MSE News: Tesco Bank reopens applications for current account offering 3% interest

Shakin_Steve

Snakey wrote: »

Kicking myself because I applied back in November and they mucked me around - sending me stuff they had no record of, having records of stuff they hadn't sent me... I got a bit twitchy with the answers I was getting over the phone as it sounded like things were going to the wrong address. The application had run out of date because I hadn't received the form, they offered to do it over the phone but I said never mind and let it lapse... I was getting busy in the run-up to Christmas anyway so I thought I'd calm down and come back to it in the New Year.

Picked it up, completely by coincidence, a couple of days after they'd closed it to new applicants. And now I don't have enough (any) spare direct debits.

Oh well, c'est la vie. I'll go and spend it on something nice instead.

I expect everybody who does have a couple of them already is feeling deservedly smug!

I, too, had problems with the forms they did/didn't send out. For account number two I kept receiving texts asking me to hurry up and send in the form with my signature on (why they needed it, I don't know. Surely they had it from the first account). I had already returned it so gave them a ring.
Apparently, they had received the form and someone had scanned it, but they had not copied it to my documents folder. All sorted, but it seemed a bit inefficient and I had second thoughts as well.

TheShape

Snakey wrote: »

I expect everybody who does have a couple of them already is feeling deservedly smug!

Well, just a little bit!:D

KTF

Shakin_Steve wrote: »

Well....silly for an MSEer, I know, but I felt a bit guilty. So I moved three DD's over to our first account and, when I set up the DD for my car tax tomorrow, I'll put it on the second.
EDIT: Of course I send the money across from Barclays to pay thee DD's so my balance never falls below £3000. Don't feel that guilty;)

Existing account holders don't need the 3x DD or monthly pay in.

Shakin_Steve

KTF wrote: »

Existing account holders don't need the 3x DD or monthly pay in.

Yer don't say.

MoneySaver123

I applied for this tonight and had the following at the end of the application - is this normal and how long does it normally take to open one of these current accounts?

We just need to carry out some additional checks to complete your application.

We'll be in touch within 5 working days with more information.

http://www.tescobank.com

KTF

Shakin_Steve wrote: »

Yer don't say.

So why do it then?

dreaming

Shakin_Steve wrote: »

Well....silly for an MSEer, I know, but I felt a bit guilty. So I moved three DD's over to our first account and, when I set up the DD for my car tax tomorrow, I'll put it on the second.
EDIT: Of course I send the money across from Barclays to pay thee DD's so my balance never falls below £3000. Don't feel that guilty;)

Why feel guilty?? Do you think the board of Tesco bank suffered sleepless nights before changing the terms of the account in case people were inconvenienced? Don't forget that whilst they have the use of your cash they are placing it to earn as much interest as they can so why shouldn't you?

VT82

Snakey wrote: »

I expect everybody who does have a couple of them already is feeling deservedly smug!

A little bit, yeah. When following my monthly procedure to cycle the cash around my 10 or so current accounts, it's very nice that the line for Tesco simply states 'withdraw accrued interest x 2'. No minimum pay in transferring faffing on those bad boys

Snakey

Shut up!!!

jimjames

teddysmum wrote: »

They had their own publicity, before Mr Lewis mentioned them on tv, regarding the 3% promise.

But the account had been open for 3 years so people had plenty of time to sort it. The guarantee and MSE promotion just opened some people's eyes to it.