Help please: Trying to open Tesco current account

Kim_13

Deleted_User wrote: »

Update

Welcome letter, with sort code and account number now received. Also, letter with PIN received. Still waiting for debit card.

Today I transferred £3000 from another account online, using the Tesco account number and sort code. So I'm up and running.

Unfortunately I can't get into Tesco online banking as I don't have a Temporary Security Number. The website says that this will be texted to you if you provideda mobile number during the application process, which I did, but I haven't received a text with the TSN. Can anyone advise if this will come by letter perhaps? I'm anxious to get in to check that the £3K is showing, and also to start the process of opening the second account.

It's now 16 days from online application.

Yes, the TSN does come by post. Like you, I was also wondering where the text was. Their site is misleading in this respect. I had the TSN a day or two before the debit card.

They'll give access codes by text in the future should you need them.

On the whole they're pretty good but they did manage to not log my R85 correctly and then tax my first month's interest.

[Deleted User]

Thanks Kim, that is reassuring. There are so many bits and pieces to deal with when opening a a new current account; I can see why many people don't bother to open additional accounts or to switch existing ones. Much easier with savings accounts. I live in a flat, so I'm always a tiny bit anxious that mail has been put through the wrong letterbox. Higher risk of misdelivery than at an individual address, although to be fair it happens rarely.

mspritch

Mine went through no problem. Almost exactly the same as yours (will be throwing £3K at it, no monthly topup, no overdraft) but I have declared my monthly income even though Tesco won't be getting any. Documents have come through (so I've now been able to transfer funds into it), just waiting for the card to arrive.

What Tesco applicants can expect:-
1) C5 envelope containing an application pack. Covering letter, form to sign and return, copy for yourself, reply-paid envelope, leaflets for "Rates and fees", "Bank terms and conditions", "Clubcard terms and conditions" and "A guide to the Lending Code". Sign and return. Mine went in the post the day after I received it.
2) C5 envelope containing a letter welcoming you to your new Current Account plus "The ins and outs" booklet, mine was dated 9 days after the application pack. The account is now live. You now have a sort code and account number and can transfer money straight into it if you wish.
3) Text from TescoBank confirming approval of the account, mine was 10 days after receipt of the application pack.
4) DL envelope containing a letter with your PIN, mine was dated 10 days after the application pack.
5) Text from TescoBank letting you know the card's on its way (12 days after the application pack).
6) DL envelope containing your card (undated, mine arrived 13 days after the application pack).

Have now applied for a second account that will match the first, as you're allowed up to two.

Will probably look at other accounts as well though, routing my salary through them using standing orders where needed. Already got Halifax Reward and Santander 1-2-3 running happily

[Deleted User]

Update

Today I received debit card in the post but, more importantly, Temporary Security Number in a separate envelope.

Slight glitch when I tried to register for online banking. Went through the whole registration process and it came up "problem with system" and invited me to register again. Would my original TSN work, I wondered? No problem. When it came to the bit where you enter TSN, the system offered to send me a new TSN by text message (immediate) or by post (4 to 6 days). I chose text message and, sure enough, received new TSN by text immediately. I'm now registered. The £3k which I transferred in yesterday is showing as cleared funds. Relief. I have also applied via online banking for a second current account, with immediate acceptance. However, I still have to wait for the offer letter to arrive by snail mail, to be signed and returned after which presumably I'll get my new sort code and account number so I can transfer in another £3k.

Whole process started ononday 5 October. First opportunity to lodge money was Wed 21 October, and first access to online banking was 22 October.

joe134

Kim_13 wrote: »

Yes, the TSN does come by post. Like you, I was also wondering where the text was. Their site is misleading in this respect. I had the TSN a day or two before the debit card.

They'll give access codes by text in the future should you need them.

On the whole they're pretty good but they did manage to not log my R85 correctly and then tax my first month's interest.

Hi Kim, I opened 4 A/cs a while ago,with no problems, 2 for me, 2 for wife, and sent their 4 R85's back.
Then opened an IS A/c and another R85.
So far they have only acknowledge the IS as registered Gross.?
I think the reason they have not sent reply for Current A'cs is the interest is paid Annualy,( my choice,s), so new tax rules next year will nulify R85's, unless you opted for monthly interest, as you have.
I also get interest annually on IS and IAS A/c's. so cannot understand why only one reply?
no big deal,it will sort itself out at tax year end. .

Ballard

Having had my account for a few weeks I decided to apply for a second last week but received an error of some sort and didn't have time to sort it out. I tried to apply again today but got the message that I already had two so couldn't add another.

I suppose that either my original request is going through after all or it went far enough to flag me as having two. Either way, I'm not going to reapply for a second account at this point. I'm (probably temporarily) going to be unemployed within a fortnight (my choce as I'm going travelling until Christmas). With any luck I'll get a surprise in the post. If not then it's no big deal as far as I'm concerned.

Kim_13

joe134 wrote: »

Hi Kim, I opened 4 A/cs a while ago,with no problems, 2 for me, 2 for wife, and sent their 4 R85's back.
Then opened an IS A/c and another R85.
So far they have only acknowledge the IS as registered Gross.?
I think the reason they have not sent reply for Current A'cs is the interest is paid Annualy,( my choice,s), so new tax rules next year will nulify R85's, unless you opted for monthly interest, as you have.
I also get interest annually on IS and IAS A/c's. so cannot understand why only one reply?
no big deal,it will sort itself out at tax year end. .

Hi Joe,

As I understood it, interest for the current accounts is paid monthly as standard. I contacted them when they taxed my interest, at which point they told me that the form had been logged incorrectly, presumably corrected it and then sent me a confirmation.

I also opened an Internet Saver, on which interest is paid on 31st March, so R85's are (just) needed at that time. I've sent off an R85 but heard nothing back. I'll probably contact them, but it's not a big deal as I don't intend keeping much money in it (still have space in current accounts paying more interest.)

djpailo

Just opened an account with them, application processing. Incidentally, it said upon applying that you could not apply if you already had an account with them which I thought was a bit misleading.

Kim_13 wrote: »

Hi Joe,

As I understood it, interest for the current accounts is paid monthly as standard. I contacted them when they taxed my interest, at which point they told me that the form had been logged incorrectly, presumably corrected it and then sent me a confirmation.

I also opened an Internet Saver, on which interest is paid on 31st March, so R85's are (just) needed at that time. I've sent off an R85 but heard nothing back. I'll probably contact them, but it's not a big deal as I don't intend keeping much money in it (still have space in current accounts paying more interest.)

If you are taxed on interest, there is another form to fill to reclaim it back, I think it is this one below:

https://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40

mspritch

djpailo wrote: »

Just opened an account with them, application processing. Incidentally, it said upon applying that you could not apply if you already had an account with them which I thought was a bit misleading.

When I applied it warned that I could not apply if I already had more than one account with them, i.e. you're allowed one or two, but can't apply for a third.

ceredigion

djpailo wrote: »

If you are taxed on interest, there is another form to fill to reclaim it back, I think it is this one below:

https://www.gov.uk/government/publications/income-tax-claim-for-repayment-of-tax-deducted-from-savings-and-investments-r40

The link you posted is an R40, use that to reclaim monies you have already paid. If you want to not pay the tax in the first place it is form R85