Help please: Trying to open Tesco current account

joe134

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.)

Hi Kim, yes it is monthly. My error.
However, on my transactions, it just says Interest Paid.£7+ on £3k, for the month.No mention of Gross or Net.
or Tax paid?
Weird.That's on all 4 A/cs.
Only had 1 letter from them saying IS is Gross, nothing about the 4 Current A/cs.2 mine, 2 oh's , and the IS was last one to open, weeks after the other 4.All maxed out.
But, £3000. x 12 = £90 divided by 12 = £7.50.per calender month.
So it must be Gross.
Unless my sums are wrong:-)
Probably are.

YorkshireBoy

joe134 wrote: »

But, £3000. x 12 = £90 divided by 12 = £7.50.per calender month.
So it must be Gross.
Unless my sums are wrong:-)
Probably are.

Assuming this is Sep/Oct statement period, for a maxed out Tesco current account the gross interest would be:


£3,000 x 2.96% / 365 x 30 = £7.30

Kim_13

joe134 wrote: »

Hi Kim, yes it is monthly. My error.
However, on my transactions, it just says Interest Paid.£7+ on £3k, for the month.No mention of Gross or Net.
or Tax paid?
Weird.That's on all 4 A/cs.
Only had 1 letter from them saying IS is Gross, nothing about the 4 Current A/cs.2 mine, 2 oh's , and the IS was last one to open, weeks after the other 4.All maxed out.
But, £3000. x 12 = £90 divided by 12 = £7.50.per calender month.
So it must be Gross.
Unless my sums are wrong:-)
Probably are.

If you have been taxed, Tesco show the tax as a separate transaction going out of the account. So they pay gross and then deduct once they've paid you, rather than deducting before you get paid and needing to label gross or net.

hoc

I have applied for a second account. They "need to carry out some additional checks". Very silly, I went through verification process with my first account a few months ago, there is no overdraft, credit card, etc. it is just another current account. I opened a second with BOS in under 5 minutes.

joe134

YorkshireBoy wrote: »

Assuming this is Sep/Oct statement period, for a maxed out Tesco current account the gross interest would be:


£3,000 x 2.96% / 365 x 30 = £7.30

Spot on YB, go to the top of the class.
Don't pass go.
Don't collect £200:beer:

[Deleted User]

Update

Further to my post of 22 October, I have received by post (27 October) the offer letter for the second current account which I applied for online on 22 October. It will be posted back duly signed on 28 October. Hopefully new account will be up and ready to receive money very soon.

I started the process of opening two current accounts on 5 October, starting from a base of being a non customer. From my end, everything has been done more or less immediately it was possible to do so, including the postal return of the 2 offer letters ( I don't get my mail until evening, so return posting has to be the next day) and applying for the second account on the very same day I got access to online banking. It's taking almost a complete calendar month.

[Deleted User]

UPDATE

Second account appeared online today (29 October) and I have now transferred £3000 to it, which is now showing as cleared funds.It took 3 weeks and 3 days to get to this stage. Now earning 3% on £6K with Tesco (free of charge) and 3% on £20K with Santander (£2 per month, rising to £5 per month in January). So I'm happy.

Going to have a rest from account opening but will be considering my next move.

In the meantime, I'm moving 3 X cash ISAs from Nationwide (2) and Bank of Scotland(1) to Virgin Money to earn 1.81% fixed for a year.New account with Virgin opened online on 26 October and 3x transfer firms posted to Virgin on 27 October. I wonder how long it will take.

Futuristic

Applied for 2 accounts one day after another on 26th and 27th, waiting for "documents"

The club card cc arrived pretty quickly with no need to send any docs back

moneysavinggirl40

Ballard wrote: »

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.

Interesting to read this, similar sort of thing happened to me. I do not have 2 current tesco accounts, just the one which I have had for about 6months, so I thought of opening a second donor account online application, but a message came up saying that I already had 2 current accounts. When I phoned up to query this, they said that my instant saver maybe recognised as a current account, to open a second account I had to hold on so she could transfer me to the correct person to open a second account. I gave up holding..

colsten

Do you by any chance have a Tesco Bank Clubcard Plus account? If so, you can only have one Tesco Current account.

http://www.tescobank.com/assets/sections/current-accounts/pdf/tesco-current-accounts-terms-and-conditions.pdf?_cachebuster30102015