Is this OK for us?

bowlhead99

knightstyle wrote: »

Sorry eskbanker but there aren't many other accounts with similar interest rates and easy to set up!

I found Tesco's internet saver easy enough to set up, and it pays 1.45% while being instant access.

Voyager2002

knightstyle wrote: »

Virgin say the Police station can certify for free but they require a senior officer and we don't have any in our station>

Check very carefully the list of documents that they will accept: you may be able to use originals of things like bank statements and letters from HMRC that are less important than a passport.

knightstyle

bowlhead99 please tell me which account that is? I can only get 0.55% from them.

badger09

knightstyle wrote: »

bowlhead99 please tell me which account that is? I can only get 0.55% from them.

This one, Internet Saver account

https://www.tescobank.com/savings/flexible/

knightstyle

But I will only get 0.55% on that as the rest is a bonus IF the money stays for over a year.

eskbanker

knightstyle wrote: »

But I will only get 0.55% on that as the rest is a bonus IF the money stays for over a year.

No, you're making that up, what it actually says is "Earn 1.45% Gross/AER (variable) - including a fixed 0.90% bonus for 12 months", i.e. the interest rate is boosted from 0.55% to 1.45% throughout the first 12 months.

knightstyle

Hooray, sorry i misunderstood that. Will get on with it now.

badger09

eskbanker wrote: »

No, you're making that up, what it actually says is "Earn 1.45% Gross/AER (variable) - including a fixed 0.90% bonus for 12 months", i.e. the interest rate is boosted from 0.55% to 1.45% throughout the first 12 months.

eskbanker, I know you know this, but for knightstyle's benefit as this is a variable rate account, Tesco could decide to reduce that 0.55% before the end of 12 months as only the 0.90% bonus is fixed.

Very unlikely, given the recent trend marginally upwards, but it could happen;)

evenasus

The only problem I've found with Tesco Internet Saver, is the fact that every time they raise the interest rate, you have to open a new one and transfer the funds from the old one. Then phone Tesco and get them to close the old one.

Why they don't just up the rate on your existing account, I don't understand.