Tesco's 3% current account

JustAnotherSaver

I'd not really paid this account much (any) mind until being put on to it from a member here this week.


Just signed up for my first one and then done a bit more googling and found this link https://www.thisismoney.co.uk/money/saving/article-4379260/Tesco-Bank-reopens-3-current-account-offer.html


I know it's an old link and old news can be out of date but it says the 3% is until April 2019.



Just wondering if that still applies because if so it's not going to be worth the hassle for me setting up 4 accounts for 5-6 months but at the same time if that's old incorrect news and the rate might exist beyond that then i'll go ahead.

ColdIron

As far as I am aware the April 2019 guarantee is still the current situation, who knows what will happens after that

JustAnotherSaver

ColdIron wrote: »

As far as I am aware the April 2019 guarantee is still the current situation, who knows what will happens after that

Yeah i understand that nobody can comment on what will happen after that until there's an announcement, i just didn't know if that was still the situation (April '19 being 'the' date) or not.


Well i've opened one account now but i don't think i'll go silly with them.

colsten

JustAnotherSaver wrote: »

Well i've opened one account now but i don't think i'll go silly with them.

The silliest you could go is 2 accounts, anyway. You do need a silly number of DDs though if you want to receive any interest.

Zero_Sum

colsten wrote: »

The silliest you could go is 2 accounts, anyway. You do need a silly number of DDs though if you want to receive any interest.

You only need 1 DD mandate which can be taken weekly. The post office savings accounts are very handy for this.

JustAnotherSaver

I could have 4 accounts, not 2.

I found a link https://yourcommunity.tescobank.com/t5/Current-Accounts/Will-I-earn-interest-on-my-current-account/ta-p/693 which suggests having opened it last night that there is no April 2019 'expiry' for me??

redux

JustAnotherSaver wrote: »

... which suggests having opened it last night that there is no April 2019 'expiry' for me??

The others are guaranteed until then, that one doesn't say anything.

It could be read as it may last longer, or shorter. Not yet decided or publicly defined anyway.

takman

JustAnotherSaver wrote: »

I could have 4 accounts, not 2.

I found a link https://yourcommunity.tescobank.com/t5/Current-Accounts/Will-I-earn-interest-on-my-current-account/ta-p/693 which suggests having opened it last night that there is no April 2019 'expiry' for me??

Them choosing not to guarantee it until April 2019 is so they have the option to reduce it before that date if they want to.

aj23_2

JustAnotherSaver wrote: »

I'd not really paid this account much (any) mind until being put on to it from a member here this week.


Just signed up for my first one and then done a bit more googling and found this link https://www.thisismoney.co.uk/money/saving/article-4379260/Tesco-Bank-reopens-3-current-account-offer.html


I know it's an old link and old news can be out of date but it says the 3% is until April 2019.



Just wondering if that still applies because if so it's not going to be worth the hassle for me setting up 4 accounts for 5-6 months but at the same time if that's old incorrect news and the rate might exist beyond that then i'll go ahead.

Depends if you think it's worth getting 4 payments of around £8.50 on each of the 4 accounts for 4 months? So about £130. As well as funding each one with £750 and creating 12 direct debits (3 each). I was lucky, I opened when it was no requirements. But I'm not sure I'd bother with the hassle of doing what I just mentioned.

It may stay at 3%. It's fixed at at least 3% until April 2019. It may stay at 3% for a few months then drop to 2%. But considering we've had two rate rises, I don't see why they should cut it.

eskbanker

aj23 wrote: »

It may stay at 3%. It's fixed at at least 3% until April 2019. It may stay at 3% for a few months then drop to 2%. But considering we've had two rate rises, I don't see why they should cut it.

They certainly wouldn't be alone if they did - from memory, over the past few years there have been cuts to current account interest rates from Santander, Lloyds, BoS, Clydesdale/Yorkshire and TSB (albeit this one was bumped back up in exceptional circumstances), plus associated or similar cuts to benefits via lower rewards, higher fees or smaller balance caps for these and/or others, so I'd say that the current account trend is clearly downwards regardless of base rate changes....

aj23_2

eskbanker wrote: »

They certainly wouldn't be alone if they did - from memory, over the past few years there have been cuts to current account interest rates from Santander, Lloyds, BoS, Clydesdale/Yorkshire and TSB (albeit this one was bumped back up in exceptional circumstances), plus associated or similar cuts to benefits via lower rewards, higher fees or smaller balance caps for these and/or others, so I'd say that the current account trend is clearly downwards regardless of base rate changes....

That's why I said "shouldn't." What they do is a different matter.