NEW Tesco Current Account - 3% on £3,000

typistretired

Tesco text me at 8am this morning to tell me that my second current account had been approved and they will send everything I need in the next few days. Impressed - attaching that letter to my signed form really did the trick.

DragonQ

Bit disappointed but 3% on £6000 isn't bad. Basically replaces my Vantage accounts.

LisaLJ

Hi all,

I have read on here that internal transfers will satisfy the £750 funding requirement but I can't find this information on the Tesco website itself. Can anyone point me in the right direction please?

Many thanks,

YorkshireBoy

LisaLJ wrote: »

I have read on here that internal transfers will satisfy the £750 funding requirement but I can't find this information on the Tesco website itself. Can anyone point me in the right direction please?

When reading T&Cs it's just as important to read what they don't say as it is to read what they do say. The fact they don't mention 'external funding only' means internal transfers are OK...just like they are with Halifax, BoS, Lloyds, and TSB.

ie the Tesco T&Cs do say (at the top of page 6) that you can pay in by transfer from another Tesco account, but don't say this won't satisfy the £750 monthly funding requirement.

anoncol

badger09 wrote: »

Yes I know. That's the bit I dislike:(

However, I might be more tolerant for 3% on £3k x 2

Why? Its called double authentication, and is very highly respected in the IT security industry.

innovate

anoncol wrote: »

Why? Its called double authentication, and is very highly respected in the IT security industry.

It's not very highly respected by users, I am afraid. Any login procedure that relies on cookies from previous sessions is a PITA for those who regularly use different devices, and those who prefer to delete their browsing history for whatever reason. I would be very surprised if this wasn't well known in the IT security industry. In fact, many of them advise regular cleaning of the browsing history and cookies, particularly if users use shared devices.

LisaLJ

YorkshireBoy wrote: »

When reading T&Cs it's just as important to read what they don't say as it is to read what they do say. The fact they don't mention 'external funding only' means internal transfers are OK...just like they are with Halifax, BoS, Lloyds, and TSB.

ie the Tesco T&Cs do say (at the top of page 6) that you can pay in by transfer from another Tesco account, but don't say this won't satisfy the £750 monthly funding requirement.

Thank you for that. I guess they like to keep us on our toes!

Picky

Just opened this account to use as a short-term savings account for up to £3k. Didn't want to use the Santander one, so this one seemed logical and it's much better than the standard savings accounts on the market.

surfsister

Zanderman wrote: »

I agree it's fairly uninspiring, though 3% on up to 2 X £3000 isn't unattractive either.

As for the £5 monthly fee without a £750 pay-in, that only becomes a problem in hard times if this is your primary account.

There's no incentive at all to actually use it as a current account - it has little attraction for that use (the clubcard points earning potential is fairly small) - and there is no switching incentive at all.

So I would hope most people opening one keep another current account for daily use - using the Tesco one as an additional 'savings' current account to pass £750 through each month. And if they no longer have the £750 to move around, they could just close the account.

No need to keep it if you have another, fee-free current account.

yes ideal as an extra savings account but was hoping for some free points on signing up!!

PeakOwl

innovate wrote: »

It's not very highly respected by users, I am afraid. Any login procedure that relies on cookies from previous sessions is a PITA for those who regularly use different devices, and those who prefer to delete their browsing history for whatever reason. I would be very surprised if this wasn't well known in the IT security industry. In fact, many of them advise regular cleaning of the browsing history and cookies, particularly if users use shared devices.

Agreed.

Its also a real PITA trying to receive a OTP, when you live in an area with poor mobile reception - meant I wasn't able to open an account yesterday.