Tesco current account.

Crisp_£_note

Hi I'm considering opening a new Tesco current account and noticed they charge a monthly fee of £5 unless I can pay in £750. a month every month then its free!
As I have banked with a building society for some time now I wondered if this was usual practice for banks?
Also when it states £750. deposited each month is this classed as a regular income from say a salary wage payment or is it several deposits or a lump deposit monthly from anywhere? The Tesco bank website doest specify or give much info and I don't want to apply to discover its wages as this is no use to me as I'm considering self employment and currently only receive disability income which is nowhere near £750 a month! However I could possibly in the near future manage to deposit £750.+ a month then withdraw in small amounts to redeposit the following month but not sure that's acceptable?!
I'm looking at Tesco bank as their Clubcard incentive is a bonus to me its my only local supermarket and I make use of Clubcard deals regularly to my advantage.
Any feedback especially if you have this account?

Thanks in advance.

dr_adidas01

Crisp_£_note wrote: »

Hi I'm considering opening a new Tesco current account and noticed they charge a monthly fee of £5 unless I can pay in £750. a month every month then its free!
As I have banked with a building society for some time now I wondered if this was usual practice for banks?
Also when it states £750. deposited each month is this classed as a regular income from say a salary wage payment or is it several deposits or a lump deposit monthly from anywhere? The Tesco bank website doest specify or give much info and I don't want to apply to discover its wages as this is no use to me as I'm considering self employment and currently only receive disability income which is nowhere near £750 a month! However I could possibly in the near future manage to deposit £750.+ a month then withdraw in small amounts to redeposit the following month but not sure that's acceptable?!
I'm looking at Tesco bank as their Clubcard incentive is a bonus to me its my only local supermarket and I make use of Clubcard deals regularly to my advantage.
Any feedback especially if you have this account?

Thanks in advance.

Theres only 3 major banks that I know of that charge a fee for certain accounts.

1. Lloyds Club account £5 if you don't pay in £1500
2. Tesco Bank Account £5 fee if you don't pay in £750
3. Santander 123 Account, its £2 a month regardless of how much money you pay in.

Tesco bank account you don't have to have your wages or salary paid in, just as long as you pay in £750 a month you wont be charged a fee.

You can pay it in via which ever method you chose many people like myself move money around to various accounts to take advantage of the benefits they offer.

Gromitt

dr_adidas01 wrote: »

Theres only 3 major banks that I know of that charge a fee for certain accounts.

Don't forget First Direct, one of the first I think to charge £10/month for a current account. Easy to get around I know, but still could be a surprising charge for those that don't read T&Cs!

@OP: Banks which don't charge sometimes have other ways of getting you to fund the account with a minimum amount, like Halifax £5, Nationwide's travel cover and interest rates, TSB 5%, etc.

They are all the same though - the funding amount can be a single lump sum or made up of multiple deposits. Check the T&Cs to see whats acceptable - some allow transfers from the same bank whilst others require FPI/DC.

karlie88

Gromitt wrote: »

Don't forget First Direct, one of the first I think to charge £10/month for a current account. Easy to get around I know, but still could be a surprising charge for those that don't read T&Cs!

Very good point.

That £1 sitting in my Everyday e-Saver has probably been the best £1 I've ever saved; saved a few hundred pounds at least.

dr_adidas01

Sorry I forgot about First Direct, I probably forgot about it as I have £1 sitting in my e-saver hence why I've not paid the £10 fee for not funding it with the £1000 requirement.

Crisp_£_note

Thanks everyone. Santander 1,2,3 was my second option as they payback when bills get paid (a little help but not as flexible as Tesco Clubcard points would stack up and be spent more with rely options) but now I can see how I can potentially save £24 in charges per year I'll try apply to Tesco. I'll then look to set up a savings account and move money around between them!

Thanks

Fruit_and_Nut_Case

Crisp_£_note wrote: »

Thanks everyone. Santander 1,2,3 was my second option as they payback when bills get paid (a little help but not as flexible as Tesco Clubcard points would stack up and be spent more with rely options) but now I can see how I can potentially save £24 in charges per year I'll try apply to Tesco. I'll then look to set up a savings account and move money around between them!

Thanks

Nothing to stop you having a Santander 123 AND a Tesco current account

Archi_Bald

Crisp_£_note wrote: »

I'll then look to set up a savings account and move money around between them!

Savings accounts pay generally a lot less interest than current accounts. Do yourself a favour and get a couple of TSB PLus accounts for your savings.

System

The clubcard point earning ability of the account is poor, especially so if you're on a modest income.

The Santander, TSB or Bank of Scotland accounts would likely suit you better

zerog

Heng_Leng wrote: »

The clubcard point earning ability of the account is poor, especially so if you're on a modest income.

The Santander, TSB or Bank of Scotland accounts would likely suit you better

But so far the only UK debit card which earns anything at all.

Lith

What if you open a e-savings account slap in £1? would that stop the 'fee' for the current account? i know this works for First Direct, but what about tesco?

And still... why would anyone bank with tesco... its a supermarket/franchise chain i wouldn't trust them for a bank account lol