We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Tesco current account.

Options
245

Comments

  • [Deleted User]
    [Deleted User] Posts: 2,175 Forumite
    First Anniversary First Post Combo Breaker Name Dropper
    Options
    Tesco Bank is actually a spinoff of RBS, albeit independent now, but solid in its formation.
  • badger09
    badger09 Posts: 11,275 Forumite
    First Post First Anniversary Name Dropper
    Options
    Lith wrote: »
    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?

    No it wouldn't - as is quite clear from the T&C

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

    3% interest up to £3k (x2), normal FSCS protection :)
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    Lith wrote: »
    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?
    no point speculating whether the fee at Tesco can be avoided the same way the fee for FD can be avoided. It wouldn't work anyway as Tesco have different rules, as set out in their T&Cs.
    Lith wrote: »
    And still... why would anyone bank with tesco... its a supermarket/franchise chain i wouldn't trust them for a bank account lol
    A Tesco current or savings account is as safe as a current or savings account with any UK regulated bank or building society.

    In addition, Tesco pay 3% interest on their current account which is 3% more than some of the banks do. Plus Tesco offer some savings accounts that are valued by many of the savvy savers on here.
  • anna42hmr
    anna42hmr Posts: 2,846 Forumite
    Name Dropper First Post First Anniversary
    Options
    right just about to apply for two of these to replace the enhance accounts, i can see there is a £5 charge which is waived if you pay £750 in, but does any one know if the £750 can be bounced between the tsb accounts (like you can with lloyds/tsb etc) or does it have to be from an external source (like Yorkshire bank etc).

    the only thing i can locate on the rates and charges booklet is that you have to pay £750 in
    MFW#105 - 2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12 / 2019 Overpaid £2583.12 / 2020 Overpaid £2583.12/ 2021 overpaid £1506.82 /2022 Overpaid £2975.28 / 2023 Overpaid £2677.30 / 2024 Target: £1800, £925.03 overpaid as at May 2024 so YTD = £925.03 Total OP since mortgage started in 2015 = £34,317.21
  • stowupland4
    stowupland4 Posts: 36 Forumite
    First Anniversary Combo Breaker
    edited 22 August 2014 at 12:52PM
    Options
    Hi can anyone tell me if I have to set up D/debits on the Tesco current account. I have looked but can't find this info. I plan to use it for saving. Can I open more than one account.
  • 10_66
    10_66 Posts: 3,306 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    stowupland4 wrote: »
    Hi can anyone tell me if I have to set up D/debits on the Tesco current account. I have looked but can't find this info. I plan to use it for saving. Can I open more than one account.


    You don't need to have DDs for the Tesco Current Account, and you can open two of them. You need to pay in £750 per month (doesn't have to stay in though), to waive the account fee.
  • badger09
    badger09 Posts: 11,275 Forumite
    First Post First Anniversary Name Dropper
    Options
    anna42hmr wrote: »
    right just about to apply for two of these to replace the enhance accounts, i can see there is a £5 charge which is waived if you pay £750 in, but does any one know if the £750 can be bounced between the tsb accounts (like you can with lloyds/tsb etc) or does it have to be from an external source (like Yorkshire bank etc).

    the only thing i can locate on the rates and charges booklet is that you have to pay £750 in

    Yes it can be internal :)

    Unless T&C specify external funding like Nationwide FlexDirect, Santander 123 etc, you're safe with internal transfers. With T&C what isn't specified is as important as what is - if you see what I mean :o
  • badger09
    badger09 Posts: 11,275 Forumite
    First Post First Anniversary Name Dropper
    Options
    stowupland4 wrote: »
    Hi can anyone tell me if I have to set up D/debits on the Tesco current account. I have looked but can't find this info. I plan to use it for saving. Can I open more than one account.

    Direct debits have to be set up with the provider of the service. You just give them your current account details and they do the rest :)
  • yangptangkipperbang
    yangptangkipperbang Posts: 1,811 Forumite
    Options
    dr_adidas01 wrote: »
    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.

    Why not use their 6% (was 8% !!) reg saver ?
  • Gromitt
    Gromitt Posts: 5,063 Forumite
    Options
    yangptangkipperbang wrote: »
    Why not use their 6% (was 8% !!) reg saver ?

    Probably because it doesn't count as a "qualifying product" under the terms of the T&Cs.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 12 Election 2024: The MSE Leaders' Debate
  • 344.2K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.1K Spending & Discounts
  • 236.3K Work, Benefits & Business
  • 609.7K Mortgages, Homes & Bills
  • 173.6K Life & Family
  • 248.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards