Tesco - no interest paid in January

mikeyp231987

Does anyone bank with Tesco and did they have this issue? I have 2 accounts, one of them paid interest as normal but the other didn't. They're both setup identically (3 DDs and a 750 deposit in each month) and I've had no issue in the previous months.

buyhighselllow

I've just noticed I've had no interest paid on my Tesco internet saver accounts for 3 months since opening...just noticed T and C's

Interest is calculated daily. Standard rate interest is paid to you annually in March and bonus interest is paid to you at the end of the bonus period.


My current account has paid out Mikeyp

YorkshireBoy

mikeyp231987 wrote: »

Does anyone bank with Tesco and did they have this issue? I have 2 accounts, one of them paid interest as normal but the other didn't. They're both setup identically (3 DDs and a 750 deposit in each month) and I've had no issue in the previous months.

Did the DDs pay out?...in either the calendar or statement month, whichever applies.

mikeyp231987

The DDs all went out on their usual dates within the calendar month. I've messaged them on their Twitter help account to try to get some answers.

Shakin_Steve

Both of my accounts paid interest as usual.

YorkshireBoy

mikeyp231987 wrote: »

The DDs all went out on their usual dates within the calendar month.

I gave you a clue in my first reply. The T&Cs state...

To earn 3% AER credit interest on balances up to £3,000 until 1 April 2019, simply pay in at least £750 and pay at least three Direct Debits each statement month

So, whilst they may have paid out during the calendar month, did they pay out in the "statement" month?

mikeyp231987

Ah, I see what has happened. The DDs have to go out within the 'statement period' which in my case runs from the 19th each month (when i opened the account). I only paid out 2 DDs in that period for January as one of them is linked to my paypal which i didn't use .

mikeyp231987

YorkshireBoy wrote: »

I gave you a clue in my first reply. The T&Cs state...So, whilst they may have paid out during the calendar month, did they pay out in the "statement" month?

Yeah that was the issue. I'll have to be more careful in future. Off the top of your head do you know any other banks that use these T&Cs?

YorkshireBoy

mikeyp231987 wrote: »

Off the top of your head do you know any other banks that use these T&Cs?

No I don't. I'd need to go check them.


But it seems you want exactly the opposite doesn't it?...ie you want T&Cs that say DDs must be paid in the calendar month, not statement month?

mikeyp231987

I would prefer it to be the calendar month yeah. That's the easier one to keep track of wouldn't you say?

Edit - So it does only seem to be Tesco that do this. I also bank with TSB and Bank of Scotland which only require the DDs to go out in the calendar month.

YorkshireBoy

mikeyp231987 wrote: »

I would prefer it to be the calendar month yeah. That's the easier one to keep track of wouldn't you say?

I would. But all is not lost. You can use savings accounts (I do), but you can also use credit cards and utilities...just ask the originator to change your statement date and bill collection date respectively.


Better to have an auto collect rather than something you have to initiate manually such as PayPal.