Tesco bank suspend new applications

Shakin_Steve

Yorkshire_Pud wrote: »

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

So Tesco have been making us an offer we can't refuse. Hmmmm.......:D

MisterMotivated

I wonder if Tesco will add monthly funding/DD requirements into their T&C's when they restart applications.

Uxb

colsten wrote: »

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?

It's everywhere - no one wants to do anything themselves and expect "someone else" to do the work.
Many forums go endlessly round and round them same of stuff time after time.
The answers are often all on here and elsewhere there if only the person could be arrrsed to actually do a search.
Posters on some places are even worse asking others to give them a "summary" of the situation so far.
All of them of course think that your time spent in replying is less valuable than theirs.
I recall one where they could not even be bothered to read the link someone helpfully gave and asked another question whose answer was on the linked page.

Goodness know how any of them get a job.
Certainly I'd never employ any of the many who are on here having entered up the bank details they were given wrongly for a payment. Put the wrong figure in a company quote, technical document, invoice etc and you/the company could be in a real mess.

badger09

cheesetoast wrote: »

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.

Which would be entirely reasonable.

MisterMotivated wrote: »

I wonder if Tesco will add monthly funding/DD requirements into their T&C's when they restart applications.

Again, entirely reasonable.

Ed-1

MisterMotivated wrote: »

I wonder if Tesco will add monthly funding/DD requirements into their T&C's when they restart applications.

Tesco savings account direct debit on Tesco current account?

WillyWonga

We are in the stages of easy money again and the bubble will soon burst.

I suspect many of the those taking up this offer are stoozing off credit cards on 0% money balance transfers.

So 3% on £3000 is £8 month interest. Under a £100 for the year. Is that worth it for the hassle?? Credit checks done etc etc. People have quickly forgotten the Tesco Bank hack last year as blinkered by the 3% rate.

Its like the car drivers who drive for miles to get petrol 2p cheaper a litre. Little do they realise on a typical tank of 50 litres they are only saving a £1 and would have cost more to get than the savings!!

Tesco Bank will benefit as cash reserves boosted and they'll soon offer a loan or credit card promotion.

jimjames

badger09 wrote: »

I doubt even the most ardent MSEer would go that far:p

And if you needed to do that I'd question the point of trying to have an account paying 3% interest. It might be 3% but that's still only 3p on that £1 you are transferring, probably far more profitable uses of your time that 12,000 transfers over the year.

jimjames

agrinnall wrote: »

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.

I transfer multiple payments between my main Tesco current account (I'm one of the unusual ones that has it as their primary account) and other accounts, including Nationwide, on a daily basis. I've not noticed any significant delay in payments being received or sent in either direction, maximum has been around 5 mins.

AndyPK

Well what did they expect putting out such a statement was only going to increase applications.

MisterMotivated

WillyWonga wrote: »

So 3% on £3000 is £8 month interest. Under a £100 for the year. Is that worth it for the hassle?? Credit checks done etc etc. People have quickly forgotten the Tesco Bank hack last year as blinkered by the 3% rate.

I can't say I consider applying online, opening account, funding with £3,000 (then repeating for a second account) then sitting back and doing nothing as being too much hassle. I suppose it depends on people's circumstances though.

As the bank carries out the credit check as part of the application process, you can't really consider it extra "hassle" for yourself, unless you're planning to apply for a mortgage in the near future.

I haven't forgotten about the hack, but I don't see how it makes a difference to the interest I get from them.