Tesco bank suspend new applications

renard_2

JuicyJesus wrote: »

It is faintly depressing. Anything intended as a nice little bonus for people using a particular bank immediately gets pounced on and ends up withdrawn because MSErs want to stick savings in it/run £1000 through it for 2 seconds a week and get free money.

They're perfectly entitled to do so by the letter of the terms and conditions, but at the same time it does rather ruin it for those who want to use these offers as intended.

What a ridiculous comment! You infer that people should not be allowed to invest in this product because it (allegedly) prevents other people from being allowed to invest in it . . . :rotfl:

JuicyJesus

renard wrote: »

What a ridiculous comment! You infer that people should not be allowed to invest in this product because it (allegedly) prevents other people from being allowed to invest in it . . . :rotfl:

There's a difference between getting a current account to use as a current account, for which you get an interest bonus as an incentive, and getting a current account to use as a savings account at a loss to the bank.

I didn't say that people shouldn't be allowed to - they clearly are, by the terms of the offer, and it's for the bank to put in terms and conditions to disallow it if they feel it necessary. Just that those that do tend to jeopardise the offer for those who take it as an incentive rather than immediately sticking the maximum from their thousands of pounds of savings into it, which I find fairly sad.

Shakin_Steve

renard wrote: »

What a ridiculous comment! You infer that people should not be allowed to invest in this product because it (allegedly) prevents other people from being allowed to invest in it . . . :rotfl:

It may be a ridiculous comment, in the eyes of the people who frequent forums such as this one, but I can see the sentiment behind it. There are millions of people who don't even know we exist, that doesn't mean that they are any less savvy than us....maybe just a bit less driven by money.
Finance is a very important part of anyone's life, but it's not the be all and end all. By coming on to parts of this forum, and buying in to the ethos, one does tend to start feeling superior, and there's a lot of sneering.
You are supposed to be in charge of your money but, for some on here, it appears to be the other way round.

System

JuicyJesus wrote: »

There's a difference between getting a current account to use as a current account, for which you get an interest bonus as an incentive, and getting a current account to use as a savings account at a loss to the bank.

I didn't say that people shouldn't be allowed to - they clearly are, by the terms of the offer, and it's for the bank to put in terms and conditions to disallow it if they feel it necessary. Just that those that do tend to jeopardise the offer for those who take it as an incentive rather than immediately sticking the maximum from their thousands of pounds of savings into it, which I find fairly sad.

I completely agree with you. I find it distasteful that people pounce on these offers just to make a fast buck. It's just my moral code at work.

Shakin_Steve

I don't think I'm suited to this forum. I feel a bit greedy applying for a second account now. Just got carried along.

dave_hendy

People use these accounts for savings as you are kicked in the teeth by everyone else. It's not our fault they don't have any rules that would put people off using the account in this way!


I expect the reason they offered this account open to everyone was to get good publicity after their poor internet security which gave them a lot of bad press.

WillPS

Bummer. I wanted to get this but thought I'd wait for confirmation of acceptance from First Direct (my last Current Account switch bonus).

Hopefully it'll be back within a month so I can start using it on April 1st.

JuicyJesus

Shakin_Steve wrote: »

I don't think I'm suited to this forum. I feel a bit greedy applying for a second account now. Just got carried along.

There's nothing wrong with having second accounts, or having as many accounts as you need. I mean I can hardly say I'm perfect since I've switched accounts for incentives and such before, I'm currently piddling around trying to have my cake and eat it with credit card cashback, etc etc etc...

It just feels a bit sad when these things get withdrawn after MSErs pounce on them and immediately try and open six of the bloody things at once with their wife/partner/son/daughter/dog joining in as well to try and maximise their gains. That's unseemly.

It's not our fault they don't have any rules that would put people off using the account in this way!

I'd even partly agree with this. Tesco should have been a lot more stringent. Hell, even a clause in the T&Cs that "we can refuse to pay bonus interest if we have reason to believe you are not genuinely using the account as your main account" or some such could have made sense. I honestly don't know why banks don't do that to be honest.

KxMx

Applied and accepted yesterday, glad I did now. Suspected it would be popular and possibly suspended/ withdrawn.

Savings rates are urine poor and the majority, if not all, of current accounts or linked products with half decent rates come with a long list of minimum terms.

As someone looking for a better rate for savings who never meets those terms, I make no apologies of opening a single account that I was entitled to open.

xylophone

Banks could offer savings accounts which pay a decent rate of interest on limited deposits rather than force people through the current account hoop.
They choose not to do so.