How many Tesco Internet Saver accounts?

JustAnotherSaver

How many of these can you have?

I have one already but it's at something like 0.55% interest. It only exists to meet the criteria for a number of bank accounts (i know that'll be coming to an end soon).

I've an amount to dump somewhere & saw that was at 1.3%. Just wondered whether i was ok to open up another & get 1.3% on the new one or whether you can only have one?

ColdIron

You can have 6 according to Customer Services, I have 4

Malchester

Yes, no probs having more than one. They regularly change the interest rate on this account. If it goes up you do not get the increase but you can open a new one, transfer existing balances into it and close the original one - I have done that many times. On the up ide if the rate drops existing rates do not go down - I currently get 1.35% (including the bonus for another 9 months.

AirlieBird

Malchester wrote: »

Yes, no probs having more than one. They regularly change the interest rate on this account. If it goes up you do not get the increase but you can open a new one, transfer existing balances into it and close the original one - I have done that many times. On the up ide if the rate drops existing rates do not go down - I currently get 1.35% (including the bonus for another 9 months.

More accurately, if the underlying rate goes up or down your overall rate will change accordingly, but the bonus rate is fixed for 12 months from date of opening so will not change when they release a new bonus rate for new accounts.

Malchester

AirlieBird - sorry but the bonus rate and underlying rate do not change. They bring out a new account when they change their rate. Unless you open a new account and transfer money from the old account, you do not get the new underlying or bonus rate. Believe me I have done this serial times. I raised if with them and they explained why they do it this way - basically to do with the 12 months bonus rate. However if they reduce the underlying rate or bonus rate an existing account is not affected. So I have had several new accounts to take advantage of increased rates. Of late the rates fell so it was to my advantage and, despite increasing lately they are not back to the 1.35% I am currently getting

ColdIron

Malchester wrote: »

AirlieBird - sorry but the bonus rate and underlying rate do not change

The bonus rate is fixed and cannot change. The standard rate is variable, this can change and has changed quite recently. After Mark Carney reduced the BoE rate Tesco reduced its standard rate by 0.35% from 0.75% to 0.40%, This was applied across the board to all issues including two of mine that still had a fixed bonus rate and also two where the bonus rate had expired. It was a similar story at the end of last year when the BoE rate increased. Tesco raised the standard rate by 0.15% from 0.40% to the current 0.55%. Again this was applied across the board to all accounts

Like you I receive 1.35% but Tesco didn't offer that rate, we got it because the standard rate increased and it was applied to existing accounts

Charlton_King

On a slightly different tack, can anyone who has been through the application process advise of how easy or otherwise this is? I'm particularly interested in the unlimited withdrawals aspect but am hugely averse to complex sign-up procedures.

Apologies to the OP for any digression.

Malchester

Sorry cold iron I beg to differ. I got 1.35% total rate because Tesco offered that rate and I opened a new account to take advantage of it. I transferred from a previous account. I rang Tesco and was told they could not and would not increase the rates on existing accounts but I was free to open a new account and transfer funds in from existing Internet saver.

Malchester

Extremely simple to open - one of the easiest accounts anywhere to get going

Charlton_King

Malchester wrote: »

Extremely simple to open - one of the easiest accounts anywhere to get going

Glad to hear it. Do you happen to know of any limitation on how long you have to transfer funds in?

ColdIron

Malchester wrote: »

Sorry cold iron I beg to differ. I got 1.35% total rate because Tesco offered that rate and I opened a new account to take advantage of it

Check the previous rates at Tesco

https://www.tescobank.com/savings/previous-interest-rates/

Standard Rate Effective between 08/11/16 and 30/11/17 0.40%
Bonus Rate Effective between 28/09/17 - 30/11/17 0.80%

Standard Rate Effective between 01/12/17 to date 0.55%
Bonus Rate Effective between 01/12/17 - 17/01/18 0.65%

Martin Lewis said it would be 1.35% in this article dated 30/11/2017 but on 01/12/2017, the date the new standard variable rate came into effect, Tesco dropped the bonus rate

https://www.express.co.uk/life-style/life/886149/martin-lewis-best-savings-account-money-saving-expert