Is Tesco Bank a safe place to put one's money?

nervous_switcher

With BOS cutting the rate on Vantage accounts to 2% from tomorrow, I am in the process of looking around to see which accounts now offer the best interest rates. It appears that Tesco offers the highest non-teaser rate at 3%. I am a bit hesitant about using them after the hacking incident last year which resulted in a few thousand customers having money stolen. I don't know if it's worth the worry for the sake of a few extra pennies each month. Are these legitimate concerns? Is it likely the attack was a one-off or could it happen again?

EachPenny

nervous_switcher wrote: »

With BOS cutting the rate on Vantage accounts to 2% from tomorrow, I am in the process of looking around to see which accounts now offer the best interest rates. It appears that Tesco offers the highest non-teaser rate at 3%. I am a bit hesitant about using them after the hacking incident last year which resulted in a few thousand customers having money stolen. I don't know if it's worth the worry for the sake of a few extra pennies each month. Are these legitimate concerns? Is it likely the attack was a one-off or could it happen again?

Yes, it is safe. Any money taken was returned. The only people who lost out were Tesco Bank themselves.

Could hacking happen again? Yes.

Could hacking happen with any bank? Yes.

Tesco offer a good rate with good customer service - go for it!

badger09

EachPenny wrote: »

Yes, it is safe. Any money taken was returned. The only people who lost out were Tesco Bank themselves.

Could hacking happen again? Yes.

Could hacking happen with any bank? Yes.

Tesco offer a good rate with good customer service - go for it!

As one whose account with Tesco was affected, I echo EachPenny's comments.

Brewer20

Didn't put me off opening a Tesco account, infact the reason I did was to gain more points now that I'm a regular Tesco shopper. I just keep £3k in there permanantly and shift my everyday money in on top to spend. I got in just before they change T&C's for the account, meaning no min pay in and no DD to worry about.

Of course it's won't be all bad getting 2% on £5k BoS now, I've just opened one of those, wished I could have done it earlier.

colsten

nervous_switcher wrote: »

I am a bit hesitant about using them after the hacking incident last year which resulted in a few thousand customers having money stolen.

Nobody had any money stolen. Some people had money temporarily vanish from their accounts but everybody was reimbursed in full, within a working day or two. Many, perhaps even all, of the "victims" got compensation payments for any stress and anxiety caused.