MSE News: Applications for Tesco Bank account suspended after MoneySavers' stampede

A_Flock_Of_Sheep

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 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?

I entirely agree with this. I have had a Tesco account for ages and will be upset if MSE is the cause of the account being changed for the worse.

Herbalus

JuicyJesus wrote: »

In all fairness to MSE, and as much as I sympathise with your point of view, there wouldn't be much point in the site existing if it didn't highlight good deals when they were available.

There is a great deal of difference between a concise highlight of available options that lead one to question their own affairs, and the rabid pushing of products in tabloid-style journalism.

The account has been available for ages. I'm not sure why it has become huge news this week.

It'd be the same if the DD-pull facility used for other accounts was splashed on the front pages of the email. Those applicable accounts would probably get suspended too and ruin it for those who who have bothered to research it. That information isn't hidden, and so is available to everybody easily. But publish it with such force and it risks damaging the product for everybody.

jimjames

Herbalus wrote: »

The account has been available for ages. I'm not sure why it has become huge news this week.

That's what seems so odd. The account has been available for nearly 3 years so the stampede is a bit late on the bandwagon. I've even seen a post on the Tesco own forum asking about this "new" account and others about the new 3% savings account. If they have so little knowledge that they've missed it for that long then there is a lot of spoon feeding needed to actually pass the info on.

soulsaver

I think the 2 year guarantee may have something to do with it...
particularly when all the other 'decent' rates have been either cut or seen to be at risk of being cut.

harz99

soulsaver wrote: »

I think the 2 year guarantee may have something to do with it...
particularly when all the other 'decent' rates have been either cut or seen to be at risk of being cut.

Spot on, and that's almost certainly why it became an MSE new item.

Lunalaws

I switched from TSB to Halifax at the beginning of the year. Got £100 and £3 every month. I took out a Tesco Bank current account to switch to TSB for the £125 but now it is one of the most competitive.
Check savingschampion website now thank to MSE Forumites.
I still want to switch to TSB but where should I open a dummy account now? I was thinking Co-op but it now is up for sale and has a £110 offer switch with minimum 4 DD.

Jo_Blogs

Interesting! I wrote a reply to the above posts, and it wouldn't accept what I had written. I can't think why!?!......:).
Ok, I can take a hint :rotfl:.:rotfl::rotfl:

Herbalus

soulsaver wrote: »

I think the 2 year guarantee may have something to do with it...
particularly when all the other 'decent' rates have been either cut or seen to be at risk of being cut.

I get that.

Still doesn't make sense when you think that the current accounts that have cut interest will not want to do again in the short term. It's not like the price of lettuce in the supermarket that yo-yos all the time.

Plus when any bank says guaranteed for 2 years I automatically think they'll reduce it after that. Think energy companies and no price hikes for the next 3 months etc...

tripled

MSE understands that about 60,000 current account applications were made to Tesco Bank in just four days last week – if that level of uptake had continued it's estimated the bank would've received about five million applications in total throughout the course of the year.

I once stuck a quid on the gee gees and won a hundred quid - if that level of winnings had continued it's estimated I would've received £36,500 in total throughout the course of the year.

Raulzito

Oh and you certainly know best don't you?