Tesco Current Bank Account

ceredigion

OceanSound wrote: »

I've opened a Tesco current account. Not yet paid in the £750 or setup the direct debits. Can someone tell me. If I deposit £3000, does the interest start accumulating from date of deposit or does it only start once the 3 direct debits are setup. Or maybe even when the 3rd direct debit leaves the account?

Interest is calculated daily, but wont be credited unless the other terms have been met.

3 direct debits are setup

?

OceanSound

OceanSound wrote: »

....it only start once the 3 direct debits are setup. Or maybe even when the 3rd direct debit leaves the account?

ceredigion wrote: »

Interest is calculated daily, but wont be credited unless the other terms have been met.

?

Tesco bank website terms for the offer says this:

3% AER/2.96% Gross variable credit interest on balances up to £3,000, guaranteed until 1 April 2019. To earn interest, each statement month you must pay in at least £750 and have at least three direct debits paid from your account (excluding direct debits to a Tesco Bank savings account). Although this rate is variable it will not drop below 3% AER during the guarantee period, provided you meet the interest conditions. Interest paid monthly.

A statement month begins the day after you open your account and will end on the day you opened your account in the following month.

If I pay in £3000, that's the first part covered for this month (obviously my deposit is over £750). But I still need to pay out three direct debits to qualify for the offer.
I'm wondering if I should set those up (the direct debits) before depositing the £3000, or if it matters at all. Meaning, if I make the deposit then setup the Direct Debits to pay bills etc from tesco account.

BTW it dosen't say separate DD's, so it can be to the same company, paying out each week, I presume.

ceredigion

OceanSound wrote: »

Tesco bank website terms for the offer says this:

If I pay in £3000, that's the first part covered for this month (obviously my deposit is over £750). But I still need to pay out three direct debits to qualify for the offer.
I'm wondering if I should set those up (the direct debits) before depositing the £3000, or if it matters at all. Meaning, if I make the deposit then setup the Direct Debits to pay bills etc from tesco account.

BTW it dosen't say separate DD's, so it can be to the same company, paying out each week, I presume.

You don't have to quote the T&C's to me ,I know exactly what they say. The reason I quoted a section of yours with a question mark, was to try and spark a thought process without spoon feeding you the relevant information. This would have appeared to have had the desired effect.

Zanderman

OceanSound wrote: »

If I pay in £3000, that's the first part covered for this month (obviously my deposit is over £750). But I still need to pay out three direct debits to qualify for the offer.
I'm wondering if I should set those up (the direct debits) before depositing the £3000, or if it matters at all. Meaning, if I make the deposit then setup the Direct Debits to pay bills etc from tesco account.

You are over-thinking this perhaps?. There is no order in which things need to be done. The requirements merely need to happen within the statement month.

So, if you deposit £3000 on the first day of the month but don't have the DD's operating until, say the 25th day, it doesn't matter. The dd's were within the month, therefore you get interest on the money that was there within that month. Not just in the days after the DD's were paid. That's how all these systems work - Club Lloyds, BoS Vantage etc.

OceanSound

ceredigion wrote: »

You don't have to quote the T&C's to me ,I know exactly what they say. The reason I quoted a section of yours with a question mark, was to try and spark a thought process without spoon feeding you the relevant information. This would have appeared to have had the desired effect.

You seem offended by my quoting the terms..... However, I felt it's best to quote the terms for the benefit of anyone following this thread.

The part of the terms I am attempting to clarify is this:

"...each statement month you must pay in at least £750 and have at least three direct debits paid from your account..."

From this I take it that I could pay in £750, then have three direct debits leave the account prior to statement month ending and still qualify for the interest for that statement month (from the date of deposit).

So, for example, say my account was opened on 31 May 2018. I could pay in £750 tomorrow. Then have three direct debits leave the account before 30th June (note that there is no 31st in June, so does Tesco take 30th June or the 01 of July for the end date of the statement month?)

then I would qualify from the 18 June 2018. However, from what you've said, the customer has to satisfy the pay-in and the direct debits beforehand in order to qualify for the 3% interest. Do you still stick by this assertion or would you care to take a step-back and review/reassess your position?

p.s. I've just seen Zanderman's post as I was typing this...and it seems he may have clarified the position for you.

BTW, it's probably unnecessary to go through my previous post to take a dig at what I've said in the past (e.g. spoon-feeding. I remember saying this in a previous post). it probably does wonders for saving face but not a lot in terms of supporting other forum users.

Zanderman

OceanSound wrote: »

However, from what you've said, the customer has to satisfy the pay-in and the direct debits beforehand in order to qualify for the 3% interest. Do you still stick by this assertion or would you care to take a step-back and review/reassess your position?

p.s. I've just seen Zanderman's post as I was typing this...and it seems he may have clarified the position for you.

Methinks you misinterpreted ceredigion's posts - they didn't suggest the DD's had to be set up beforehand - they were hinting, perhaps not strongly enough, that the terms answer your question - i.e these actions - the 750 pay-in and the three DDs - need to take place in the same statement month to get the interest, just that and simply that. No sequential order is mentioned, therefore there is no sequential order..

ceredigion

Zanderman wrote: »

Methinks you misinterpreted ceredigion's posts - they didn't suggest the DD's had to be set up beforehand - they were hinting, perhaps not strongly enough, that the terms answer your question - i.e these actions - the 750 pay-in and the three DDs - need to take place in the same statement month to get the interest, just that and simply that. No sequential order is mentioned, therefore there is no sequential order..

It is all right Zanderman,
I was initially highlighting what was probably an incorrect assumption regarding the accounts requirements. Keep my thoughts to my self in future.

ceredigion

OceanSound wrote: »

You seem offended by my quoting the terms..... However, I felt it's best to quote the terms for the benefit of anyone following this thread.

The part of the terms I am attempting to clarify is this:

From this I take it that I could pay in £750, then have three direct debits leave the account prior to statement month ending and still qualify for the interest for that statement month (from the date of deposit).

So, for example, say my account was opened on 31 May 2018. I could pay in £750 tomorrow. Then have three direct debits leave the account before 30th June (note that there is no 31st in June, so does Tesco take 30th June or the 01 of July for the end date of the statement month?)

then I would qualify from the 18 June 2018. However, from what you've said, the customer has to satisfy the pay-in and the direct debits beforehand in order to qualify for the 3% interest. Do you still stick by this assertion or would you care to take a step-back and review/reassess your position?

p.s. I've just seen Zanderman's post as I was typing this...and it seems he may have clarified the position for you.

BTW, it's probably unnecessary to go through my previous post to take a dig at what I've said in the past (e.g. spoon-feeding. I remember saying this in a previous post). it probably does wonders for saving face but not a lot in terms of supporting other forum users.

You are reading things that aren't there

OceanSound

ceredigion wrote: »

Interest is calculated daily, but wont be credited unless the other terms have been met.

Credited from WHEN? (that was a key part of my question)

Zanderman wrote: »

... they were hinting, perhaps not strongly enough, that the terms answer your question - i.e these actions - the 750 pay-in and the three DDs - need to take place in the same statement month to get the interest, just that and simply that. No sequential order is mentioned, therefore there is no sequential order..

where does he say the stuff about 'need to take place in the same statement month to get the interest'.
Re. sequential order, he didn't mention it, neither did he mention from WHEN the interest will be paid from. Without knowing for definite I'd rather not deposit it in Tesco when it could be earning a better interest elsewhere.

ceredigion wrote: »

You are reading things that aren't there

Your post wasn't clear (lacked detail).

ST-User

Nationwide explains the same situation much better:
"In plain English this means, you'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500."