Tesco Bank Fixed Rate Bond

[Deleted User]

I applied online on 25 August on behalf of my mother for a 2 year fixed rate bond with Tesco Bank at 1.5% pa. The application was accepted, subject to identification, and an application ID reference was provided. A few days later a letter arrived asking her to send identification documents. These were sent by return and came back last week, after about a week of delay. The letter returning the docs said that she would hear from them soon.

The inevitable has happened, and the 2 year fixed rate bond is no longer advertised.

I am wondering if my mother's application will be honoured or should I start looking for something else for her?

Thanks for any insight.

xylophone

I am wondering if my mother's application will be honoured or should I start looking for something else for her?

Ring Tesco and ask?

[Deleted User]

xylophone wrote: »

Ring Tesco and ask?

Thanks, never thought of doing that. Very helpful.

bigadaj

Deleted_User wrote: »

Thanks, never thought of doing that. Very helpful.

Let us know how you get on.

[Deleted User]

bigadaj wrote: »

Let us know how you get on.

Tried. They are experiencing a v high volume of calls so didn't hold.

ColdIron

If the application is accepted most banks will honour the rate that applied at the time of application, you're probably fine

adindas

ColdIron wrote: »

If the application is accepted most banks will honour the rate that applied at the time of application, you're probably fine

My personal experience, Tesco Customer Service is really Excellent and the staff know well their products and what they are doing ....

[Deleted User]

ColdIron wrote: »

If the application is accepted most banks will honour the rate that applied at the time of application, you're probably fine

Thanks for helpful reply. I hope so.

spenderdave

I opened one of these a few months back when it was 1.8%. It took around a month before it was actually opened, the usual delays in getting IDs etc - and they sent everything second class post. It was indeed opened at the original rate even though it had gone down to 1.5 by that time.

You should be fine, but Tesco don't seem to be the most efficient.

[Deleted User]

spenderdave wrote: »

I opened one of these a few months back when it was 1.8%. It took around a month before it was actually opened, the usual delays in getting IDs etc - and they sent everything second class post. It was indeed opened at the original rate even though it had gone down to 1.5 by that time.

You should be fine, but Tesco don't seem to be the most efficient.

Thanks for this helpful information.

Yes, Tesco are quite slow in opening new accounts, particularly for new customers where ID is required. For existing customers, I have found that the opening of additional savings accounts is very quick, not so quick for current accounts.