How many Tesco Internet Saver accounts?

Malchester

OK. Please explain why I had an internet saver account paying 1.2% total rate (bonus plus underlying) then they brought out a new account paying 1.35% (bonus plus underlying) but did not change the rate on my account paying 1.2%? I spoke to customer services who said they could not do that and all I could do was open a new account at the new total rate and transfer money which I did. Also, how come the new internet saver accounts now pay less that 1.35% total rate but existing accounts have not been reduced?

Malchester

PS you will also find numerous posts on this site saying the same as I have been saying in this thread.

soulsaver

Malchester wrote: »

PS you will also find numerous posts on this site saying the same as I have been saying in this thread.

Got a link.. :yawn:

RG2015

Charlton_King wrote: »

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

I believe you need to transfer in £1 when opening an account. After that you can do what you like but the bonus rate only lasts 12 months from the opening date.

As to the ongoing difference of opinion on this thread, ColdIron has got it spot on, on post #6. I opened an account on 11/11/17 at 0.40% basic plus 0.80% bonus. On 1/12/17 it increased to 0.55% basic plus 0.80% bonus. The Ts & Cs are very clear that the bonus is fixed for 12 months and the basic can change whenever Tesco choose to do so.

jimjames

Malchester wrote: »

OK. Please explain why I had an internet saver account paying 1.2% total rate (bonus plus underlying) then they brought out a new account paying 1.35% (bonus plus underlying) but did not change the rate on my account paying 1.2%?

Because the new account had a higher bonus rate? I've also got a new and old account, old has increased to 0.55% and new is 1.35% so I agree with previous post that underlying rates get increased but not the bonus.

Charlton_King wrote: »

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

It's an easy access account, you can pay funds in whenever you want

ColdIron

Charlton_King wrote: »

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

As jimjames says it's an easy access account so no problems adding money, however be aware that they do restrict withdrawals for the first 48 hours (sometimes longer if they are busy) so don't move any cash in that you will need in a hurry until you are sure it's fully up and running

RG2015

The link below gives previous rates Tesco Bank savings accounts including the internet saver. The current offering is 1.30% with a standard rate of 0.55% and a 12 month bonus of 0.80%

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

PS: The most recent bonus rates look wrong as the 0.75% still applies whereas the Tesco Bank table has this as coming down to to 0.71% and then 0.66%.

clivep

Malchester wrote: »

PS you will also find numerous posts on this site saying the same as I have been saying in this thread.

Maybe so, but they'd be equally wrong.

I opened my a/c on 27th November with 0.4% standard rate + 0.8% bonus giving 1.2% total but knowing that this would increase to 1.35% on 1st December with the increase in the standard rate to 0.55%.

As has been pointed out, they never actually offered 1.35% as on 1st December they reduced the bonus rate at the same time as increasing the standard rate.

If you are getting 1.35% on an a/c then if you look at when you actually opened it I believe you'll find it was before 1st December.

Malchester

OK I think I know where the confusion has come and I think we are both right. When Tesco bring out a new internet saver with a greater or lesser bonus rate that new bonus rate is not reflected in existing accounts, understandably so. To get an increased bonus rate with greater overall interest rate you have to open a new account and transfer from old account to new one. - this is what I have been trying to say all along but not too clearly it seems.

RG2015

Malchester wrote: »

OK I think I know where the confusion has come and I think we are both right. When Tesco bring out a new internet saver with a greater or lesser bonus rate that new bonus rate is not reflected in existing accounts, understandably so. To get an increased bonus rate with greater overall interest rate you have to open a new account and transfer from old account to new one. - this is what I have been trying to say all along but not too clearly it seems.

1) Account opened 30/11/17, standard 0.40%, bonus 0.80%, overall rate 1.20%
2) Account opened 01/12/17, standard 0.55%, bonus 0.65%, overall rate 1.20%

However, the account opened on 30/11/17 had its standard rate increased to 0.55% on 01/12/17 giving an overall rate of 1.35%. Therefore the account with the greater overall rate was the one opened on the earlier date.