Tesco Internet savings - paying money in

smallgingerone

Does any one know about the paying money in process with Tesco?

I have just opened a Tesco internet saver and am trying to transfer the money across from my current account (a 123 a/c if that makes a difference).

For a start, I'm finding it a bit odd I can only deposit £10k in each transaction, but secondly I set up a whole load of transactions to transfer the money which showed up under the 'manage transaction' tab. They are due to go through tomorrow but I went in tonight to set more transfers up and they have disappeared from the manage transactions tab. Is this right?

I don't really want the money to be sitting in the current account for longer than necessary as it is gaining no interest.

Any help/advice? Thanks

isofa

I just BACS it in, I don't think there is a moving in restriction to Tesco, the restriction surely is from your current account moving out to a set limit per day, most banks have a 10 to 20K daily limit for online. Ring them up and see if they can do more in one transaction, or in person.

You can also move large sums out from Tesco to your linked account over the phone...

colsten

You can push or pull money in. Faster Payments, Standing Orders, Direct Debits...whatever suits your needs.

If you are surprised you can only deposit £10K a day (which I don't believe is correct), you should check how much you can withdraw each day.

smallgingerone

colsten - I am aware that I can only withdraw £10k a time, but there was no mention of the limit paying it in.

I have never had an issue before with Santander moving much larger amounts of money.

I have just now managed to set up a payment from Santander which has gone through, I will just have to wait and see if the first lot go through tomorrow.

Thanks for the help

Fruit_and_Nut_Case

smallgingerone wrote: »

I have just opened a Tesco internet saver...

Can I be nosey and ask why? I'm sure you could get a better interest rate elsewhere. Or have you got your full complement of recommended current accounts?

Minrich

If it is your first transfer to the account it takes ages as they have to set up a direct debit with your current account that you have asked to transfer from , took us about ten days to transfer money using the Manage Account tab . Just get the sort code and account number and BACS it , its there in a few hours .

smallgingerone

Minrich - Thanks for that, I checked this morning and the payments have all gone through fine. No idea why they disappeared to begin with but all sorted now.

Fruit and Nut Case - In terms of Internet based instant access it is one of the best around. I have a few of the current accounts, just find it easier to have it all in one place instead of 30+

Archi_Bald

smallgingerone, you do realise that your money loses value every day you keep it in a Tesco (or other) savings account? Latest inflation runs at 1.6%, so in order to just stand still, you would have to earn 1.6% interest if you are a non tax payer. If you are a basic rate tax payer, you'd need to earn at least 2% just to stand still.

Neither of the Tesco accounts comes close, do they?

smallgingerone

You're right, they don't, but did I, at any point say this was a long term holding, that I didn't have plans for it to be placed in investments?

All I was after was a simple answer to a simple question about how to get money in to an account paying more interest than the one it was sitting in.

I don't want to go in to the ins-and-outs of my whole financial position, but I know more than enough about the sector and my plans to know I am happy for my money to be in this account for the time being.

Milarky

You can have multiple Tesco savings accounts (all but one of which which can have a nil balance) if you want to circumvent the 10,000 daily limit - since it is a 'per account' limit. Just internally transfer 10,000 into each one and make payment from each for than amount using the (common) payee's list