Tesco bank suspend new applications

ceredigion

prestonblue wrote: »

Set up internet banking today very impressed so far with Tesco , very quick and easy transfered my first £100 from HSBC no problems all items required have been received in less than 2 weeks.
Bearing in mind the current account offer has been so popular that they have had to suspend it i'm so impressed with Tesco i'm considering moving my current account and savings account and my credit card from HSBC to Tesco been with HSBC since it was Midland almost 30 years, and cant remember why i pay them £10 pm for my current account :sad:

Confess to liking Tesco Bank, but if you are moving from HSBC a piggy bank would seem bliss,

Candyapple

Seems the application process has been re-opened with new T&C's:

By logging in to Tesco Online Banking, I'm able to apply again.

Min £750/month pay in and 3 DDs now.

Current Account - Important information
With effect from 4 April, our Current Account Guarantee has changed for new applications. To earn 3% AER credit interest on balances up to £3,000 until April 2019, you must now pay in at least £750 per statement month, and pay at least three direct debits each statement month (excluding direct debits to Tesco Bank savings accounts).

https://forums.moneysavingexpert.com/discussion/5617829

WillPS

Can confirm I have opened 2 current accounts this morning.

HornetSaver

These new hoops are understandable, but a pain for me.

Tesco always used to be switcher's haven (switch from Tesco to an account with a good bonus, apply for another one, and they'd give it to you). But now if you do that you lose the grandfathered rights of no minimum pay-in or DD requirement.

grumpyoldwoman

Does anyone know, do they have to be Direct Debits - i.e. debits actioned by the payee, or can they be standing orders too - i.e. debits actioned by me?

eskbanker

grumpyoldwoman wrote: »

Does anyone know, do they have to be Direct Debits - i.e. debits actioned by the payee, or can they be standing orders too - i.e. debits actioned by me?

If the Ts & Cs state "direct debits or standing orders" then you can use standing orders to qualify.

If the Ts & Cs state "direct debits" then standing orders won't help you to qualify as they're completely different from direct debits!

Based on the extract quoted a few posts back (prominently shown at http://www.tescobank.com/current-accounts/), it's the latter....

grumpyoldwoman

After looking at the full terms and conditions on the Tesco Bank site it does say just direct debits so I presume standing orders wouldn't count, thanks.