Tesco Internet Saver

[Deleted User]

Hi,

thinking of opening a Tesco Internet Saver, 1.35%, not much I know, but better than the 0.5% I'll be getting when my existing fixed rate ends.

Does anyone know what 'certain information', they ask for?

Please note: You can pay money into your account once your application is complete, but you will not be able to take money out until you send us certain information by post. We will tell you what this involves once your account is open.

Thanks.

colsten

Sounds like they might require additional ID from you.

Have you maxed the interest paying current accounts and better paying savings accounts already? Seems a shame to put money into a savings account that doesn't pay as much as inflation.

[Deleted User]

Hi,

Thanks.

I've got a Tesco Clubcard, you'd think that would do.

I don't bother with cash ISAs, already have the 123 account, and already have enough in another fixed rate.

PeacefulWaters

[Deleted User] wrote:

I've got a Tesco Clubcard, you'd think that would do.

Yes. I'm sure Clubcard issuance complies fully with Money Laundering Regulations.

The 30p off sanitary towels voucher they sent you last month will more than do as address verification.

colsten

Clubcard and bank are totally separate. I don't think there has ever been any verification of ID for the clubcard, but you wouldn't get a bank account anywhere without verified ID. They may be able to verify you electronically via credit reference agencies and electoral register but if they can't, you have to provide additional info. I have several Tesco accounts myself which were opened wholly online.

I didn't suggest you should look into ISAs although you would get better interest in an instant access cash ISA than the 1.35% you mention. You would also get a lot more in the Tesco current account, of which you can have 2. Or in the TSB Plus accounts, Club Lloyds etc. All of these will at least keep up with inflation, whilst the Tesco 1.35% savings account guarantees that your money loses value.

soulsaver

As others say there are better rates available elswhere but, if you are detrermined to open that account, just open it and don't pay in anything (or maybe £1 if mandatory) until they complete checks.

Archi_Bald

• Tesco Current Account
• Quite a few instant access ISAs
• Quite a few building societies with local deals - example 1.65% from the [URL="http://www.newbury.co.uk/savings-easy-a
  ccess.aspx"]Newbury[/URL]

But the question to ask is why would you keep such large amounts in cash?

evenasus

Archi_Bald wrote: »

• Tesco Current Account
• Quite a few instant access ISAs
• Quite a few building societies with local deals - example 1.65% from the [URL="http://www.newbury.co.uk/savings-easy-a
  ccess.aspx"]Newbury[/URL]

But the question to ask is why would you keep such large amounts in cash?

Maybe they are very risk averse, which is what I am.
All my savings of over £400K are in savings accounts.

colin79666

In most cases they just send you a letter and form asking for a copy of your signature (I have one of these accounts). You sign, send it back and then you may withdrawals.

jimjames

evenasus wrote: »

Maybe they are very risk averse, which is what I am.
All my savings of over £400K are in savings accounts.

Keeping £400k of long term money that you don't need, all in cash doesn't make sense to me. In my mind that's not risk averse, its not properly understanding risk. You might avoid one type but plenty of other risk you're ignoring or unaware of.

bigadaj

beancurd wrote: »

60% equities. 40% bonds and 'high' rate (3%) cash. Some p2p higher risk thrown in too. Will convert some cash to corp bond over time. Owe taxman a chunk in 7 months for cgt on a business sale. Bagful of personal expenses due over 12 months. Business owner, keeping income to basic rate if possible and live on savings for surplus needs. With further business equity held in cash I'm probably more conservative than 60/40 truth be told, may move cash to equity if I can convince my mind to accurately assess the business equity risk. Fair Q to ask though.

If like another poster I had 400k cash and was ultra conservative I'd keep approx 100k in 3% cash and 300k in short term gilts.

Where are you getting 3% on 100k?

And the shirt term gilts will be yielding even less I'd assume.