Banks - what is needed to get interest?

wallofbeans

Hi All,

I'm just going through my various bank accounts and, although I am up to speed on how much needs to be paid in each month, I'm not sure if any of them still need direct debits. And am wondering if they could be better used elsewhere.

I think I am correct in the below:
CLUB LLOYDS account - needs £1500 paid in each month and two DDs.
SANTANDER 123 account - £500 paid in and two DDs for cashback.
BANK OF SCOTLAND CLASSIC VANTAGE - £1000 paid in and two DDs.
TSB CLASSIC PLUS - £500 paid in a month and log in to internet banking (DDs needed for cashback but I don't get that anymore).

It's TESCO BANK that I'm not sure about. I opened this before they stopped it for a while and then came back with slightly different T&C. And now I'm not sure what I need to keep the 3% on £3000 active.

Thanks!

ricky_v

There's no requirement to get 3% on £3k with Tesco under the old T+C's.

There used to be a £750/month funding requirement but that changed about 3-4 years ago from the top of my head.

wallofbeans

ricky_v wrote: »

There's no requirement to get 3% on £3k with Tesco under the old T+C's.

There used to be a £750/month funding requirement but that changed about 3-4 years ago from the top of my head.

But the current rules would apply if I opened a second Tesco account I assume?

Jibeddy

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts#tesco

wallofbeans

Jibeddy wrote: »

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts#tesco

Thanks for this. I'd seen it already but was actually wondering if me having one that didn't need that might mean that a second wouldn't either... but that is just wishful thinking I suppose...

ricky_v

But the current rules would apply if I opened a second Tesco account I assume?

As far as I can tell there's no exceptions to the current rules when opening a new account, you could give them a ring just to double check.

I'm suprised they abolished the pay in requirement, then didn't apply the new requirements and fixed the interest rate at 6x (and for a while 12x) above the base rate for accounts opened under the old T+Cs. A loss making product I'm sure.