Tesco Internet Saver

HUDengineer

evenasus wrote: »

I opened a new 2.4% Tesco account and transferred what I had in my existing 2.8% Tesco Internet Saver, even though there was still a month to go on the 2.8% one.

The reason being, 2.4% might well have reduced even further in that remaining month - who knows these days.

But don't forget this quote from the Tesco website...

Thanks for that. I'll see what I can salvage!

VonMises

dosh37 wrote: »

Hoorah! Tesco sent me a letter saying I will get a bonus of 0.65% for another 12 months on my Internet Saver account making a WHOPPING 1.9% gross! After 20% tax that's a MASSIVE 1.5%.
With the current inflation rate of 2.7% that means my money will only drop in value by 1.2% each year!!!

Before I went out on the town to celebrate, I thought I would check out the current interest rates on the Tesco website...
Tesco Internet Saver account: 2.4% gross.
Nice to know that Tesco values existing customers.

You seem to be fortunate in getting a 0.65% bonus on your existing Internet Saver.
I just received a letter informing me my bonus is 0.45%.
Add that to the fixed 1.25% and you get an eye-watering 1.7%.
Interestingly, the website advertises a 2% rate right now.

Of course it took about 15 mins to open an alternative account @ 2.35%.
I had some time on my hands so I rang Tesco savings customer service on 0845 678 5678 to try and understand this.
It was suggested to me to close the existing account and open a new one at 2%. Yes, I'm not joking.
I explained that unless they're consciously trying to lose me as a customer what they're doing is quite daft and that they'd be losing my custom quite soon.

Robin_TBW

"Every little helps" ¬¬

I was lucky enough to put my excess savings into an e-saver with Natwest a month or two back with the rate at 2.8% gross but getting monthly interest on it makes it all seem a bit pitiful. £5.77 after month #1.

Banks will always try and drop you down as much as they can though, the small print is a killer. I haven't done any banking with a supermarket for about eight years now though so it's difficult for me to judge them up agaisnt HSBC, TSB, Santander, etc.

God I hate the yearly moving around of accounts.

thor

Remember a few years ago when the supermarkets were making noises about getting into banking and all the pundits were sagely declaring that this will shake up the savings industry with better rates?
I wonder what happened?