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

Steve_xx

Ryan_f wrote: »

Sorry to hijack the thread but I've got a quick question about this tesco account,

Once I've filled it up to the £3000 limit to get the 3% interest, when I transfer the 750 in and then out to satisfy the paying in requirement will this put me over the limit so will I lose interest for that month?

Also similar question once it's at the limit and I get interest paid taking it over 3000 do I need to take money out to keep it at £3000?

No it wont put you over the limit for earning interest. It's just that you wont earn interest on the excess bit that you've put in, ie the £750. You will continue to earn interest on the 3k.

You can choose whether or not you want to leave the £750 there, but of course only the 3k bit will earn interest.

Also you dont need to leave the £750 there for any length of time, ie you can shift it in and shift it back out, within minutes if you like!

Ryan_f_3

Perfect!! Thanks for the quick answer!

pavane

Earlier in this thread is mention a second account can be opened, presumably single (not joint) similar to TSB's policy. I looked on Tesco's site but was unable to find any mention in their terms- can anybody clarify whether it is acceptable under the terms and how to go about it?

moi

pavane wrote: »

how to go about it?

I don't have the terms, but to apply for a second one you can just apply online in exactly the same way as you did for the first. If you get accepted, it should then appear in the list of your accounts as 'current account application pending' (or some such wording), and will get opened once you've returned the form to sign.

Archi_Bald

pavane wrote: »

I looked on Tesco's site but was unable to find any mention in their terms

From http://www.tescobank.com/assets/sections/current-accounts/pdf/tesco-current-accounts-terms-and-conditions.pdf:

You can't have more than two Tesco Bank Current Accounts (or one if you have a Tesco Bank Clubcard Plus account), whether solely or with another person

.

If you apply, you'll be asked to confirm that you have read the T&Cs. It is a lot cooler to read T&Cs than saying nobody ever reads them.

pavane

I applied for a second account and was declined. I applied while logged in, the details were mostly already populated. Perhaps this was the reason? Because I did not log off and start a clean application? My current account with them is 2 weeks old, I have made transactions but not yet received/activated the card.

colsten

pavane wrote: »

I applied while logged in, the details were mostly already populated. Perhaps this was the reason? Because I did not log off and start a clean application?

Most unlikely. The more likely cause is that they are of the view that you have as much credit as they are willing to give you.

DragonQ

Hmm, got interest on my first account but not my second. Both have £3k in them, which should fulfil the criteria.

Steve_xx

DragonQ wrote: »

Hmm, got interest on my first account but not my second. Both have £3k in them, which should fulfil the criteria.

Apparently the interest is paid on the monthly anniversary of the date you opened it.

ceredigion

yeah it is a pain in the xxxx. I opened both mine on the same day but the Mrs opened hers a week apart so now we get credited the interest on 3 different dates through the month .