Help please: Trying to open Tesco current account

[Deleted User]

I tried to open a TescoTesco 3% current account online two days ago. I intend to use this as a place to keep £3000 to earn interest. After going through the process, the message came up that they would let me know. In response to the question as to how much I would be depositing each month, I indicated £0, because after the initial deposit of £3k, I don't intend to put anything in monthly. The question indicated that it was asked in order to assess me for an overdraft facility, although later on in the process I indicated that I didn't want an overdraft facility.
I am wondering why I haven't been accepted. My credit rating is good (recently opened Santander 123 and Santander credit card without any issues). Is it possible that my answer to the monthly deposit question has held things up? Should I just have made up a figure here? When am I likely to get a response and how will I hear (letter, email?). I'm ready to get going and put £3k Tesco's way but they don't seem too keen to take my cash.
Thanks for any advice.

Goldiegirl

I opened a Tesco current account in April, and from memory, I don't think I got an immediate answer.


These smaller banks tend to have a more manual system then the automated systems of the big banks, so things take a bit longer.


However, I was accepted with no problem, even on my small pension income

colsten

Seems your profile didn't match Tesco's expectations for their current account. If you want to "put £3k Tesco's way" for savings purposes, you should be able to use their Internet Saver account.

jimjames

Deleted_User wrote: »

I'm ready to get going and put £3k Tesco's way but they don't seem too keen to take my cash.
Thanks for any advice.

It's a current account so they are expecting you to use it as such, not just to put cash in to leave. Maybe try again with a different answer?

chris_m

Deleted_User wrote: »

I tried to open a TescoTesco 3% current account online two days ago. I intend to use this as a place to keep £3000 to earn interest. After going through the process, the message came up that they would let me know. In response to the question as to how much I would be depositing each month, I indicated £0, because after the initial deposit of £3k, I don't intend to put anything in monthly. The question indicated that it was asked in order to assess me for an overdraft facility, although later on in the process I indicated that I didn't want an overdraft facility.

When am I likely to get a response and how will I hear (letter, email?). .

I did likewise, last Sunday afternoon - stating that I am retired, monthly deposit will be zero and no thanks, I don't want an overdraft. The website response was along the lines of needing to do some more checks and we'll be in touch.

Got a text message today advising that offer documents should be with me in 3-5 days. That's the first communication I've had since hitting the Submit button and getting the "We'll be in touch" response.

Based on that, I'd hope that you ought to hear within a day or so more.

chris_m

colsten wrote: »

Seems your profile didn't match Tesco's expectations for their current account. If you want to "put £3k Tesco's way" for savings purposes, you should be able to use their Internet Saver account.

and only get 1.5%, dropping to 0.75% after 12 months, instead of 3% with no drop later.
Hmm, tempting

[Deleted User]

Colsten, I don't want a savings account paying less than 1% but thanks for the helpful suggestion.
Phoned Tesco, seems that I am "in process" and will receive application pack in 5 to 8 working days from date of online application.

Kim_13

I applied over the phone in the end as I saved an online application, but the page refreshed and I lost the reference number as they don't email you as is often the case with other companies. I didn't receive an immediate answer, but from what I've read of others' experiences, it seems that's just how Tesco do things rather than it being a referred application.

I always treat the 'how much will you deposit?' as an income question.

joe134

Deleted_User wrote: »

I tried to open a TescoTesco 3% current account online two days ago. I intend to use this as a place to keep £3000 to earn interest. After going through the process, the message came up that they would let me know. In response to the question as to how much I would be depositing each month, I indicated £0, because after the initial deposit of £3k, I don't intend to put anything in monthly. The question indicated that it was asked in order to assess me for an overdraft facility, although later on in the process I indicated that I didn't want an overdraft facility.
I am wondering why I haven't been accepted. My credit rating is good (recently opened Santander 123 and Santander credit card without any issues). Is it possible that my answer to the monthly deposit question has held things up? Should I just have made up a figure here? When am I likely to get a response and how will I hear (letter, email?). I'm ready to get going and put £3k Tesco's way but they don't seem too keen to take my cash.
Thanks for any advice.

this happened on one of my applications.
don't worry, it will go through.
they usually text you to say so,( if you supplied a number)? but, mine was opened before the text came.
I have others, so could see this online.
They are inundated since 123.
Your form to sign and return, will probably land on the mat any day soon.
I put £ 0 to all opening deposits.

colsten

Deleted_User wrote: »

I am wondering why I haven't been accepted.

Deleted_User wrote: »

Phoned Tesco, seems that I am "in process" and will receive application pack in 5 to 8 working days from date of online application.

So you haven't actually not been accepted, after all and all is well.

[Deleted User]

According to reports in today's press, Tesco has said it has no plans to sell off major assets such as Scotland-based Tesco Bank , which contributed almost a third of group profit in the first half of 2015. Pre tax profits of the bank lifted by 25% to £ 100 million in the six months to 31 August 2015.
Given this, it's only a matter of time until rates drop, or a current account charge is introduced.