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

DragonQ

I see, fair enough. I did think it was weird to get interest right at the end of a month, when every other current account seems to pay out at the start of each month. Except Santander 123, they paid me interest on a really random date (middle of the month, nowhere near monthly anniversary) and when I hadn't even met the requirements to receive interest, lol.

Steve_xx

DragonQ wrote: »

I see, fair enough. I did think it was weird to get interest right at the end of a month, when every other current account seems to pay out at the start of each month. Except Santander 123, they paid me interest on a really random date (middle of the month, nowhere near monthly anniversary) and when I hadn't even met the requirements to receive interest, lol.

With the Santander 123 current account you have to fund it with £500 per month and it has to come from outside of Santander. Also, the £500 monthly funding has to be made between the anniversary of the date in the month when you opened it as opposed to a calendar month!

YorkshireBoy

Steve_xx wrote: »

With the Santander 123 current account you have to fund it with £500 per month and it has to come from outside of Santander.

No it doesn't. It can come from a Santander business account or another Santander account which does not have your name on it, eg a spouse's sole account.

YorkshireBoy

DragonQ wrote: »

when every other current account seems to pay out at the start of each month.

Nationwide FlexDirect (and so presumably FlexPlus?) and YB/CB pay out on the last day of the month.


The 3 that pay out at the start of the month are Lloyds, TSB, & BoS.


Leaving Santander (in theory!) and Tesco to pay out on the 'monthiversary' of account opening.


Don't think I've missed any?

Steve_xx

YorkshireBoy wrote: »

No it doesn't. It can come from a Santander business account or another Santander account which does not have your name on it, eg a spouse's sole account.

Well spotted!:T

castle96

If you are setting up the £750 funder payment (from another account obviously), should you set the date 3 days apart (ie, in and then out), so that there is no chance of being overdrawn at a weekend, OR, do these faster payments also operate at the weekend ?

Having previously been refused (why), I applied again on line and after a phone call from them, I got one account. They said I could have 2 so have applied again...

Is it ok to fund the £750 from one Tesco account to the other ? (in which case the above Q is irrelevant)

Steve_xx

castle96 wrote: »

If you are setting up the £750 funder payment (from another account obviously), should you set the date 3 days apart (ie, in and then out), so that there is no chance of being overdrawn at a weekend, OR, do these faster payments also operate at the weekend ?

Having previously been refused (why), I applied again on line and after a phone call from them, I got one account. They said I could have 2 so have applied again...

Is it ok to fund the £750 from one Tesco account to the other ? (in which case the above Q is irrelevant)

Yes it's ok to fund from one Tesco account ot the other.

YorkshireBoy

castle96 wrote: »

Is it ok to fund the £750 from one Tesco account to the other ? (in which case the above Q is irrelevant)

Maybe now it is, but if you don't know the answer you'll be back to ask the question again, so here's your answer...


No, standing orders are not sent on non-bank working days.

pavane

I have just now received my card.

1) My existing Clubcard number was registered when opening the account (in fact, this was earlier as I had a savings account before the current was even available). I don't understand why they've given me another Clubcard number on the back of the card. They mention the 2 can be linked if "i forgot to tell them" during account opening (I didn't- it was already correctly populated), has anybody in a similar situation had problems using their debit card as their Clubcard?

2) It is a contactless card and they mention I can use it when making purchases at Superdrug, WHSmiths, etc. What would really make sense is being able to use it at a Tesco self-checkout station- a single card without need for separate Clubcard and paying without PIN for under 20 purchases which is what majority of self-checkout transactions are. Is Tesco moving to contactless, or do some people already have it at their stores?

YorkshireBoy

pavane wrote: »

...do some people already have it at their stores?

Answered on their website...

Where can you use it?

Just look out for the contactless symbol. Your card is accepted in lots of places, including some Tesco stores, Costa Coffee, McDonald's, Pret A Manger and Subway.

http://www.tescobank.com/current-accounts/contactless.html