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

eskbanker

YorkshireBoy wrote: »

I can't remember how they notified customers, but it must have been by letter (and I shredded it!) because I have no email correspondence from that time. But I do remember it being "at least" 3%, ie it could go up but not down. And that's the view the financial press took at the time. Even the MSE main site says "at least" in their article on it, so they shared that view.

I was notified by email on 24 March 2017:

When it comes to your money, we know that every little helps, that’s why we introduced our Current Account Guarantee.

From 1st April 2017 to 1st April 2019, we’re guaranteeing your usual 3% AER interest on credit balances up to £3,000.

[...]

3% AER/2.96% Gross variable credit interest on balances up to £3,000 guaranteed from 1st April 2017 to 1st April 2019. Interest paid monthly. Although this rate is variable it will not drop below 3% AER during the dates shown.

That last sentence could be interpreted as implying a minimum I suppose, but as I say, even if there were hints of minimum early on (presumably perpetuated by that press release), they didn't seem to be reflected in formal documentation either then or since, so to all intents and purposes the rate has effectively been fixed for a long time....