Tesco's 3% current account

ceredigion

JustAnotherSaver wrote: »

Just wondering when is best to move my money in to the Tesco accounts. Bear with me here...


The earliest i could set up my weekly direct debits was 20th November, so obviously it's too late to get 3 D/D payments in for this calendar month.


I'm not too sure how the interest is calculated so would i be better maxing out the accounts now or since the 3 direct debits can't be taken this month would i just be better maxing them out 1st December?

A little hint in the T&C's , look

3% AER/2.96% Gross variable credit interest on balances up to £3,000. To earn interest, each statement month you must pay in at least £750 and have at least three direct debits paid from your account. Interest paid monthly.

See

JustAnotherSaver

So sit and wait until next Saturday then.

Zero_Sum

JustAnotherSaver wrote: »

So sit and wait until next Saturday then.

If you open it tomorrow, your statement date will be the 23rd.
So providing you fund it & DD's are set up sometime betweem 23rd nov & 22nd dec then your interest will be paid 23rd dec

JustAnotherSaver

justanothersaver wrote: »

the earliest i could set up my weekly direct debits was 20th november,

zero_sum wrote: »

if you open it tomorrow,

0123456789

JustAnotherSaver

The £750 that needs to be paid in each month.


With Nationwide for example, it needs to come from an external source. Halifax on the other hand (one example) allow internal transfers.


I see no mention of requiring it to be from an external source for Tesco but rather than coming back here in a month saying how i got caught out i thought i'd just ask and check.

Brewer20

I've got the Tesco current account, fortunately it was pre the need to transfer £750 and set up DD's, so don't have to do anything just leave my money in there.

It seems like you can do as I do with the TSB accounts I have, just recycle the min pay in between the accounts. So like with the TSB I put £500 in the first acc then move it over to the 2nd acc then move it back out to where it originally came from.

Katiehound

When I opened my accounts it was pre DD requirements but you did have to pay money in monthly (- then that condition removed.)
I just sent the money round in a circle from a/c A to a/c B and then on to other bank accounts to fulfil those conditions... it was probably £1000, and is still going strong on its cycle.

JustAnotherSaver

Yeah i do that with TSB also.



Since i can't actually find anything saying the Tesco one has to be funded externally then i'll set it up in the same manner.


If i don't get paid then you two can split what i'm owed and PayPal me the funds

clivep

I can confirm that it definitely can be funded internally.


3 of the 4 accounts that my wife & I have between us were opened before the requirement but they screwed up my 2nd a/c application so it eventually got opened under the newer rules.


I have always met the funding requirement with a monthly standing order both ways (on the same day) between my 2 Tesco current a/cs.

Brewer20

I think the key wording you need to look for, "account funded from an external source" type of wording.


I can't find anything of that nature with Tesco, TSB, Halifax to name just a few.


I don't have any funds in Paypal, I'm out.:beer: