Tesco new 1.35% rate (including bonus) Internet saver

clivep

Archi_Bald wrote: »

It's a bit of a palaver to open a BM account. First deposit has to be by cheque [from the linked account], and they have to post something to you first before you can send them the cheque.

How fast or otherwise are deposits and withdrawals once the account is fully activated?

Is this question regarding the BM or Tesco a/c?

If for the Tesco a/c then until the rules change next year you can make deposits and withdrawals by faster payments so currently they are very quick.

Katiehound

I'm pretty sure it's regarding the BM savings a/c.

Sorry, I don't know as I applied for mine last week. Using it instead of one Tesco DD!
I applied for Saga a/c probably 2 weeks ago (also BM) Have posted back cheque... waiting for instructions.
I am planning to leave my (small) savings there for months, if not a year, and then move out.

skitskut

Archi_Bald wrote: »

It's a bit of a palaver to open a BM account. First deposit has to be by cheque [from the linked account], and they have to post something to you first before you can send them the cheque.

How fast or otherwise are deposits and withdrawals once the account is fully activated?

Once fully activated you can FP in and out. In straight to the BM account and out via the linked account.

Snowbelle

ToTo_Man wrote: »

Having opened my account on 29th November afternoon, it's well past the 48 hour period, yet I am still unable to move funds out of the account.

Same here - wonder if they don't count the weekend in the 48hrs?

Katiehound

Snowbelle wrote: »

Same here - wonder if they don't count the weekend in the 48hrs?

see posts #28 & #59
Might work for you

Missus_Hyde

ToTo_Man wrote: »

Having opened my account on 29th November afternoon, it's well past the 48 hour period, yet I am still unable to move funds out of the account.

I opened an internet saver with Tesco’s about 3-4 weeks ago and although I could fund the account, I had a hell of a problem actually withdrawing money from it. The reason was that I opened a joint account with my husband and although we both have current accounts with them, so they have all our details, they seemed to be incapable of marrying all of our details together (the modern problem of the right hand having no idea what the left is doing). :doh:

I rang them three times in all, getting progressively more annoyed with each phone call; I started off as sweet as pie to begin with, but after having been faithfully promised that it would be sorted after each call and then finding that absolutely nothing was happening, I lost patience with them and had to resort to telling them in no uncertain terms that it was not good enough and I was staying on the phone until I could actually move money around whilst they were still on the line to ensure that everything was working correctly.

Eventually it was sorted, but only because I kicked up a stink and I felt that it was an unnecessary fuss, over something which should be straightforward.

I notice that we are receiving the 1.35% interest, however, so they’ve actually managed to get that right, which is a mercy!

Snowbelle

Katiehound wrote: »

see posts #28 & #59
Might work for you

Have tried this morning. Internal transfers don't work either. I will have to call them later.

littlemissbossy

Snowbelle wrote: »

Have tried this morning. Internal transfers don't work either. I will have to call them later.

I am in the same boat too.

djg3

Nick_C wrote: »

I'm an existing Tesco customer. I have a current account, and an old savings account paying 0.4%. I opened the new account on line on Monday. Transferred money into it straight away. I now can't withdraw from the account!

Someone suggested on another thread that Tesco make you wait [STRIKE]24[/STRIKE] 48 hours before letting you withdraw money, but this time had passed, it's not in the T&Cs, it's meant to be instant access, and the money shows as available. I just can't withdraw it!

I imagine a phone call will sort this out.

I opened the new account last week & transferred money from another Tesco savings account. I’m still unable to withdraw any money from the new account when the 48 period has well been passed. I telephoned & they said it was because they had a backlog of processing all the new accounts. I’ve been a Tesco Bank customer for years & never had this problem before. It’s so frustrating & thankfully I can access funds in another account with a different bank. Just hope they get it sorted quickly.

Nick_C

Just to update on my own experience. Opened my account Monday. Withdrawals became available on Friday. I didn't contact them as I knew they were very busy.