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

Steve_xx

roxy28 wrote: »

Of the many current accounts i have opened online in the past 12 months,i have only sent one signature form back.

Yes, that is so. But in this cae Tesco don't seem to actually open the account until the signature form is received by them.

bodacious

I opened two of these accounts for the interest and obviously don't want to pay the £5 a month charge so need to pay in £750 a month into each of them.

Does anybody know if the 'internal transfer' facility as Tesco call it - i.e. moving the £750 between the two accounts every month (like is possible with the TSB offering) will count as the required pay in condition? Or will it have to come from an external source?

The TSB one is great as just moving the money in and out of the two accounts seems to satisfy the conditions for receiving the interest but I don't know if the Tesco one will be the same.

Steve_xx

bodacious wrote: »

I opened two of these accounts for the interest and obviously don't want to pay the £5 a month charge so need to pay in £750 a month into each of them.

Does anybody know if the 'internal transfer' facility as Tesco call it - i.e. moving the £750 between the two accounts every month (like is possible with the TSB offering) will count as the required pay in condition? Or will it have to come from an external source?

The TSB one is great as just moving the money in and out of the two accounts seems to satisfy the conditions for receiving the interest but I don't know if the Tesco one will be the same.

Yes, internal tansfers are ok with this account. I can see nothing in their terms that prevent it.

savetilibleed

I'm told there's some problem with their online account application system which prevents completion of the application. I got all the way through to the point where they check credit reference agencies and got a message that something had gone wrong and to call them. Thinking I'd done something wrong I started again - same problem. Third attempt said I have 2 accounts and can't have any more! Huh? I don't even have one yet!

So I called an that's when I got told about the problem. The process was completed on the phone, so I should get the information and signature form to return. Then debit card follows.

Gromitt

moi wrote: »

It doesn't unfortunately.

"...You also can't collect Clubcard points when you use your card to get cash. This includes cashback, in store cash withdrawals..."

But if you got cash back from a non-Tesco store they'd classify it as a normal purchase (as they'd only have the MCC to base it on), so I'd imagine you would, but generally the maximum cash back seems to be about £50, so that would be 6 club card points or 0.12%. Worth it?

castle96

Been turned down ! Accessed my Experian file. NOTHING adverse (bar lots of interest paying accounts which do have debit card facilities - is this the reason ? Only credit card used is paid in full on time, all 0s showing on all accounts. Would an appeal help ?)

Steve_xx

castle96 wrote: »

Been turned down ! Accessed my Experian file. NOTHING adverse (bar lots of interest paying accounts which do have debit card facilities - is this the reason ? Only credit card used is paid in full on time, all 0s showing on all accounts. Would an appeal help ?)

Seems odd, unless those account you currently have were all applied for recently and close together. That may have an affect but it would possibly be only short term.

typistretired

Worth a call or a letter. Their online application does have a few flaws which they are trying to rectify. I had problems with my second application but have now received my second Current Account Signature form. I have already received my pin, debit card and cheque book for the first application.

Hazzanet

Gromitt wrote: »

But if you got cash back from a non-Tesco store they'd classify it as a normal purchase (as they'd only have the MCC to base it on)

Sadly the banks know when a transaction contains a cashback element. Norwich and Peterborough actively show(ed) in on their statements:

Gromitt

Hazzanet wrote: »

Sadly the banks know when a transaction contains a cashback element. Norwich and Peterborough actively show(ed) in on their statements:

Never seen it broke up like that on my statements, it's always been a single purchase and a single line on my statement, so £50 of shopping and £50 of cash back shows up as £100 purchase. Worked great for the Aqua card and seems to be working fine for Luma as well. This is with Asda and some local food shops.

Wilko are the best though, as they give me cash back when using a Visa cash back Credit Card

I guess it depends on how the supermarket decides to categorise it.