Decent banks

bigadaj

Anthorn wrote: »

Ok let's look at opening a Tesco Bank current account: After the online application is completed they send a welcome pack containing forms by post. The current account is then opened 14 days after they receive the forms. Now we come to the guaranteed 7 day switching: The switch is started when the new debit card is activated. That looks like a lot longer than 7 days from account opening. We wait three days for the welcome pack and probably another 3 days for them to receive the forms and then 14 days for them to open the account and then probably up to 10 days to receive the debit card and then 7 days for the switch.

Hey I think Noah had a Tesco Bank Current Account before the flood washed away his debit card!

Why do you want to switch a current account to tesco?

badger09

Anthorn wrote: »

Be very careful if considering opening a Tesco Bank Internet Saver which I currently have a problem with.

Anthorn wrote: »

You missed my main point. I have to wait for the welcome letter sent by post to find out what it is I need to do. Until I do it withdrawals are not allowed. It's something of a mystery isn't it.

Anthorn wrote: »

Ok let's look at opening a Tesco Bank current account: After the online application is completed they send a welcome pack containing forms by post.

Now we come to the guaranteed 7 day switching: The switch is started when the new debit card is activated. That looks like a lot longer than 7 days from account opening.

Anthorn, what exactly are you trying to do?

Open an Internet Saver?
Open a current account?
Switch a current account?

What have you done, and when?

If you have paid a large amount, to which you might need immediate access, into a savings account before you have access to that account

and/or initiated a current account switch before your new current account is open and functioning

I would ask Why?:cool:

Anthorn

badger09 wrote: »

Anthorn, what exactly are you trying to do?

Open an Internet Saver?
Open a current account?
Switch a current account?

What have you done, and when?

If you have paid a large amount, to which you might need immediate access, into a savings account before you have access to that account

and/or initiated a current account switch before your new current account is open and functioning

I would ask Why?:cool:

Why do you want to know?

To date after 4 days still no welcome letter and account shows a balance but an available balance of nil.

badger09

Anthorn wrote: »

Why do you want to know?

To date after 4 days still no welcome letter and account shows a balance but an available balance of nil.

Because I thought you wanted constructive comments.

I now realise I was wrong.

Mr_Goodkat

Anthorn wrote: »

Be very careful if considering opening a Tesco Bank Internet Saver which I currently have a problem with.

When opened the account is not active and you can deposit money but you can't withdraw it. Basically you wait for a welcome letter to arrive by post which contains information on ID documentation to send them. That's fair enough but just about everything including the right to withdraw hinges on the date of the welcome letter as does failing to send ID documentation: If the requested documentation is not sent within 30 days of the date on the welcome letter deposits are returned to where they came from. The problem is I don't actually expect the welcome letter any time soon.

So I was expecting an instant access account but what I have is in no way, shape or form an instant access account. Oh yes, I phoned them. That's how I got the above information.

So do not deposit money you might need to withdraw quickly. If you do it's likely to be dead for some time. Personally, I'm withdrawing from the agreement and taking back my money as soon as I can.

Tesco Savings accounts can be opened with a deposit of £1 so why would you ever deposit significant funds especially funds you wanted to have access to into an account before you have it fully open and the ability to access the money easily?

I am pretty sure as part of the set up and initial deposit you are warned that you can make deposits but not withdrawals until certain criteria has been met - in my case it was simply returning a signature for each account.

mgdavid

Anthorn wrote: »

Why do you want to know?

..........

Obv for clarification - as your posts are conflicting and confusing.

Anthorn

mgdavid wrote: »

Obv for clarification - as your posts are conflicting and confusing.

In that case you must be able to compare my posts, quoting and linking.

Anthorn

Mr_Goodkat wrote: »

Tesco Savings accounts can be opened with a deposit of £1 so why would you ever deposit significant funds especially funds you wanted to have access to into an account before you have it fully open and the ability to access the money easily?

I am pretty sure as part of the set up and initial deposit you are warned that you can make deposits but not withdrawals until certain criteria has been met - in my case it was simply returning a signature for each account.

The point is flying over your head. I don't know what I have to do until I receive the welcome letter in which the final steps are listed. Still no welcome letter arrived.

eskbanker

Anthorn wrote: »

In that case you must be able to compare my posts, quoting and linking.

You mean like badger09 did when asking you the (as yet unanswered) question in post #23?

Anthorn

Anyway, getting back to the OP, Tesco Bank is probably a decent bank if you can wait upwards of 2 - 3 weeks for the account to be finalised and opened. Otherwise avoid it like the plague and go elsewhere where you might get the account opened instantly. Where Tesco Bank scores is 3% interest on a credit balance, no fee, no minimum credit requirement and the lowest arranged overdraft cost I can find. On the other hand if you don't get an arranged overdraft you'll be paying for an unarranged overdraft with the proverbial arm and a leg.