rate.

On 11th August 2010 the rate for new customers was reduced to 2.6%. OK, we'll put that down to market conditions. But now it seems those who opened an account after 11th August are being offered renewals at 2.6%.

So some customers of this product are permanently disadvantaged, relative to other customers of the same product, according to the historic date on which they opened the account. This isn't really my idea of how Tesco should operate a savings account.

alanq

If you can face the current chaos at Tesco then close the account and open a new one at the higher rate. Unlike ING, Tesco "new customer rates" do not rely on one not having been a customer for 6 months.

That was what I planned to do but decided to give Tesco a miss when the "new improved" system was introduced with all the issues that followed.

pqrdef

alanq wrote: »

If you can face the current chaos at Tesco then close the account

Already took my money out. But they aren't tempting me back by sending me a letter offering an insulting 2.6%.

mjmal51

If you plan to stay with Tesco then open a new account at 2.9% as an existing customer with say £1, then phone Tesco to close old account and move the money to 2.9%. Discussed on the forum before.

TomsMom

mjmal51 wrote: »

If you plan to stay with Tesco then open a new account at 2.9% as an existing customer with say £1, then phone Tesco to close old account and move the money to 2.9%. Discussed on the forum before.

That's what I have just done;).

I had two internet savers at the 2.75% rate and noticed the rate for new customers is now 2.9%. I waited until the chaos over the new system had died down and last week rang them - got through very very quickly - told the advisor that I had opened a new one the previous night online and would she transfer the money from the other two and close them. She did it there and then, job done! I went online immediately after the phone call and the new account was showing up with the total amount from the others and the old ones had gone. I had the paperwork through today although I was able to use the account straight away once opened.

HUDengineer

Did you get the Tesco Internet Saver "thank you" message, offering you 2.4% for your loyalty, this autumn? I expect that, like myself, you didn't get a note saying that if you simply open a new account (you don't have to be a new customer), you can qualify for 2.8%. I'm hoping that the Banks will have a new year resolution to be rather more open with customers, to improve our image of them.

Andy

sheslookinhot

Just received this "To say thanks........" letter from the MD of Banking.

It says the good news is I am getting a further bonus of 1.15%, when added to 1.25%, gives me a whopping 2.4%.

What it does NOT say is I should close my account and open a new TESCO account paying 2.8%, as this is available to new savers.

In fact what I will do is close my account and open a Virgin account at 2.85% with no strings attached.

So, when I get my interest its thanks and cheerio to Tesco.

Ifts

I also got the same thanks letter from them yesterday offering to extend the bonus so I get 2.4% on the account. The rate will drop slightly from what I have been getting but I ain't going to bother opening new account to get the higher rate. For my needs I'm staying with them even at 2.4%. I don't keep a high balance in that account but its very handy for paying money into Tesco account while I'm in the store, saves going into town! and then I usually walk out of the store make a quick call and transfer it across to better paying instant access account elsewhere.

Ive also kept the old Tesco saver account open, it helps if I need to get cash quickly, via tel banking I transfer money to Tesco saver, pop into store withdraw £500 at customer service and a further £300 using the ATM.

Oh yeah also got 250 clubcard points with the thanks letter!

redmalc

Hi All ,I recently received the offer of 2.4% because i was a loyal customer,needless to say i rang them and cancelled the account.
I received the money but they charged me £20 for the privledge,i have not had chance to challenge them yet over the costs,any idea why they would levy the charge ?

ANGLICANPAT

I tried to get into my Tesco account after not using it for a few months . Id already previously set up the new log in details and tried them out successfully- although found the old login system still was available so I used that a few times. Today, they are insisting on a mobile phone number so I cant get in. I live in an area with dire reception. This means I have to close my account after being with them for the last few years does it?

psychic_teabag

They use SMS messages for one-time password verification, but this is not needed if you store a cookie in your browser (so that it can verify you use the same computer each time).

So as long as you can receive one SMS message, you may be okay in the future. I don't know if they also need to send messages to confirm payments and things, though.