Tesco 6.75% account

BBD

Can some explain the interest rate to me as on the boards here it says you can get 6.75aer% but Teco's link seems to say the highest is 5.75%aer

http://www.tescofinance.com/personal/finance/savings/savings/interestrates.html

or am I reading something wrong, thanks

johnmoney05

Where is on the boards? I want to know as well.

BBD

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

there you go

Jonbvn

I found this, which states that the highest rate is 6.5% (for £50k) as of 20 June 2007. I guess they have not yet included the recent BofE 0.25% increase in their rates?

jackieblue

It does seem that the top rate is 5.5%, topped up with the introductory bonus of 1% to 6.5% max, as opposed to 5.75% topped up to the 6.75% mentioned in the article. Still a good rate, but not quite as good as the MSE link suggested.

Mr_Mumble

Note:
[FONT=arial,helvetica,sans-serif]These new rates will apply from 15 August.[/FONT]

So the MSE article is correct. 5.50% currently + 1% bonus + 0.25% increase from 15th August.

The_Fiddler_2

Is it worth setting up for 6 months?

Searcher2

The_Fiddler wrote: »

Is it worth setting up for 6 months?

It depends how much money you are putting in. If you had £200,000 then over 6 months you will be getting 0.5% more than Sainsbury's (for example). This would equate to just about £500. The cost of moving the money could be 2 CHAPS transfers (assuming in a savings account which has to go via a current account) plus maybe 1 day's interest....so maybe £100 in total max. So you make £400 more... then you need to transfer the money out assuming that Tesco rates are not the best after 6 months so another £100 max. You still make £300. Tempting. You need to do the sums for whatever amount you have.

EDIT : Just seen that you can only put £100K in so probably not worth the hassle for me. £250 gained over 6 months but over £100 in CHAPs fees and lost interest moving it.

graymac

This rate is only available from today August 15.
Beware if you want to manage your account on-line. It has taken me 4 weeks to try and register and still without success. Anybody else experiencing the same delays?

dawnylou

graymac wrote: »

This rate is only available from today August 15.
Beware if you want to manage your account on-line. It has taken me 4 weeks to try and register and still without success. Anybody else experiencing the same delays?

Yes - I am sick of signing and returning those slips to them only to be told they haven't got it yet.

mephisto778

I applied before the 14 August deadline for the 1% bonus but my account was only opened on 17 August. I called up Tesco banking and was told that due to the large volume of applications for the instant savings account, the 1% bonus would apply to all accounts opened before the end of August.
Can anyone else confirm?