Tesco bank suspend new applications

jimjames

WillyWonga wrote: »

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.

I for one am not stoozing. Anyone who has an emergency fund for savings could easily use these accounts.

I guess if you're rich enough that £100 doesn't matter to you then MSE might not be the right place to be.

MisterMotivated wrote: »

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

As a customer at the time of the fraud I agree. No one lost any money from it, except perhaps Tesco themselves, and no customer accounts were compromised.

colsten

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.

Over the lasts two or so years, I have made hundreds of payments to and from Tesco and my other accounts, mainly Santander but also Halifax, Lloyds, HSBC, Barclays, TSB and Nationwide. Like masonic and Shakin Steve, my experience is that the transactions complete quite swiftly. Not as instant as most of the main banks but mostly well within 5-10 minutes.

Archi_Bald

Ed-1 wrote: »

Tesco savings account direct debit on Tesco current account?

They could put in a nasty clause that DDs must be from a non-Tesco account

Their system could just prevent it from working, and perhaps is doing so already.

colsten

MisterMotivated wrote: »

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

As there is FSCS protection, I never had any doubt that I would get my money back. The missing money didn't even affect the interest payment. Plus, Tesco kindly added a nice little sum of money to one of my Tesco savings accounts.

There are so many positives about the Tesco accounts that the hack pales into complete insignificance. I'd still like to know some day what actually happened - they didn't ever tell us, did they?

masonic

AndyPK wrote: »

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

Yes, and perhaps temporarily limiting supply will do the same. It could all be part of the same advertising campaign.

jimjames

colsten wrote: »

There are so many positives about the Tesco accounts that the hack pales into complete insignificance. I'd still like to know some day what actually happened - they didn't ever tell us, did they?

As I understand it the case is still an active criminal investigation hence little info. But from what I've read it didn't involve any customer facing systems.

supershrimper

This will be interesting to see if Tesco decides to changed the conditions of holding a current account to enable customers to continue to receive the 3% commission (mininimum pay in, x number of Direct Debts etc)

Will MoneySavingExpert and Martin Lewis personally apologise to all the CURRENT Tesco Bank holders that manage to locate this deal without receiving an email telling them its the best. They seem very proud that it was down to them that Tesco Bank had 90,000 applications in just under a week.

How proud would they be when Tesco close this and add on conditions affecting people like myself who have been with Tesco for a while.

You should be here to give people the information to show them what deals are out there and let them make their own minds up. How are any of them going to become good with money if they always wait for someone else to tell them what they should do with it?

pollypenny

supershrimper wrote: »

This will be interesting to see if Tesco decides to changed the conditions of holding a current account to enable customers to continue to receive the 3% commission (mininimum pay in, x number of Direct Debts etc)

Will MoneySavingExpert and Martin Lewis personally apologise to all the CURRENT Tesco Bank holders that manage to locate this deal without receiving an email telling them its the best. They seem very proud that it was down to them that Tesco Bank had 90,000 applications in just under a week.

How proud would they be when Tesco close this and add on conditions affecting people like myself who have been with Tesco for a

You should be here to give people the information to show them what deals are out there and let them make their own minds up. How are any of them going to become good with money if they always wait for someone else to tell them what they should do with it?

Re your last paragraph, that's exactly what Martin Lewis does. I've not heard of him making anyone open an account, buy a mobile phone or insurance.

He lays out the options and it's up to readers or listeners to act in their own interests.

takman

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 don't see how its sad to get the most amount of money from your savings. I'm one of the people who opened two Tesco Current Accounts and put £6000 in them (but i did this a few months after the offer started and not recently). I also have all the other main current accounts to get the maximum interest on my money.


Out of interest what do you do with your savings? do you invest it all? or do you just accept a low interest rate?.

phillw

supershrimper wrote: »

You should be here to give people the information to show them what deals are out there and let them make their own minds up.

If Martin had mind controlled everyone to open a Tesco account then they would have had a lot more than 60,000 applications and there wouldn't be people kicking themselves that they didn't open two accounts already.

The only reason why anyone comes here is to find out about the best deals without having to do the work themselves. I can see why people who don't come to MSE would look down on us as spoiling the fun, but I don't see why MSE members get upset when a deal gets pulled because it gets jumped on.