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

vouch0r

both Llloyds, TSB beat this by a mile, pretty underwhelming , thought they'd at least do a switch deal including a tesco £25/50 voucher or something.

innovate

If you need to make an "either.. or" decision, then TSB coupled with a decent cashback credit card, is the clear winner. If you are into using current accounts as savings accounts, it's not a bad little account.

Disappointing that they don't offer a joining incentive.

bsms1147

Updated
..

grumbler

bsms1147 wrote: »

...
- Free if £750 is paid in each month, otherwise £5 a month fee applies

£5 for what?! For 0.1% cashback?

Graham1

I presume their partner/supplier is RBS, the same as their savings accounts. RBS seem to have the worst IT systems, e.g. if you want to amend or cancel a standing order it has to be done 3 days before the payment is due. It would be interesting to see if the Tesco product has the same limitations.

Zanderman

This info, from their FAQs, seems a little confusing. The implication seems to that the account debit card replaces your clubcard, and has to be swiped when shopping at Tescos whether or not you are using it for payment.

It is not clear whether you can just carry on using your old clubcard regardless (and I, if I open one of these accounts, would be planning to leave the debit card at home, to languish alongside all the other scarcely used debit cards - I don't want to carry it around)

Question:
I have a current account debit card, why don't I need a Clubcard?

Answer:
Your Tesco Bank Current Account debit card has a Clubcard number on it.

When you shop with Tesco online or in store, your debit card replaces your Clubcard and you'll collect Clubcard points.

Don't worry if you don't want to pay using your debit card. You can still collect Clubcard points by swiping your debit card at the checkout and choosing another payment method or card.

Your points will be added to your Clubcard account, which you can view in My Clubcard Account online or in your next statement.

If you gave us your old Clubcard number when you applied for your Tesco Bank Current Account, we'll automatically add your points to your new number.

butterflymum

matty_544 wrote: »

England, Scotland, Wales only. Look like the Tesco are excluding those who live in NI.

Yes, I see it says:

Make sure you're eligible

I live in Great Britain (England, Scotland and Wales only) or have a

So, the UK Sterling money of folks living in Northern Ireland is good enough for their Savings account products and spending in their stores, but not good enough for their Current Account - at least that's the way it seems.


Edit:

Have just logged a complaint by telephone - perhaps others in NI who might be interested in an account will do likewise.

Zanderman

Two accounts per person - but only one of these new current accounts if you have one of their old Clubcard Plus accounts. From their FAQs:

Question:
Can I get a current account if I already have a Clubcard Plus account?

Answer:
Yes, you can open a Tesco Bank Current Account if you already have a Clubcard Plus account.

If your Clubcard Plus account has a credit facility, you can only apply for an overdraft on your current account once your current account is open.

Please note: you can have a maximum of two current account at any one time. If you have a Clubcard Plus account, you can only open one current account.

System

Just a sting in the tail if you don't deposit £750.
This will be waived for Tesco Colleagues (staff).

You do earn points on spending with the debit card.

1 point per £4 spent in Tesco
1 point per £8 spent elsewhere.

grumbler wrote: »

£5 for what?! For 0.1% cashback?

System

You've presumed incorrectly - they don't use RBS for anything bar providing the ATMs now.

Graham1 wrote: »

I presume their partner/supplier is RBS, the same as their savings accounts. RBS seem to have the worst IT systems, e.g. if you want to amend or cancel a standing order it has to be done 3 days before the payment is due. It would be interesting to see if the Tesco product has the same limitations.