Tesco Bank

colsten

I have 'hopped' every time they had something better. Still got my original internet saver as this has all the DDs(*). Although most of the money sits in the best interest payer, and I regularly move money in and out of that account.

* My 2nd lot of DDs is with an old Egg account.

YorkshireBoy

colsten wrote: »

I have 'hopped' every time they had something better. Still got my original internet saver as this has all the DDs(*). Although most of the money sits in the best interest payer, and I regularly move money in and out of that account.

* My 2nd lot of DDs is with an old Egg account.

Almost exactly my set up! Except I have a smattering of DDs on my IASA too.

Additionally, I still have quite a few donor accounts (thanks to YB!) and I've already got them primed with Tesco and Egg DDIs ready to go should HSBC, RBS, NatWest, Barclays, et al decide to joint the switching frenzy!

pafpcg

colsten wrote: »

Tesco also got a marvellous feature no other bank offers, ie. all your payees are available to all accounts.

Whilst agreeing with you about all the other features, particularly the ability to set-up future transactions on a specific date without regard to weekends and bank holidays, there is another large bank which allows payments from any account to all payees: Clydesdale (and I presume the Yorkshire Bank too). But if anyone thinks Tesco is tricky to navigate, Clydesdale is just weird......

However, Tesco does have a couple of niggles:

1. Transfer of funds (via Faster Payments) is not instantaneous (within seconds) as it is with most clearing bank accounts. I tend to leave it 10 minutes before checking if the funds have arrived after sending to or from Tesco.

2. After sending funds out from Tesco, there is no confirmation screen displayed by the Tesco system showing the payee's bank details, amount of money sent, date and time, nor any acknowledgement from the Tesco system of the payment instruction. I always like to do a screen capture of the transaction when the receiving account has not immediately shown the funds have arrived; having an acknowledgement of the details of the transaction to keep "off-line" is my insurance in case of a problem. But, to be fair, in two years, I've never had a failed transaction at Tesco.

colsten

YorkshireBoy wrote: »

Additionally, I still have quite a few donor accounts (thanks to YB!) and I've already got them primed with Tesco and Egg DDIs ready to go should HSBC, RBS, NatWest, Barclays, et al decide to joint the switching frenzy!

LOL, me too. About time they get a move on.

colsten

pafpcg wrote: »

Clydesdale (and I presume the Yorkshire Bank too). But if anyone thinks Tesco is tricky to navigate, Clydesdale is just weird......

Agree, YB/CB internet banking is plain weird. It still lets you do everything you need to do with a current account, and they did pay a nice interest rate and had lots of switching potential for a while. I won't hold a grudge against them;)

pafpcg wrote: »

1. Transfer of funds (via Faster Payments) is not instantaneous (within seconds) as it is with most clearing bank accounts.

yep, it's been less than instant so far, but 10 minutes or so wasn't exactly bad. However, I made two payments this morning from a Tesco savings account, one to Lloyds and one to Santander, and to my surprise they both arrived instantly. Not sure this was just an exception or whether they have cranked a handle.

Worth remembering that we are very spoilt now - - not too long ago, we somehow managed with 3 working days. The law is still that they can take until the end of the next business day.

pafpcg wrote: »

2. After sending funds out from Tesco, there is no confirmation screen displayed by the Tesco system showing the payee's bank details, amount of money sent, date and time, nor any acknowledgement from the Tesco system of the payment instruction. I always like to do a screen capture of the transaction when the receiving account has not immediately shown the funds have arrived; having an acknowledgement of the details of the transaction to keep "off-line" is my insurance in case of a problem. But, to be fair, in two years, I've never had a failed transaction at Tesco.

I must say I never missed that but, and agree that every transaction over the last couple of years worked successfully. And their DD processing is simply amazing :cool:

The one tiny niggle I would admit I have is the weird way they load (or don't load) your account details when you log in. Why can't they just load the account details without us having to specifically press another button. I suppose I got used to it now but it could be more userfriendly