1000 Clubcard Points with Tesco Instant Access Savings Account

save-a-lot

Hi

Dependant on where the money is coming from there is a sliding scale of cost of interest lost. I have recently had a bonus of a few grand and this is sitting in a savings account linked to my current account that pays next to nothing. So this is a good proposition in the short-term, get the points, move on and put it into my Citibank savings account afterwards.

I found this a little misleading, read your NOTE a couple of times to make sure I had read and understood it correctly...

punkrjb wrote:

NOTE - if you take it out of your ISA you'll have to use another £1k of your allowance to put it back in.

...once money is taken from an ISA it cannot be replaced.

charis18uk

punkrjb wrote: »

technically, this will COST me the lost interest while the cheque/ bank transfer is in progress from my other account

ALSO, as this pay LESS interest than my other account I lose more interest.

Technically speaking this isn't free as there is the loss of other interest earned.

However, 1000 cc points are worth considerabley more than the lost interest - so a profit to be made.

Darktechno was actually correct IMO - if a little harsh! :cool:


NOTE - if you take it out of your ISA you'll have to use another £1k of your allowance to put it back in.

Taking this view point you could argue that nothing is free, none of the freebies we sign up or anything, after all we all (well almost all) have to pay for our internet connection and then there is the time we spend to factor in. Depends how much detail you want to get into when saying something is free or not free.

My heart was in the right place:A

stphnstevey

Applied, but haven't heard anything - how long does it take?

charis18uk

stphnstevey wrote: »

Applied, but haven't heard anything - how long does it take?

I applied online and printed my own forms out ans sent them off. i still waiting to hear too.

I have to say it usually takes a week or two for these sorts of things given that any cheque has to clear and for identity checks etc.

I'd give it 14 days min

suziewuzie

Anybody heard back from Tesco yet? I applied over 2 weeks ago and have not received any info/reply so far.

thefirs

suziewuzie wrote: »

Anybody heard back from Tesco yet? I applied over 2 weeks ago and have not received any info/reply so far.

Just received the confirmation of opening of account in today's post, along with the returned proof of identity. The next step appears to be to await a welcome pack containing new account details, then go to https://www.tesco.com/finance, click on accounts and policies - register and complete the registration form. You'll then be sent a security code allowing you to complete the registration.

suziewuzie

Thanks thefirs.

charis18uk

Received my card, welcome letter and a phone call to set up internet/telephone banking. My hubby has received his too. Took aout ten days in all.

suziewuzie

My letter was waiting for me when I got in from work. Hooray!!

thefirs

The 1000 points has hit the account today, so this is something of a bumper month at Chateau Firs. Many thanks to the OP.

As regards the online access and operation of the account, has any other user suffered from the Scottish Bank's (HBos I think) cumbersome proceedures and inefficiencies? It took me three applications to get the authentication code, and I'm still waiting for a PIN. Although this account has now run its course and I can close it, my wife has opened one up to take advantage of the market-leading interest offered for the first six months of newly-opened accounts, and even though online access was achieved, it rejects (or rather doesn't recognise) the logon details now...