Help please: Trying to open Tesco current account

Zanderman

Deleted_User wrote: »

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.

Tesco Bank abolished its £5 monthly current account fee three weeks ago.

Seems unlikely they are just about to start introducing one.

eskbanker

Deleted_User wrote: »

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.

I don't follow this logic, why would an increase in profits lead to lower rates or new charges?

ceredigion

Deleted_User wrote: »

Pre tax profits of the bank lifted by 25% to £ 100 million in the six months to 31 August 2015.

Statements such as that ,really infuriate me as it doesn`t mean anything. So profits rose but did turnover and if so , by how much? What profit margin are they working on ? As a % of turnover , unless you know all the figures , the fact that the profit went up by 25 % may look good but if turnover went up by 50 % profit margins have halved , which in turn could mean they are on the edge of a disaster .

eskbanker

ceredigion wrote: »

Statements such as that ,really infuriate me as it doesn`t mean anything. So profits rose but did turnover and if so , by how much? What profit margin are they working on ? As a % of turnover , unless you know all the figures , the fact that the profit went up by 25 % may look good but if turnover went up by 50 % profit margins have halved , which in turn could mean they are on the edge of a disaster .

http://corporate.tescobank.com/assets/files/cms/TPF_plc_Interim_FY16_RA_P6_061015___Final.pdf has all the answers! Income was flat but the profit improvement is created entirely by the removal of a £27m PPI provision this year.

TheBanker

I applied 2 weeks ago, got my paperwork about a week ago which I signed and returned, and got a text this morning saying the account had been approved. I've logged in and can see the account number.

But I've not had anything by email at all.

I think Tesco are just a bit slow!

joe134

TheBanker wrote: »

I applied 2 weeks ago, got my paperwork about a week ago which I signed and returned, and got a text this morning saying the account had been approved. I've logged in and can see the account number.

But I've not had anything by email at all.

I think Tesco are just a bit slow!

the only e-mails I've had from tesco, are telling me they have put a 4 new document in "my documents ".BUT, don't say which a/cs they are regarding.
however, I cannot find any of the 4 of them, in my docs.? in all a/cs.
tesco usually text you, regarding the details;of your application.
mine were really quick.
I have just set up another IS a/c, as the bonus dropped on my other.
This was done instantly.yesterday.

[Deleted User]

My online application was on Monday 5 October. Thought I might have received a text, but nothing yet. It seems that the expected receipt of paperwork is 5 to 8 working days from application, so I should receive it next week. 14 days from online application to account number seems the norm.

joe134

Deleted_User wrote: »

My online application was on Monday 5 October. Thought I might have received a text, but nothing yet. It seems that the expected receipt of paperwork is 5 to 8 working days from application, so I should receive it next week. 14 days from online application to account number seems the norm.

I must have opened all mine at the right time, they are taking longer now.must be busier.

colsten

If you are an existing customer and apply for a savings account, it will be opened, and usable, instantly. It's quite a different matter if you are a new customer and apply for a current account. That will take a few days (like, a couple of weeks).

Kim_13

Deleted_User wrote: »

My online application was on Monday 5 October. Thought I might have received a text, but nothing yet. It seems that the expected receipt of paperwork is 5 to 8 working days from application, so I should receive it next week. 14 days from online application to account number seems the norm.

You should receive a text before the paperwork. I applied on a Saturday and received the text on the Wednesday. They must be busier because of the 123, but you should hear something soon.