tesco 3% new current account

YorkshireBoy

judexx wrote: »

I can't see this mentioned - the headline is '3% interest on balances up to £3,000 guaranteed from 01/04/17 to 01/04/19.' but does anyone know if any interest is paid prior to 1st April ?
IE is it best to open this with £5 and then move the £3000 in on 1.4.17 ?

This account has been paying 3% AER (variable) on £3K for some time now. The only difference is that they've introduced a guarantee that it'll be at least 3% AER for the period in question. I can't see them reducing it for a month and a half now...can you? Of course they'd have to give c. 60 days notice for existing customers, and there aren't 60 days between now and 1st April.

ColdIron

judexx wrote: »

does anyone know if any interest is paid prior to 1st April ?
IE is it best to open this with £5 and then move the £3000 in on 1.4.17 ?

It's been paying 3% for quite some time now so there is no reason to wait

chockydavid1983 wrote: »

I'm wondering if my Tesco accounts will be switched to this automatically as they seem identical apart from the club card points.

There is nothing to switch as this is the only current account they do, it's just a change to the benefits

Lifes_Grand_Plan

Hi folks,

I applied online for one of these accounts earlier today and have just tried to open a second the same way now. After completing the first screen it says "Sorry, we are unable to continue online. Please, contact us and one of our advisors will help you complete your application."

Has anyone else had this? Do you have to leave an amount of time before applying for the second account?

SG27

I got all excited after seeing the headline in the email. Thought they had launched a 3% savings account but seems it's the same 3% current accounts with slightly different terms? So ate existing accounts changing to the new terms?

jimjames

SG27 wrote: »

I got all excited after seeing the headline in the email. Thought they had launched a 3% savings account but seems it's the same 3% current accounts with slightly different terms? So ate existing accounts changing to the new terms?

The only new term is that the rate is guaranteed. Everything else is the same.

A lot of confusion seems to have been generated for something that has existed for at least 2 years!

jimjames

pieropan wrote: »

Thanks...so are you counting the jt a/c as 2 accounts (thereby making 4 if you include the 2 individual sole accounts), also is the savings limit £3k on a joint ?

Don't open a joint account if you want to maximise your interest

talexuser

jimjames wrote: »

Everything else is the same.

I think you no longer need the £750 a month feed too.

YorkshireBoy

talexuser wrote: »

I think you no longer need the £750 a month feed too.

That hasn't been required for a very long time...maybe 18 months or so?

colsten

YorkshireBoy wrote: »

This account has been paying 3% AER (variable) on £3K for some time now.

I had my two for over two and a half years now. Both opened in June 2014, and always got 3% AER.

Speculator

YorkshireBoy wrote: »

That hasn't been required for a very long time...maybe 18 months or so?

I think they removed the requirement at around the same time as when Santander increased the monthly fee on their 123 from £2 to £5 per month.