Possible to Open a Second Tesco Internet Saver?

Ologhai

I have a Tesco Internet Saver with a special rate of 1.55%, 0.80% of which is a bonus that comes to an end early in January.

Looking around for an alternative, it seems as if the Tesco Internet Saver is still among the best (although only at 1.4% now).

If I tried to open a second Internet Saver account to transfer my money across to, should that work? Do you think Tesco would allow me to open a second IS account? Does anyone have any experience of doing this?

Thanks in advance for any information.

Vortigern

I have a second Internet Saver, opened online, held jointly with my wife.

eskbanker

Please allow me to be the first to offer the archetypal MSE forum response: have you already maxed out all the decent current accounts that pay 3-5% interest?

I think this is the first time I've seen a reference to someone using a Tesco Internet Saver for anything other than as a destination for nominal direct debit transfers from better accounts, although you're right that it compares well with other traditional instant access savings accounts....

Ologhai

eskbanker wrote: »

Please allow me to be the first to offer the archetypal MSE forum response: have you already maxed out all the decent current accounts that pay 3-5% interest?

I think this is the first time I've seen a reference to someone using a Tesco Internet Saver for anything other than as a destination for nominal direct debit transfers from better accounts, although you're right that it compares well with other traditional instant access savings accounts....

Thanks.

I already have a couple of Santander 123s. I haven't bothered with the 5% ones because a £2k or so limit seems a bit low for the messing about (unlike the £20k limit with Santander).

I feel as if I have money in most places, but as a semi-temporary instant access type account, there appears to be nothing else about other than the 1.4% from Tesco (or perhaps the Post Office).

Archi_Bald

You can get £21K into 5 instant access 3% accounts at 2 banks.

Archi_Bald

If you are over 50, there's another 1.55% account: http://www.saga.co.uk/money/saga-internet-saver.aspx

Ologhai

Archi_Bald wrote: »

You can get £21K into 5 instant access 3% accounts at 2 banks.

Is £15k of that accounted for by three Bank of Scotland Vantage accounts?

Ologhai

I don't think anyone will be interested one way or the other, but I just thought I'd mention that I've just opened a second Tesco Internet Saver online, during which I was invited to log in using existing online account details, and there didn't seem to be any problem.

So: Tesco seems to have no objection to the opening of a second bonus-rate savings account to replace another that's coming to an end.

castle96

If you are over 50, there's another 1.55% account: http://www.saga.co.uk/money/saga-internet-saver.aspx

that's a 1 year fixed rate ISA

eskbanker

castle96 wrote: »

If you are over 50, there's another 1.55% account: http://www.saga.co.uk/money/saga-internet-saver.aspx

that's a 1 year fixed rate ISA

I think you meant to quote that first sentence from Archi's post further up!

And yes, the Saga Internet Saver Issue 16 is no longer available, so the only 1.55% offering they have today is indeed an ISA.

psychic_teabag

Sorry, missed this thread first time round. I vaguely recall from earlier threads on this topic that Tesco allowed as many accounts as you wanted, but only gave the bonus on one. IIRC you could open a second, move the money, and then ask them to move the bonus onto the second one.

The AA are also offering 1.4%