Tesco bank suspend new applications

nutty

Has anyone had this months interest? I have on one account but not on the 2nd did only open/fund it late last month 23rd

fabsaver

nutty wrote: »

Has anyone had this months interest? I have on one account but not on the 2nd did only open/fund it late last month 23rd

You will receive it on the 23rd. Tesco calculate and pay interest on the statement month, so it depends when the account was opened.

On my two accounts the interest is paid on different dates.

Katiehound

Maybe some of the new applicants are actually the daft ones who voted with their feet and rapidly moved out all their money when the hackers called that very weekend? Well, that's what folk were threatening. Me, I sat tight!
I know full well the accounts were mentioned in the newspapers, not just on this website or the TV programmes. One of my friends thought that the interest only started being paid in April because she had read the dates. (I had already told her weeks before.........)

MiserlyMartin

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 Anything intended as a nice little bonus for people using a particular bank immediately gets pounced on and ends up withdrawn because MSErs want to stick savings in it/run £1000 through it for 2 seconds a week and get free money.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

Blame the Bank of England, QE, funding for lending and other government policy which has ensured banks do not need your savings deposits anymore. Hence we have stupidly low rates. The banks aren't stupid, they use the high rates to draw in new customers for bank accounts. If we weren't all suffering with the low rates these deals wouldn't be oversubscribed.

Nozama

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.

JuicyJesus wrote: »

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.

The banks know what they're doing, and they must keep doing it because it's good for business. It's hardly a secret that people have started using current accounts instead of savings accounts for better returns, and realistically what more could you expect! It's already a topsy-turvy world when the banks manage to manipulate customers into accepting the norm of current accounts paying higher interest than savings accounts. Also, the number of customers a bank has and the amount of money available to the bank in deposits surely does make a huge difference to its standing and share price.

A saver will at least have cash to spend, that will make its way into the banks profits through some route or other. IMO, the real waste of money for banks are the switching bonuses, because all they're really buying for that cash is a temporary customer.

Nozama

I do agree with the same of some posters regarding deals that are terminated because they have been "advertised" in the MSE weekly newsletter leading to a mad rush to take up an offer. However I think Tesco have been sensible in this case, and if they had an affordability cut-off point, I do hope they do their sums properly to avoid having to make changes to existing customer accounts at a later date.

At a minimum the 3% guarantee will be in place for 2 years for all existing customers. The outlook beyond 2 years might well be for interest rates to be on the rise as a whole, so we may not need to worry about Tesco slashing rates when the 2 years is up. Also, they would need to factor in the wholesale exodus of customers ditching their accounts if the account is no longer attractive.

Jo_Blogs

JuicyJesus wrote: »

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.

Perhaps Tesco are now about to inplement a clause in the T&C's for new account opening once the pause is lifted..................

"Existing customers, and those who have applied for an account up until this point, are unaffected by this decision and will benefit from the guaranteed 3% interest and the increased Clubcard points on spend in store from 1st April 2017 to 1st April 2019. Every customer who has applied for an account up until 03:00 on 11th February 2017 will have their application processed and we will be in touch with customers in due course to confirm if they have been accepted and when they can start using their account. "

https://yourcommunity.tescobank.com/t5/Current-Accounts/What-does-pausing-our-Current-Account-applications-mean-for/ta-p/8991

andromedean

For those who have been accepted,, has anyone received a Temporary Security number they can't see? Is this supposed to be in place of a sort code and account number?

I have a debit card from them which might contain those numbers but they aren't labelled. Do these numbers arrive later or have they messed up?

john1002

This is to ensure you only transfer money into the account once you have received your debit card, once activated you will see your full account details online and be able to transact normally.

John

KxMx

andromedean wrote: »

For those who have been accepted,, has anyone received a Temporary Security number they can't see? Is this supposed to be in place of a sort code and account number?

I have a debit card from them which might contain those numbers but they aren't labelled. Do these numbers arrive later or have they messed up?

I got a temp number today which is used to register for telephone/internet banking.

You have to put the pulled off tab against a white background, where you will be able to read the number.

Later correspondence should specifically reference the bank account number & sort code.

In the meantime on your debit card sort code is 6 digits with dashes. Account number 8 digits. It will be under your name.


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