The Top Easy Access Savings Discussion Area

I-LOV-MONEY

I operate a Tesco Savings account. I receive 1.2% interest. You probably have an old account where the 1 year bonus has finished. You can open a new account and get the higher interest and transfer any funds from the old account to the new one. Then ring Tesco to close the account, or you can leave it just dormant.


You can transfer money in /out of the accounts by the Faster Payments scheme as long as you have registered with them that the other account is linked to yourself.

I-LOV-MONEY

As I suggested, transfer the money from the lesser accounts into the one paying 1.3%. Leave the old ones dormant. You will probably get a few pence interest on the old accounts, and when that comes in, just move that money as well !

18cc

The only way to close them is to call them.

ColdIron

adindas wrote: »

Does anyone know whether Tesco Internet Saver has a daily limit for Faster Payment (e.g FPO) ?

Yes, it's £10,000 online

Is there any way to increase this daily limit transaction ??

You can phone them for larger transaction amounts

I-LOV-MONEY

Adindas - is there a great rush to close all your old accounts and transfer the money? Even if you have to do it over a couple of days you would not lose significant interest.

adindas

ColdIron wrote: »

Yes, it's £10,000 online

You can phone them for larger transaction amounts

I called them and they said they cannot increase the limit of £10,000. She said EACH time you need an FPO over £10,000+ from any Tesco account you will need to do it over the phone. This is a real hassles if you will need to do it multiple times each month.

But sometimes you could not just believe what the CS is telling you.

Does anyone find a way to do a Faster Payment (FPO) of £10,000+ from any tesco account without the need to call them each time you will need to do this ?

I-LOV-MONEY

Would it work if you split it over 2 - 3 transactions ?

ColdIron

adindas wrote: »

I called them and they said they cannot increase the limit of £10,000. She said EACH time you need an FPO over £10,000+ from any Tesco account you will need to do it over the phone. This is a real hassles if you will need to do it multiple times each month.

That's right, the daily online limit is £10,000. If you want to transfer more you have to phone them. It's a few minutes on the phone, not really a real hassle, a bit longer than ordering a curry

But sometimes you could not just believe what the CS is telling you.

In this case they are right

Does anyone find a way to do a Faster Payment (FPO) of £10,000+ from any tesco account without the need to call them each time you will need to do this ?

• For security, there's a maximum daily withdrawal limit of £10,000 to non-Tesco Bank accounts in the UK, and £100,000 to other Tesco Bank accounts in your own name.
• Don't worry if you need to withdraw more, just give us a call and we'll be happy to help. After all, it's your money.

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

ashteadgirl

I have found the limit is £10k PER tesco account excluding internal transfers. So if have several Tesco savers and current a/c can transfer multiple £10K on the same day.

adindas

ashteadgirl wrote: »

I have found the limit is £10k PER tesco account excluding internal transfers. So if have several Tesco savers and current a/c can transfer multiple £10K on the same day.

That is what I have done in the past.

So with 1 Tesco Internet Saving and two Tesco AC I could actualy do up to 30K daily.

But the problem here is I will need to do it manually, it is too risky to set up a future FP of 10k when your balance in Tesco AC is only 3k. So I will normally need to do internal transfer to feed my Tesco AC first with the money from Tesco Internet saving before doing FPO.

Imagine if you will need to do it a few times in a month over the weekend sometimes while you are away from the UK ?

But I think it is better to open other two new saving accountss as they are currently still paying 1.3% (with Bonus).