Tesco V Nationwide?

SallySunshine

Have applied for the Tesco Internet account and also looking at the Nationwide Loyalty Saver.
Both rates are variable but I noticed that the Tesco bonus is only applied at the end of 12 months, so if you withdraw money you will only get the basic rate of 1.25%

Taken from Tesco website
Interest is calculated daily. Our standard rate of interest is paid to you annually on the last day in March. Bonus interest is applied to your account at the end of the bonus period. The bonus offer may be withdrawn or changed without notice.

Looks like the Loyalty Saver may be the better bet?
However only £1 opening deposit with Tesco as against £1000 with Nationwide. As I'm getting 3.25% at the moment with Santander e-saver, rather reluctant to withdraw 1K for Nationwide opener.

psychic_teabag

When you need your money, you could presumably just leave £1 until the anniversary to qualify for the bonus.

Gromitt

SallySunshine wrote: »

As I'm getting 3.25% at the moment with Santander e-saver, rather reluctant to withdraw 1K for Nationwide opener.

You only need the 1K to open the account. As soon as the account is open, you can withdraw £999 of it back to your 3.25% account.

SallySunshine

Never thought of that!!!!!!
Brilliant, still rather worried about it being variable though, it's only the bonus that is fixed for 12months.:(

rb10

SallySunshine wrote: »

Never thought of that!!!!!!
Brilliant, still rather worried about it being variable though, it's only the bonus that is fixed for 12months.:(

I don't think there's much chance of Nationwide reducing their Loyalty Saver rates in a hurry - how would that look as a way of rewarding loyalty?!

SallySunshine

After seeing the way interest rates are sliding daily, nothing would amaze me now!

fiesta04

rb10 wrote: »

I don't think there's much chance of Nationwide reducing their Loyalty Saver rates in a hurry - how would that look as a way of rewarding loyalty?!

They already have by 0.2%

F4

Gromitt

fiesta04 wrote: »

They already have by 0.2%

Only for new customers. Existing customers get the rate they got when they signed up.

SallySunshine

I didn't realise you had to have your initial deposit for £1000 in your Nationwide account before they could open the Loyalty Saver.
Transferred the money from my Santander e-saver at 11.30am, it is still not in, so much for faster payments???

Nationwide were more than helpful, Santander state it will be in within the day.
I often make payment between these accounts so why the delay?
I do have better things to do than keep checking to see if the money has been moved yet, Santander showed immediately the money had gone, so am rather annoyed with them, not a usual occurence I may add.

Gromitt

Santander regularly do fraud checks, but still abide by the "By the end of the next working day" rule, so you can't do anything.

It'll probably be there by tomorrow morning or late tonight.

SallySunshine

You're right Gromitt, it was there this a.m., rang up Nationwide and account was opened within minutes.

My O.H. has not been a customer for over 15 years continuously so if he had his own account it would be on the lowest interest rate, however he is a non-taxpayer so could claim it back.

Otherwise if I put him on my account jointly he would benefit from my higher interest rate.
I need to have a think about that but they are sending me a form for him anyway.