The Top Easy Access Savings Discussion Area

I-LOV-MONEY

You can get 1% with Tesco Internet Savings. You can use it like a bank account and withdraw money online and it arrives in your bank (or other third party) under the Faster Payments Scheme.

However, the rate includes a bonus which is withdrawn after a year. You then close that account and open a new one at whatever the prevaling rate is at that time including a new bonus!

realaledrinker

adindas wrote: »

Good Point.
But Nationwide is a BS as well and FPI / FPO is instant.

Cuz they are a clearing bank within the meaning of the term. All other BS and a few 'banks' are sponsored by a clearer and the FPs can take that bit longer. For example, Virgin are cleared by the Co-op so payments out will not be instantaneous but take a few hours to show.

adindas

I-LOV-MONEY wrote: »

You can get 1% with Tesco Internet Savings. You can use it like a bank account and withdraw money online and it arrives in your bank (or other third party) under the Faster Payments Scheme.

However, the rate includes a bonus which is withdrawn after a year. You then close that account and open a new one at whatever the prevaling rate is at that time including a new bonus!

Tesco Internet saver including bonus is 0.96% not 1%. It is not actually really matter but what really put me off is that because it is only for one year.

http://www.tescobank.com/savings/flexible/internet-saver/index.html

Moreover I already have three internet savers with them which I used it as a source to create DD.

I-LOV-MONEY

adindas wrote: »

Tesco Internet saver including bonus is 0.96% not 1%. It is not actually really matter but what really put me off is that because it is only for one year.

http://www.tescobank.com/savings/flexible/internet-saver/index.html

I have just checked my online accounts and they are paying 1%. I opened them on 6 December '16, so maybe they are keeping the rates for existing customers.

As I said, at the end of the year, just open new accounts and you get the bonus again!

adindas

I-LOV-MONEY wrote: »

As I said, at the end of the year, just open new accounts and you get the bonus again!

Good point

polymaff

The problem with the Tesco Internet Saver is that the bonus changes so often - 10 different bonus rates in the last 12 months

02/12/16 to 15/01/17 0.60% 12 months
18/11/16 to 01/12/16 0.51% 12 months
29/09/16 to 17/11/16 0.26% 12 months
05/08/16 to 28/09/16 0.32% 12 months
08/07/16 to 04/08/16 0.47% 12 months
15/06/16 to 07/07/16 0.52% 12 months
09/05/16 to 14/06/16 0.46% 12 months
15/04/16 to 08/05/16 0.41% 12 months
29/01/16 to 14/04/16 0.26% 12 months
15/12/15 to 28/01/16 0.46% 12 months

I-LOV-MONEY

I am sure they advance warn you about a change of interest rates, so you can look around again at what is available.

ColdIron

The bonus rate is fixed for a year so no need for advanced warning. The base rate is variable but has only changed once that I recall (0.75% to the present 0.40%) when the BoE reduced its base rate

adindas

One thing here to be noted is the daily limit for online transfer

• Online external transfers - £10,000
• Telephone Banking – unlimited

But I think there is a way around it as Online internal transfers - £100,000 (to other Tesco Bank accounts). So If for instance you want to transfer £100,000 to your other UK accounts, transfer it £10,000 using internet saver and then then £90,000 to your Tesco Current account and using FPO from your Tesco current a/c to your other UK bank a/c. I have not tried it but this should work.

ColdIron

Tesco current accounts also have a faster payments limit of £10,000 with online banking but you may be able to achieve this with telephone banking from your current account