Tesco current account for saving

wisewoman

I wanted to open a tesco current account, to earn 3% interest on £3,000. But the application form appears to allow only switching of my current account with another bank. Is it possible to open one for use only as a savings vehicle, as Martin suggests? Which form do I use, and where do I find it? Thanks for any suggestions.

enthusiasticsaver

I opened two Tesco accounts and use them for saving. You just open as a normal current account. I did it online.
http://www.tescobank.com/current-accounts/apply/

Hantsman

According to the FAQs you shouldn't need to switch:

Q. Do I have to switch my current account when I open a Tesco Bank Current Account?

A. No, you don't have to switch any of your other current accounts when you open a Tesco Bank Current Account.

https://yourcommunity.tescobank.com/t5/Current-Accounts/Do-I-have-to-switch-my-current-account-when-I-open-a-Tesco-Bank/ta-p/666

YorkshireBoy

Presumably (since the objective seems only to earn interest) you've already filled the 5% AER current accounts and their associated 5% AER regular savers?...capable of taking an initial £4.5K and a further £750 a month.

If there are two of you the numbers are £13,500 and £1,500 respectively.

wisewoman

Thank you for all replies. TSB allows only one regular saver , altho we have one current account and one joint current acc.
Will keep hunting. Will also scour through T & Cs for tesco.

YorkshireBoy

wisewoman wrote: »

TSB allows only one regular saver , altho we have one current account and one joint current acc.

So scope for other 5% accounts there then. And also Nationwide (a £7,500 lump and £1K per month ongoing).

Tesco should really be way down your list, when the other accounts pay almost twice the interest Tesco do.

Romburner

You don't need to switch to have a 3% Tesco current account. I opened one a few weeks ago. You should look at Club Lloyds as well which gives 4% on 5K plus they have a 4% regular saver for £400 per month. You do however need to bounce in (and back out if required) £1500 per month and have 2 DDs per month.

To help you with the DDs open a Tesco savings account (poor interest) but they allow you to set up DDs (take one for a small amount each month from your Club Lloyds.

Another helper for DDs is a GoCardless account, it is free, just sign up with your main account (First Direct in my case) then set up a DD using Go Cardless to take £1 from Club Lloyds. They charge 1% per DD so costs you 1p per month

littlemissrach

Hi wisewoman, no you don't need to switch for the Tesco current account - I've very recently opened one, popped my 3k in there but I just said no to switching or offer of the overdraft so just somewhere to pop some savings

Dan83

I have 2 tesco current accounts, I didn't need to switch, I just opened them.

For some reason, I couldn't open mine on line, I got half way through the application and was told to ring up.

When it's done they send you a letter you sign it then send it back.

A few days later you get a card, then pin.

bobobski

I applied to open one yesterday and didn't need to switch. Although I get the confusion: there are two "apply now" buttons on the same page, one of which is under the information about switching, and the other is the usual apply button. Use the normal one, and tick "no" to switching.

YorkshireBoy

bobobski wrote: »

Although I get the confusion: there are two "apply now" buttons on the same page, one of which is under the information about switching, and the other is the usual apply button. Use the normal one, and tick "no" to switching.

They both go to the same application page.