Tesco Current Account

st999

Am I understanding this correctly, I open a Tesco Current Account with £3000 then forget about it and get £88 a year?

No monthly DDs, payments in etc?

PeacefulWaters

Assuming they maintain the present interest rate, terms and conditions, yes.

xylophone

forget about it and get £88 a year?

You might wish to transfer out the monthly interest?

B_G_B

Also, good practice to log in now and again to make sure all is ok.

TheShape

xylophone wrote: »

You might wish to transfer out the monthly interest?

I'd say definitely transfer out the interest a soon as you get it and put it somewhere also earning interest, perhaps a second Tesco Current Account. I get a text alert when my balance goes above £3000 and the interest is out of there into another account that day. £7.29 per month I think.

[Deleted User]

TheShape wrote: »

I'd say definitely transfer out the interest a soon as you get it and put it somewhere also earning interest, perhaps a second Tesco Current Account. I get a text alert when my balance goes above £3000 and the interest is out of there into another account that day. £7.29 per month I think.

The amount of interest varies slightly depending on the length of the month. Interest paid in October was £7.29 because September only has 30 days. Interest paid in November will be slightly more, £7.54 from memory, due to 31 days in October. All based on keeping £3K in the account throughout the month.

Yes, the Tesco current account is a good deal. No DDs, no monthly funding requirement and you can have 2 solo accounts. How long will it last?

teddysmum

Deleted_User wrote: »

The amount of interest varies slightly depending on the length of the month. Interest paid in October was £7.29 because September only has 30 days. Interest paid in November will be slightly more, £7.54 from memory, due to 31 days in October. All based on keeping £3K in the account throughout the month.

Yes, the Tesco current account is a good deal. No DDs, no monthly funding requirement and you can have 2 solo accounts. How long will it last?

It is too good to be true for much longer. I'm expecting a rate drop or an insistence on direct debits , as it's just my luck having recently opened a couple of accounts.


Direct debits could be a problem, as many actually use Tesco savings accounts to draw direct debits, but some banks don't allow transactions, between their own products, to qualify.

YorkshireBoy

teddysmum wrote: »

Direct debits could be a problem, as many actually use Tesco savings accounts to draw direct debits, but some banks don't allow transactions, between their own products, to qualify.

That's for funding credits, not withdrawal debits...unless you can give some examples of "some banks" (seems you believe there is more than one?) who like to have a say in where you spend your money?

Norscbu

Thought I'd bump this instead of starting a new thread...

Do tesco accept instantly? I applied for a current account, no overdraft and was then told they would process my application. Was expecting an instant decision. (everything is in order at CRA's)

Shakin_Steve

Norscbu wrote: »

Thought I'd bump this instead of starting a new thread...

Do tesco accept instantly? I applied for a current account, no overdraft and was then told they would process my application. Was expecting an instant decision. (everything is in order at CRA's)

We applied for a joint account on the 30th November, they immediately texted to say we had been accepted. They sent forms out to be signed three days later, we sent them back and heard nothing for a week. Then another text to say all was ok. I could then log in and see a number and sort code. Still waiting for PINs and cards.
One problem I found: when you ring up and enquire about your application, they have no clue because they can only see what's been put on the system by someone else, which is usually nowt.

Norscbu

ok thanks, i've since received a text saying they need to complete further checks and they'll get back to me in a few days. Must be something I entered incorrectly perhaps. Oh well