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

Mr_Goodkat

Fairly disappointed with this offering to be honest, expected it to be more attractive given how long they have been talking about offering a Current Account.


The 3% on £6k (so home for some of the Vantage money) and a £750 monthly funding with no other requirements to get interest / have the account fee waived makes the account useful yet not inspiring.


With no incentive to switch, fairly lame club card points offering this account appears to be nothing more than another savings vehicle for cash.


The Tesco and Club Card fan club may switch to it but for the rest of us there is little incentive to use this account as a current account

Dekota

I wasn't aware that Tesco's are about to introduce a product like this. I have a savings account with tuppence in it with them, don't suppose I can ring up tescos and tell them to close that account and make me a current account and transfer my funds across?

If not, I'll pass on the details of the savings account to Co-op who'll close it down for me by the switching service and give me a £100 joining incentive. Then, I'll go back to tesco's and open this current account with them.

Zanderman

Dekota wrote: »

I wasn't aware that Tesco's are about to introduce a product like this. I have a savings account with tuppence in it with them, don't suppose I can ring up tescos and tell them to close that account and make me a current account and transfer my funds across?

If not, I'll pass on the details of the savings account to Co-op who'll close it down for me by the switching service and give me a £100 joining incentive. Then, I'll go back to tesco's and open this current account with them.

Not sure that'll work! You can't use savings accounts for switching, only current accounts.

But nothing to stop you opening a current account with Tesco and transferring the balance from your tesco savings account to the current account. Their current account gives vastly better interest than their savings account!

innovate

Mr_Goodkat wrote: »

Fairly disappointed with this offering to be honest

Tesco isn't the best supermarket, so why should their current account be the best in the market? It does beat a heck of a lot of other current accounts though, and some previously reluctant people might be tempted to switch, purely because the offer is from Tesco.

innovate

castle96 wrote: »

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 ?

You just put up a second current account application. Whether they can cope with 2 applications on the same day remains to be seen - I have applied twice today.

None of their savings accounts counts as a current account.

ceredigion

oh well that was a anti-climax:undecided

Mr_Goodkat

innovate wrote: »

Tesco isn't the best supermarket, so why should their current account be the best in the market? It does beat a heck of a lot of other current accounts though, and some previously reluctant people might be tempted to switch, purely because the offer is from Tesco.

Agree Tesco is not the best Supermarket however it still accounts for a large proportion of the nations shopping budget it has also diversified into other markets capitalising on the strong brand name.

When Tesco went into insurance they undercut the competition to get large market share then slowly raised the premiums overtime but customer retention was still higher than other brands. I thought they may apply a similar logic to launching a current account to grab market share.

Although not a Tesco fan it is one of thr few brands out there who could have taken a pop at the big four. They have missed a big opportunity and we have all missed out on a good new current account.

I will move some Vantage money there but as per my first post useful yet not inspiring.

Something tells me we will be just as uninspired by Dickie B's offering, if it ever materialises

stclair

Do you get an instant decision when making your application online?

innovate

Yes, instant decision on acceptance, but then they say they will send you some paperwork so it could take a while for the account(s) to actually be usable.

rakesh_2

Its a shame you cannot get the points when depositing money on gambling websites - if it was possible you could have kept on recycling money and just earn the points


its still an interesting account to have but there is no wow factor.