The Top Easy Access Savings Discussion Area

Wheres_My_Cashback

I-LOV-MONEY wrote: »

As much as I like Tesco increasing their interest rates, it is annoying as I have to open a new account each time. Move some money into the new one, but wait about a week for them to 'authorise' the account before I can move money out. Then transfer money from the original one to the new one! I am currently on 1.36% - is it worth it for 4p on £100 ?!

If you change your mind. Tesco will overide the wait time with a quick call to them.

The wait is desgned for new customers only.

I find T very easy to deal with over the phone, particularly when closing old savings accounts.

ColdIron

adindas wrote: »

If my memory serves well, the maximum number of account the people could have with Tesco Internet Saving is six Account (?). Is it still the case.

As far as I am aware, yes

Also, the the Internet Saver interest is calculated daily, but paid annually and supposed to run for one year.

It's actually paid bi-annually. Every March 31st for the standard rate interest and also once on the anniversary of account opening for the bonus

In case you close it before the anniversary date do you still get the interest up to that point ?

Yes, they pay both the standard and bonus rate accrued to date

colsten

adindas wrote: »

If my memory serves well, the maximum number of account the people could have with Tesco Internet Saving is six Account (?). Is it still the case.

I think so. Not much point really to keep accounts with lower rates open, now that they can't be used for DDs any longer. I closed all bar one, and this one has no money in it now as Marcus is currently better.

adindas wrote: »

Also, the the Internet Saver interest is calculated daily, but paid annually and supposed to run for one year. In case you close it before the anniversary date do you still get the interest up to that point ?

Yes sure you do. Interest on instant access accounts always gets calculated, and paid, upon closure.

d63

adindas wrote: »

If my memory serves well, the maximum number of account the people could have with Tesco Internet Saving is six Account (?). Is it still the case.

a similar question was asked on the tesco community forum a couple of weeks ago:-
https://yourcommunity.tescobank.com/t5/Help-Support/is-there-a-limit-on-how-many-Internet-Saver-accounts-you-can/m-p/22387#M12695

and, indeed, six does appear to be the magic number at present.

EachPenny

I-LOV-MONEY wrote: »

Probably about 9 / 10 months. However, moving money to Marcus (1.5%) !

Mine has already been there for nearly a month now.

Which means my most recent Tesco Internet Saver @1.4% will give me nearly a month of 1.4% when my Marcus bonus expires (=1.35%), just in case there is nothing better at the time.

Alternatively, if we consider there is a risk of variable rates being reduced in the next 12 months, Marcus only provides any certainty over the 0.15% bonus, whereas a Tesco Internet saver offers certainty for their bonus of 0.85%.

I'm willing to gamble the interest on £1 at a differential of 0.1% for 12 months, just to keep my options open. One tenth of a penny seems a small price to pay to have an alternative option if Marcus lets us all down.

SpanishBlue

I-LOV-MONEY wrote: »

As much as I like Tesco increasing their interest rates, it is annoying as I have to open a new account each time. Move some money into the new one, but wait about a week for them to 'authorise' the account before I can move money out. Then transfer money from the original one to the new one! I am currently on 1.36% - is it worth it for 4p on £100 ?!

I can just about put up with all that, but what annoys me is you have to phone them to close your ONLINE account. It can be a long wait to speak to someone sometimes as well.

colsten

SpanishBlue wrote: »

I can just about put up with all that, but what annoys me is you have to phone them to close your ONLINE account. It can be a long wait to speak to someone sometimes as well.

Agree, it's a bit of a faff. Wait until you have 4 or 5 to close. Let them sit there with zero balances until they get in the way of opening a new one.

soulsaver

If you managed to grab NBS 1.55% ac. note it apparently isn't accessible between midnight and 6:00 am...from log in page:

"Sorry, our eSavings system is not available at the moment.

Our eSavings system is usually available daily between 6am and 12 midnight."

I transferred in some additional funds* earlier and was about to test their w/d process for the first time to find it unavailable after 12:00am...
Just saying.. for info.

*BMids 1.44% inc 12 mth bonus ending.

50Twuncle

The MSE weekly email makes a big thing of a 2.7% easy access account - but where is it ?
The link takes me elsewhere ...

RG2015

50Twuncle wrote: »

The MSE weekly email makes a big thing of a 2.7% easy access account - but where is it ?
The link takes me elsewhere ...

Do you have a link as I cannot find any reference to a 2.7% easy access account?

It is clearly a mistake as there is no easy access account offering 2.7% but I am surprised that MSE would make a big thing of it without the report being proof read.

PS: The 2.7% is for a 5 year fixed rate account which has the capital sum locked away for the full 5 years.