Tesco current account

ASDMummy

Hi,
We generally shop at Tesco, we use club card points a lot so I try to use our Tesco MasterCard as much as poss but I endlessly worry about the amount I'm spending and paying it off. I'm not a big credit card fan.
So I looked at their current account and it appears to be offering exactly the same points perk as the credit card... Is that correct? I'm just concerned I'm misunderstanding it!

I currently bank with Barclays and don't especially want to switch but if it is easier and makes my life less stressful I would consider it.

Any feedback on Tesco bank? I dislike the idea of an off the high street bank.

TIA

xylophone

Any feedback on Tesco bank?

No problems - internet access fine.

jimjames

I have a Tesco current account and credit card but I'm not sure about the question. You don't get points on the current account do you? Just 3% interest.

I also can't see how having a current account rather than a credit card will stop you spending. If you're trying to maximise your returns then the best way would be to have the money in the current account getting 3% while you spend it on the credit card and get points. Then pay off bill in full each month and get the best of both worlds, 3% interest and points on your spending.

grumbler

ASDMummy wrote: »

...
So I looked at their current account and it appears to be offering exactly the same points perk as the credit card... Is that correct? I'm just concerned I'm misunderstanding it!

Do you realise that this 'perk' is just pathetic extra 1point/£4 in Tesco and 1point/£8 elsewhere? And that if you spend £3.99 (£7.99) you don't get this point?

jimjames wrote: »

I have a Tesco current account and credit card but I'm not sure about the question. You don't get points on the current account do you? Just 3% interest.

http://www.tescobank.com/current-accounts/

You [sic] debit card is also your Clubcard - earn 5 Clubcard points for every £4 spent in Tesco and 1 point for every £8 everywhere else

With just a clubcard you get 4p/£4 in Tesco and nothing elsewhere.

SnowTiger

jimjames wrote: »

I have a Tesco current account and credit card but I'm not sure about the question. You don't get points on the current account do you? Just 3% interest.

Tesco's debit card offers the same points structure as its credit card: 1 extra point for every FULL £4 spent at Tesco; 1 point for every FULL £8 spent elsewhere. Not worth much, but every little helps.

A second account with a bank that has a high street presence is a good idea. It would act as a backup account and give access to counter services: paying in and withdrawals. Sadly, Tesco Bank doesn't offer counter services via Post Offices.

There's no incentive to switch to Tesco Bank, therefore OP may as well keep their Barclays account.

knack92

ASDMummy wrote: »

Any feedback on Tesco bank? I dislike the idea of an off the high street bank.

I sent them an R85 form with a covering note asking them to refund tax paid to date. They failed to do so. I've not followed up on it yet - I might just claim it on the R40 form I'll be completing soon.

Apart from this I'm happy with them and plan to open another account.

Pay_me

I have a a Tesco current account and credit card.

The current account is OK, easy to use on the internet and app, good customer service, does what it says really. As the card acts as your clubcard you still pick up points in Tesco if you shop there. I live pretty much next door to one so I get all of my shopping and petrol there so still pick up a good points return. If I moved away from this property I would switch account.

colsten

I have had two Tesco current account from the day Tesco made current accounts available in June 2014. I use them exclusively as savings accounts, so cannot comment on the Clubcard points they might earn.

My experience with Tesco Banking has been nothing but positive. Their CS has been excellent on the few occasions I needed to speak to them - pretty instant answering of the phone, very knowledgeable, polite and helpful operatives - nothing short of 5 star. There is some small room for improvement in the Tesco Online Banking but the Tesco banking facilities are fabulous overall - rich functionality, reliability, availability, security, and a really easy to use account. I should add, I have no experience with Tesco overdrafts or loans, so you'd need to refer to others if you are interested in those.

20aday

I've never held a Tesco Bank current account but until recently I've held a Tesco Clubcard credit card and last year I opened a loan account with them.

Like the responses above me I've never had any trouble with them; when I've needed to speak to Customer Services they've been helpful, their Online Banking service (whilst not as feature rich as others) is easy to navigate and all in all it's a shame they don't have some form of High Street presence.

diamonds

Opened recently, spoke to them a few times. Much nicer staff than the many Tesco stores around my region.

xylophone

My experience with Tesco Banking has been nothing but positive. Their CS has been excellent on the few occasions I needed to speak to them - pretty instant answering of the phone, very knowledgeable, polite and helpful operatives

I, too, have had no problems - I was surprised and disappointed to read this https://forums.moneysavingexpert.com/discussion/5437992

I phoned tesco who told me this was standard procedure and after 24 hours the block would be gone, it wasnt, on thursday i spoke to someone else who told me it would be a further 24 hours, at the end of Friday i received a phone call from a very rude man at Tesco, he told me to stop phoning them (yes, that's correct) because they were doing security checks and they would not be releasing my money and unfreezing the savings account until they were ready.