Tesco Current Bank Account

xylophone

I can't help thinking that such will be the pent up demand when Tesco open up afresh for (current account) business that they'll be "pausing" again so that they can cope.....:)

mgdavid

newuser78 wrote: »

........
I did read the T&Cs but it was the wording that confused me. ..........

which part of this confused you?

"What will you pay me when I have money in my account?
If you have money in your account, we’ll pay the following interest on the first £3,000 of your balance, but you won’t get interest on any part of your balance over £3,000"

jimjames

xylophone wrote: »

I can't help thinking that such will be the pent up demand when Tesco open up afresh for (current account) business that they'll be "pausing" again so that they can cope.....:)

Or the offer when they reopen is substantially different to before. It would make sense to me that they include DD & payment requirement as per most other banks.

teddysmum

xylophone wrote: »

I can't help thinking that such will be the pent up demand when Tesco open up afresh for (current account) business that they'll be "pausing" again so that they can cope.....:)

The promised 'next few weeks' is already over a month.

Katiehound

jimjames wrote: »

Or the offer when they reopen is substantially different to before. It would make sense to me that they include DD & payment requirement as per most other banks.

When the offer first started, or at least when I joined there was indeed a minimum sum per month required........

RG2015

Tesco bank must already have had an influx of millions on which they pay 3% but loan out at anything from 3.4% to 17.6% (based on the loan section of their website).

This looks like good business to me even without DDs or a minimum monthly pay in.

where_are_we

"If another account pays the same 3%, you'll get whopping extra 0.045% on £3K, i.e. ~£1.35 over a year." - Are you advocating a "Non Skiming" policy on a money saving forum? The benefit of dividend reinvestment in stocks and shares is well documented. There is an analogy between dividends and interest, in that both benefit from a compounding effect which gets better as time goes on. My OH and I skim over 20 accounts, usually on the second or third day of the month and it is also a check that "all is well" with these accounts. Of course you could set up a standing order to "skim" the interest.
Over the years it all adds up!

jimjames

RG2015 wrote: »

Tesco bank must already have had an influx of millions on which they pay 3% but loan out at anything from 3.4% to 17.6% (based on the loan section of their website).

This looks like good business to me even without DDs or a minimum monthly pay in.

I think you're being a bit blinkered. Have you looked beyond that page? I get 26 months interest free credit card, 1.3% mortgage.

That doesn't look like such good business to me and a mortgage is generally a lot bigger than a loan.

Katiehound wrote: »

When the offer first started, or at least when I joined there was indeed a minimum sum per month required........

Only to avoid a fee. It wasn't a condition of getting interest as I recall.

TheShape

RG2015 wrote: »

Tesco bank must already have had an influx of millions on which they pay 3% but loan out at anything from 3.4% to 17.6% (based on the loan section of their website).

This looks like good business to me even without DDs or a minimum monthly pay in.

And lots of extra customers to market their other products to. Credit cards, loans, mortgages, insurance, travel money.

RG2015

"And lots of extra customers to market their other products to. Credit cards, loans, mortgages, insurance, travel money."

Not to mention loyalty to the little supermarket they also run to rack up clubcard points.