Tesco Account Funding for 3% Interest

Mogley

Myself and OH have recently opened 4 Tesco current accounts for the 3% interest on £3k balances. I have done the leg work to transfer 12 direct debits (3 for each account) but as it currently stands, I am cycling the £750 pay in requirement between the Tesco accounts (Account 1 to 2 to 3 to 4 and back to 1). Account 1 and 2 are mine.


I cannot find any information on whether funding a Tesco account from another Tesco account counts for the interest to be paid. Anybody with any experience that can help?

teddysmum

Why not give them a call ? They know very well that many of us use current accounts for savings.


TSB let money from one account to another qualify, but Nationwide do not. However, I don't know about Tesco as my accounts were opened before the T&C changes, when direct debits and a fixed pay in was not required.


My husband missed out , but won't have accounts now as finding 6 direct debits is impossible, especially as Tesco savings accounts cannot be used for qualifying direct debits.

surreysaver

It's been working for me.

It would specifically say in the T&Cs if the funding would need to come from a non-Tesco account.

It works for the Bank of Scotland too. I believe Santander, Halifax, Nationwide, Lloyds, TSB and Co-Op require funding from origins of different companies.

Shakin_Steve

I'm not sure of the answer, but surely, instead of cycling from 1 (your account) to 2 (also your account), you might be better sending the money from you to wife to you to wife. So 1 to 3 to 2 to 4. At least that way there is a payee different to account holder.
Sorry...posted that before seeing above reply.

Geoff1963

Or also open a non-Tesco account that the money can be cycled trough.

Shakin_Steve

Geoff1963 wrote: »

Or also open a non-Tesco account that the money can be cycled trough.

Stop it Geoff, that's far too obvious. So obvious, I didn't think of it.

Mogley

Fair play... I did suspect that maybe one of the answers given. I do have other accounts I could use. It was just very simple to use tesco's online banking to setup SOs.
Thanks surreysaver for your experience. I couldn't find it in the terms hence thought I'd ask here before contacting them.
I think I'll leave the funding as it is now and report back after my first month.

P.S. I think I'll also air on the side of caution and fund 3 out of 4 from another location for a month. Losing 7.50 beats losing £35

YorkshireBoy

surreysaver wrote: »

I believe Santander, Halifax, Nationwide, Lloyds, TSB and Co-Op require funding from origins of different companies.

3 wrong. 1 correct. 1 partially correct. And Co-op I'm not sure about (and can't be bothered to go check as it's already funded externally).

YorkshireBoy

Mogley wrote: »

P.S. I think I'll also air on the side of caution and fund 3 out of 4 from another location for a month.

Not necessary, but no harm in funding from elsewhere to throw them off the scent(!), especially if you use the hub and spoke approach, with a full Santander 123 account for example.

Losing 7.50 beats losing £35

4 x £7.50 is £30 on my calculator.

Mogley

But my head said £35! Back to infants school for me.

ajo24

YorkshireBoy wrote: »

3 wrong. 1 correct. 1 partially correct. And Co-op I'm not sure about (and can't be bothered to go check as it's already funded externally).

Which bank accounts need direct debits funded from separate organisations?