Tesco bank suspend new applications

agrinnall

masonic wrote: »

My experience with Tesco is that payments in either direction normally turn up within about 10 minutes of being sent, so it probably is possible. However, the Tesco account doesn't require £1000 per month to be cycled through it.

Shakin_Steve wrote: »

Payments between my Tesco and Barclays accounts are within seconds....either way. Tesco have a front page up today saying that, due to essential maintenance, FP's will all be credited Sunday night. I did one at three o'clock and it went straight over.

I'm quite surprised to see this because Tesco are not a full member of FPS and therefore have no direct connection into the system, and it is also in contradiction to my experience which is that transfers to my Tesco accounts have all arrived the day after they were sent (primarily from Nationwide, which is a full member). However, if you are getting a quick service then that's obviously a good thing, whatever they do to achieve it.

cheesetoast

badger09 wrote: »

Hardly surprising.

Victims of their own success:cool:

I think they knew exactly what they were doing.

My prediction is that they re-open applications at the beginning of March, but with a 2% interest rate. Then, everyone currently on 3% gets moved down to 2% in April 2019, having had two years' warning.

cheesetoast

agrinnall wrote: »

if you are getting a quick service then that's obviously a good thing, whatever they do to achieve it.

Oddly, while FPs are slow, I've found that debit card transactions post very quickly onto my Tesco account - pretty much every single one goes on as a finalised transaction the next day.

Shakin_Steve

I'm only fumbling in the dark here, but....the first couple of FP's I did from my Barclays account took about 15 mins to appear in my Tesco account. But since the, they are almost instant. Maybe the system becomes familiar with payments somehow.
I'm probably way off.

Missus_Hyde

The Banks, as businesses have a choice. They must be well aware that the savvy use the current accounts as savings accounts.

They choose not to prevent this.

In some way or another they are making their profits - they can't blame the customers for trying to do likewise.

Sadly, these days banks have no loyalty whatsoever to their long standing customers and merely try to get as much money out of them as they can.

Therefore I have no loyalty to them either and will use them to maximise any interest I can get from them.

Shakin_Steve wrote: »

I'm only fumbling in the dark here, but....the first couple of FP's I did from my Barclays account took about 15 mins to appear in my Tesco account. But since the, they are almost instant. Maybe the system becomes familiar with payments somehow.
I'm probably way off.

I've had almost instant FP's in and out of my Tesco accounts; by the time I've logged out from Lloyds and logged into Tesco, the money has arrived in the account and vice versa.

Quite refreshing to have something that works efficiently!

societys_child

agrinnall wrote: »

I'm quite surprised to see this because Tesco are not a full member of FPS . . .

I set up a new payee on a Halifax account to my new Tesco current acc on Thursday night and sent a £10 test payment. Logged into Tesco a couple of minutes later, and the tenner was there.

It all went wrong yesterday when I tried to transfer a larger amount, not a Tesco problem, Halifax blocked it.
Had a long, long phone security check before they allowed me to transfer it.

Checked about 10 minutes later and there it was, sitting in my Tesco account

colsten

bodacious wrote: »

another Martin Lewis own goal - when he tells the whole world about something it always stops very quickly.

I doubt Martin Lewis will have suffered himself from telling people about an account that offers 3% AER on max £3,000, not even if he and his wife would have opened 2 each of these themselves.


He has just woken up the remaining sleepers to the opportunity to earn interest on a fairly small amount - an opportunity that had existed for over 2 and a half years.

I shall never understand how people could just wait for an email from their favourite idol before they assume responsibility for their own personal financial affairs. Can anyone here explain the phenomenon?

Scad

This is exactly true, there has been no monthly fee or credit requirement on the Tesco current account for ages.

For those that missed out if this deal now gets pulled ... tough tattles.:money: You deserve what you get as you couldn't be bothered moving/opening one before as the rate could have moved down but it was already at 3% so was miles ahead of any instant access savings account in the market.

I have a Tesco current account and have actually used it as a current account for months so I'm quite happy to be getting rewarded for my loyalty. :money:

If I'm not wrong, this was a guarantee to reward their existing current account customers anyway so all the people that feel like they missed out are just being greedy

Jeems

JuicyJesus wrote: »

These offers are targeted at that sort of person; someone who doesn't really care that much about their bank and has to be bribed in order to switch, and will then hopefully like the bank enough to stay. The problem for the bank then is trying to separate them out from the MSErs doing it solely for the cash and trying to meet whatever criteria are set out.

I'd argue that its the "normal" members of the population jumping on the offer now that has caused Tesco to close applications. As someone else in this thread pointed out, this account isn't new and has been open for 2 years or more (and in its current guise of not needed DD's or monthly pay in's, over a year now) and many posters on this forum have had 2x or 4x account for a long, long time.

Yorkshire_Pud

If there is one thing Martin Lewis likes it is a deadline, rush, do it now, don't wait!

So April 1st to ensure a locked in 3%, that's two months of no advertising by Tesco, they don't need to bother paying for it when their product becomes 'the news'. On an old account that's been paying 3% from the start and a quiet guarantee of a fixed or increased rate for two years was nice.

So the writing is on the wall.

In April Tesco offer their current account paying 2% or 1.5% those already getting 3% stay with the bank because they are not losing out. If Tesco had reduced the rate for all existing current account customers on 1st April those people would have closed accounts. Then in April 2019 Tesco reduce the rate for those privileged customers getting 3% to the lower rate newer customers have been getting to 'be fair to all our current account customers'.

As the cosa nostra (not the Costa Nostradamus that spellchecker says) would say, its just business:)