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

Scarpacci

This seems like a good account. Obviously it's not the market leader, with TSB and Nationwide out in front, but when compared across all current account it still stands among the best. Not requiring a direct debit and allowing two accounts make this very useful, once you've maximised your pot in the best paying accounts. The cashback isn't huge but is welcome, as the Tesco slogan goes ...

I don't plan on opening one right away since I'm currently below the limit on my Santander 123, but once that's filled up again then I think I will.

MABLE

Ill wait until they offer a switching bonus.

System

Each to their own - I think it's mediocre.

The only competitive element appears no charge for incoming foreign payments?

I can already visualise a thread (in a few months time) from someone who loses their job / goes on maternity leave etc after taking the account and is charged £5 per month.

Scarpacci wrote: »

This seems like a good account. Obviously it's not the market leader, with TSB and Nationwide out in front, but when compared across all current account it still stands among the best. Not requiring a direct debit and allowing two accounts make this very useful, once you've maximised your pot in the best paying accounts. The cashback isn't huge but is welcome, as the Tesco slogan goes ...

I don't plan on opening one right away since I'm currently below the limit on my Santander 123, but once that's filled up again then I think I will.

ryan92

With the clubcard element of the account I wonder how this will go for staff who have a staff discount clubcard ; whether they still need to carry the other card with them too.

Porcupine

Zanderman wrote: »

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)

You can have several clubcards registered on your account - they just show up with different numbers when you login. For the credit card the clubcard 'number' is the 16 digit card number - if you login to the Clubcard section of the website (rather than the credit card part) it shows that alongside your existing clubcards. The statement shows the breakdown of where all your points came from.

I assume the debit card is similar - so keep your old clubcard if you don't want to pay with the debit card.

Mee

May mull over as I've been waiting for months to merge logins for some Internet Savers. Also found today that I could move the same amount out to one bank immediately, but need to wait two days for another, both banks are DDs and payment recipients!!?

Wheres_My_Cashback

Fruit_and_Nut_Case wrote: »

I may be misremembering but I think the management thought he was sometimes not nice to newbies. He didn't suffer fools gladly. I also seem to remember a thread at the time lamenting his dismissal but for some mysterious reason the thread disappeared.

</conspiracy_theory>

That's because a fair majority of the newbies within the financial forums are not newbies at all, but trolls, AEs and students doing course assignments with fictitious situations. They are relatively easy to spot in certain forums, debt, credit
cards etc as they usually have pretty wayward stories that are usually emotive and often don't mention the financial insititution they have a
problem with.

It's a shame MSE seems to do liitle to detract these people, yet all too easily bans the more helpful of posters here.

As for this account, well it could have been better, but beggars can't be choosers !

iAMaLONDONER

Fruit_and_Nut_Case wrote: »

I may be misremembering but I think the management thought he was sometimes not nice to newbies. He didn't suffer fools gladly. I also seem to remember a thread at the time lamenting his dismissal but for some mysterious reason the thread disappeared.

</conspiracy_theory>

I miss him too.
Busybrowne has been PPR'ed as well!

Zanderman

Heng_Leng wrote: »

Each to their own - I think it's mediocre.

The only competitive element appears no charge for incoming foreign payments?

I can already visualise a thread (in a few months time) from someone who loses their job / goes on maternity leave etc after taking the account and is charged £5 per month.

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.

castle96

How do you get the second account ? Do you just do another online app. ?

Does an existing Internet Saver count as a current account, so you could only have one ?