Tesco Interest

badger09

Katiehound wrote: »

You can leave the capital in- the one transaction you need is to make sure money is going in per month! (which only needs to visit.) I understand there is no longer a minimum stipulated amount to pay in.

Why do you say that?

There is no monthly minimum pay in needed, so...... there is no need to pay anything in 'per month' :cool:

OP might want to skim off the interest though.

nearlyretired2004

....... he does........ Thanks!!

Katiehound

badger09 wrote: »

Why do you say that?

There is no monthly minimum pay in needed, so...... there is no need to pay anything in 'per month' :cool:

OP might want to skim off the interest though.

Well, that's news to me!
When you open the account they ask how much money you are going to put in per month (happened last week when I opened a second a/c)
Put it like this I'd rather cycle an amount thro..... and get the interest!......and not make them suspicious!!

bigadaj

Katiehound wrote: »

Well, that's news to me!
When you open the account they ask how much money you are going to put in per month (happened last week when I opened a second a/c)
Put it like this I'd rather cycle an amount thro..... and get the interest!......and not make them suspicious!!

Up to you.

I log on, sweep the interest out, and repeat on a monthly basis. They even kindly email me to let me know the statement is due and it's time to do some sweeping.

badger09

Katiehound wrote: »

Well, that's news to me!
When you open the account they ask how much money you are going to put in per month (happened last week when I opened a second a/c)
Put it like this I'd rather cycle an amount thro..... and get the interest!......and not make them suspicious!!

http://corporate.tescobank.com/25/news/news-releases/tesco-bank-removes-fee-on-current-account/?newsid=232

I too 'use':cool: all my current accounts to some extent, in addition to complying with minimum pay ins, DDs etc, rather than simply dump cash in them.

However, since the change in T&Cs in September last year, there is no need for any monthly funding of the Tesco accounts

Katiehound

badger09 wrote: »

http://corporate.tescobank.com/25/news/news-releases/tesco-bank-removes-fee-on-current-account/?newsid=232


However, since the change in T&Cs in September last year, there is no need for any monthly funding of the Tesco accounts

Yes, just read the link above- but I've never paid a fee anyway.
Maybe the minimum pay in was to counteract that fee originally? Will still cycle an amount through- it's all set up anyway! after all it is meant to be a current a/c rather than a savings a/c.......

No_6

Just use mine as a saving account for £3k and move the interest each month, OH's has a small payments added each month to meet DD's required on other accounts, then interest moved each month.

fifeken

No_6 wrote: »

. . . OH's has a small payments added each month to meet DD's required on other accounts . . . .

Can you expand on this? Are you saying there are Direct Debits set up to pull money into his Tesco current account?

I thought you needed Internet Saver or the other one (name escapes me) to set up Direct Debits.

No_6

Too much red wine last night and forgot the DD's are set up for the
internet saver, so both Tesco Current accounts are only being used as saving accounts.

bigadaj

No_6 wrote: »

Too much red wine last night and forgot the DD's are set up for the
internet saver, so both Tesco Current accounts are only being used as saving accounts.

That's fine on the forum, just dont operate the accounts or heavy machinery in that condition!