We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Tesco Bank Interest Guarantee

cheesetoast
cheesetoast Posts: 258 Forumite
Fifth Anniversary 100 Posts Combo Breaker Name Dropper
in Budgeting & bank accounts
Tesco Bank are guaranteeing their 3% interest on current accounts won't fall before 1st April 2019 which is welcome news... Although it says "may be stopped for new customers at any time" so I'm guessing they have a quota of how much money they're assuming to have on deposit. You know what to do... :)
«134

Comments

  • Zanderman
    Zanderman Posts: 4,920 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    The formal wording from their website (here http://www.tescobank.com/current-accounts/fees/):
    3% AER/2.96% Gross variable credit interest on balances up to £3,000 guaranteed from 1 April 2017 to 1 April 2019. Interest paid monthly. Although this rate is variable it will not drop below 3% AER during the dates shown.
  • badger09
    badger09 Posts: 11,693 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    That is good news.

    Makes a change:(
  • Jo_Blogs
    Jo_Blogs Posts: 753 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    badger09 wrote: »
    That is good news.

    Makes a change:(

    It certainly does :o
    Saved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44:starmod: for the 'Save 12k in 2017' #157
    2017 Womble #35 £3463.27 ;)Sept NSDs 4/15:staradminCCCChl 9/12 months:D    Sept PPChl#002 Pts 71
  • karlie88
    karlie88 Posts: 9,114 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I wonder if this was prompted by people moving their money out of their accounts following thousands of fraudulent transactions? No doubt that it had a negative impact.

    Either way, it's good to see this piece of news. BoS, hope you follow suit. ;)
    :grouphug: :D Official MSE canny forumite and HUKD VIP badge member :D :grouphug:
  • Shakin_Steve
    Shakin_Steve Posts: 2,818 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    That period almost exactly matches the two year brexit negotiating period, assuming art 50 is triggered in March.
    Just saying...
    I came into this world with nothing and I've got most of it left.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Particularly good timing as I opened my second Tesco account yesterday...
  • Shakin_Steve
    Shakin_Steve Posts: 2,818 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    agrinnall wrote: »
    Particularly good timing as I opened my second Tesco account yesterday...
    I don't get this second account lark. If they let you open a second account, why not just pay interest on £6000 in one account?
    I came into this world with nothing and I've got most of it left.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Shakin_Steve wrote: »
    I don't get this second account lark. If they let you open a second account, why not just pay interest on £6000 in one account?
    Because 90% of the population won't bother with a second account and that effectively halves the losses Tesco make on this product.
  • enomis
    enomis Posts: 45 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Just opened one of these for the rate. This is great news. Guess i should get on with opening the second one...
    Save 12k in 2017 #78 £15,500/15,000 (103.3%)
  • Scad
    Scad Posts: 38 Forumite
    Think this is a great deal, will be piling into it when I get a chance.

    Well done Tesco!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.3K Spending & Discounts
  • 245.2K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 259K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture