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

binaryuniverse

Would be nice if they kept the 3% deal, but I can't see it happening myself. I've got 2 accounts, without the DD requirement, and they've been very useful for shifting funds around various accounts, to fulfil min payment requirements, or store cash to go to a regular saver. With 3 regular savers maturing, recently, they're now maxed out.

YorkshireBoy

ScoobyZ wrote: »

Any news if this is going to extend after april 19?

Like the rest of us, you'll be given 2 months notice of any reduction from 3% AER. Being as today is the 4th February you can rest assured the rate won't be cut on 1st April when the guarantee expires.

ScoobyZ

YorkshireBoy wrote: »

Like the rest of us, you'll be given 2 months notice of any reduction from 3% AER. Being as today is the 4th February you can rest assured the rate won't be cut on 1st April when the guarantee expires.

Just had the letter dropping from 3% to 1% on June 14th 2019

fun4everyone

Fingerbobs wrote: »

This bloke seems very keen to find out.

https://yourcommunity.tescobank.com/t5/Help-Support/Current-Account-Interest-Rate-after-1st-April-2019/td-p/24259

Bet he's gutted :rotfl:

xylophone

I wonder how long TSB will feel compelled to wear the 5% hair shirt......

YorkshireBoy

xylophone wrote: »

I wonder how long TSB will feel compelled to wear the 5% hair shirt......

I'd imagine just for as long as it takes them to sort the backlog of complaints.

Then I see them moving to 3%, or maybe 2%, (so they can stay at the top of the table) on the same £1.5K max interest earning balance.

eskbanker

YorkshireBoy wrote: »

xylophone wrote: »

I wonder how long TSB will feel compelled to wear the 5% hair shirt......

I'd imagine just for as long as it takes them to sort the backlog of complaints.

Should be another few years of 5% yet then....

EachPenny

eskbanker wrote: »

Should be another few years of 5% yet then....

It took Tesco nearly two years and £16.4m to get the FSA off their back....
https://www.fca.org.uk/news/press-releases/fca-fines-tesco-bank-failures-2016-cyber-attack

And that was the discounted fine, otherwise it would have been £33,562,400. :eek:

"Tesco Bank provided a high level of cooperation to the FCA. Through a combination of this level of cooperation, its comprehensive redress programme which fully compensated customers..... In addition, Tesco Bank agreed to an early settlement of this matter..."

Herbalus

eskbanker wrote: »

Should be another few years of 5% yet then....

Good thinking. Let's put some more in.

badger09

Herbalus wrote: »

Good thinking. Let's put some more in.

No need. Cotta is managing to keep TSB complaints department busy all by himself;)