2 Tesco bank accounts - Do I need 6 Direct Debits?

harz99

surreysaver wrote: »

How long are Tesco paying 3% on their current accounts for?

Same question I have been pondering for a few days. I'm guessing that they won't do anything drastic as the fallout from closed accounts could be devastating for their liquidity.

xylophone

https://yourcommunity.tescobank.com/t5/Current-Accounts/Will-I-earn-interest-on-my-current-account/ta-p/693

Will I earn interest on my current account?


If you applied for your account before 1 April 2017:

You will earn 3% AER credit interest on balances up to £3,000, guaranteed until 1 April 2019.

If you applied for your account between 1 April 2017 and 19 October 2018:

You will earn 3% AER credit interest on balances up to £3,000, guaranteed until 1 April 2019. To earn this interest rate, you must pay in at least £750 and have at least three direct debits paid from your account per statement month.



If you applied for your account after 19 October 2018:

You will earn 3% AER credit interest on balances up to £3,000. To earn this interest rate, you must pay in at least £750 and have at least three direct debits paid from your account per statement month.

francismay

So if i open after 19th october 18.
3% guaranteed until 1st April 2019 too?

soulsaver

francismay wrote: »

So if i open after 19th october 18.
3% guaranteed until 1st April 2019 too?

You are guaranteed 3% until 01/04/2019 on the Tesco current account no matter when you opened it.. as long as you fulfill all the requirements relevant to your opening date.

francismay

I mean "guaranteed until 1 April 2019".

soulsaver

francismay wrote: »

I mean "guaranteed until 1 April 2019".

OK, previous post edited:

You are guaranteed 3% until 01/04/2019 on the Tesco current account no matter when you opened it.. as long as you fulfill all the requirements relevant to your opening date.

francismay

soulsaver wrote: »

OK, previous post edited:

You are guaranteed 3% until 01/04/2019 on the Tesco current account no matter when you opened it.. as long as you fulfill all the requirements relevant to your opening date.

However, it said:
If you applied for your account after 19 October 2018:

You will earn 3% AER credit interest on balances up to £3,000. To earn this interest rate, you must pay in at least £750 and have at least three direct debits paid from your account per statement month.


--> did not mention guaranteed 3% until 01/04/2019 like previous

eskbanker

soulsaver wrote: »

You are guaranteed 3% until 01/04/2019 on the Tesco current account no matter when you opened it.. as long as you fulfill all the requirements relevant to your opening date.

The Tesco community page quoted above by xylophone makes no mention of the rate guarantee for accounts opened after 19 October 2018 (unlike those opened before that).

However, it's a moot point in that their Ts & Cs do clarify that they commit to two months notice for interest rate reductions (which they haven't announced yet), so regardless of opening date, all Tesco current accounts are guaranteed to pay 3% AER until at least 18 April 2019!

PRAISETHESUN

@OP see the thread on this subject: https://forums.moneysavingexpert.com/discussion/5734632
As mentioned above, you need 3 DD payments taken per month per account - they can be from a single mandate (ie. weekly) or from three separate DDs per account (6 total).

As for how long Tesco will continue to offer 3%, no-one really knows. Although we are supposed to get plenty of notice of any rate changes

francismay

soulsaver wrote: »

OK, previous post edited:

You are guaranteed 3% until 01/04/2019 on the Tesco current account no matter when you opened it.. as long as you fulfill all the requirements relevant to your opening date.

Thanks. guaranteed until 1 April 2019.
is not 18th April right?