The Top Easy Access Savings Discussion Area

RG2015

ColdIron said:

The 0.69% Internet Saver ran from 03/12/2021 – 16/12/2021. You godda be quick these days

Thanks ColdIron 

My mistake. I was thinking of the 0.59% one which is the one I got in September.

https://www.tescobank.com/savings/previous-interest-rates/

RG2015

Deleted_User said:

RG2015 said:

LDeleted_User said:

As I said in my post, there was a rumour (note the word rumour!) about a possible 0 .84% rate, but we'll have to wait for Tesco's update in the New Year for the reality of what is being offered and to whom. Tesco evidently regard their ups and downs as "every little helps".

It’s not a rumour. There is an earlier version of the Tesco bank internet saver that offered a basic rate of 0.10% plus a bonus of 0.59%.

From 11 Jan 2022, their basic rate in increasing to 0.25%, hence those who opened the account in September will get 0.84% from 11 Jan 22 to September 2022.

Correction. As per ColdIron, the 0.69% was available from 3/12/21 to 16/12/21, hence the 0.84% total rate will run from 11 Jan 2022 to December 2022.

You are mistaken.

Firstly, I believe the 0.84% is currently only a rumour because I am not aware of it actually being published officially by Tesco, unless you can show me an official notification from Tesco Bank clearly showing the 0.84% rate and the date it will come into effect.

Secondly, your suggestion that "the 0.84% total rate will run from 11 Jan 2022 to December 2022." That statement is currently a fabrication because the 0.25% underlying rate might change at any time. For example,

- what is to stop the Bank of England changing interest rates up or down at any time in 2022?.

On the Tesco Bank Community Website, posted by the Community Manager.

"The Bank of England has increased its base rate. We’ll pass the full increase to Internet Saver, Cash ISA, and Instant Access Saver accounts, as well as Round Up savings on Tesco Clubcard Pay+. Our standard underlying rate (variable) will increase from 0.10% Gross/AER to 0.25% Gross/AER on 11 January 2022."

See link below.

https://yourcommunity.tescobank.com/threads/14861-Bank-of-England-Base-Rate-Change?highlight=bank+england+base+rate

RG2015

Deleted_User said:

RG2015 said:

Deleted_User said:

You are mistaken.

Firstly, I believe the 0.84% is currently only a rumour because I am not aware of it actually being published officially by Tesco, unless you can show me an official notification from Tesco Bank clearly showing the 0.84% rate and the date it will come into effect.

Secondly, your suggestion that "the 0.84% total rate will run from 11 Jan 2022 to December 2022." That statement is currently a fabrication because the 0.25% underlying rate might change at any time. For example,

- what is to stop the Bank of England changing interest rates up or down at any time in 2022?.

On the Tesco Bank Community Website, posted by the Community Manager.

"The Bank of England has increased its base rate. We’ll pass the full increase to Internet Saver, Cash ISA, and Instant Access Saver accounts, as well as Round Up savings on Tesco Clubcard Pay+. Our standard underlying rate (variable) will increase from 0.10% Gross/AER to 0.25% Gross/AER on 11 January 2022."

See link below.

https://yourcommunity.tescobank.com/threads/14861-Bank-of-England-Base-Rate-Change?highlight=bank+england+base+rate

Where does it mention 0.84%? While it looks likely to happen, I want to see the figure 0.84% mentioned explicitly.

How about your fabricated statement: "the 0.84% total rate will run from 11 Jan 2022 to December 2022."? What guarantee have you that there will be no change whatever in the Bank of England base rate (or Tesco Bank's underlying rate) between January and December 2022?

Did you open this account between 3rd and 16th December. If so, you will have a guaranteed bonus rate of 0.59% for 12 months.

To this will be added their standard rate which is going to increase to 0.25% on 11th January 2022.

0.59% plus 0.25% equals 0.84%. Hence, as it stands at the moment, the rate will rise to 0.84% on 11th January 2022.

Hope this helps.

canaldumidi

Deleted_User said:

RG2015 said:

Deleted_User said:

You are mistaken.

Firstly, I believe the 0.84% is currently only a rumour because I am not aware of it actually being published officially by Tesco, unless you can show me an official notification from Tesco Bank clearly showing the 0.84% rate and the date it will come into effect.

Secondly, your suggestion that "the 0.84% total rate will run from 11 Jan 2022 to December 2022." That statement is currently a fabrication because the 0.25% underlying rate might change at any time. For example,

- what is to stop the Bank of England changing interest rates up or down at any time in 2022?.

On the Tesco Bank Community Website, posted by the Community Manager.

"The Bank of England has increased its base rate. We’ll pass the full increase to Internet Saver, Cash ISA, and Instant Access Saver accounts, as well as Round Up savings on Tesco Clubcard Pay+. Our standard underlying rate (variable) will increase from 0.10% Gross/AER to 0.25% Gross/AER on 11 January 2022."

See link below.

https://yourcommunity.tescobank.com/threads/14861-Bank-of-England-Base-Rate-Change?highlight=bank+england+base+rate

Where does it mention 0.84%? While it looks likely to happen, I want to see the figure 0.84% mentioned explicitly.

How about your fabricated statement: "the 0.84% total rate will run from 11 Jan 2022 to December 2022."? What guarantee have you that there will be no change whatever in the Bank of England base rate (or Tesco Bank's underlying rate) between January and December 2022?

You probably won't "see the figure 0.84% mentioned explicitly" until 11 Jan, but that does not make it less likely to happen. You've seen the link to the tesco commitment raising the underlying rate, and had the maths spelt out for you just in case 0.25 + 0.59 was too tough. But by all means remain sceptical if you wish.

As for the the 0.84% total rate will run from 11 Jan 2022 to December 2022.", that could perhaps have been worded differently, but with any variable rate there is always uncertainty - Clearly the reference was to the period during which the guaranteed element would run, with the variable element added in (though yes, that might change - either up or down).

But I think you knew that really..............

RG2015

canaldumidi said:

Deleted_User said:

RG2015 said:

Deleted_User said:

You are mistaken.

Firstly, I believe the 0.84% is currently only a rumour because I am not aware of it actually being published officially by Tesco, unless you can show me an official notification from Tesco Bank clearly showing the 0.84% rate and the date it will come into effect.

Secondly, your suggestion that "the 0.84% total rate will run from 11 Jan 2022 to December 2022." That statement is currently a fabrication because the 0.25% underlying rate might change at any time. For example,

- what is to stop the Bank of England changing interest rates up or down at any time in 2022?.

On the Tesco Bank Community Website, posted by the Community Manager.

"The Bank of England has increased its base rate. We’ll pass the full increase to Internet Saver, Cash ISA, and Instant Access Saver accounts, as well as Round Up savings on Tesco Clubcard Pay+. Our standard underlying rate (variable) will increase from 0.10% Gross/AER to 0.25% Gross/AER on 11 January 2022."

See link below.

https://yourcommunity.tescobank.com/threads/14861-Bank-of-England-Base-Rate-Change?highlight=bank+england+base+rate

Where does it mention 0.84%? While it looks likely to happen, I want to see the figure 0.84% mentioned explicitly.

How about your fabricated statement: "the 0.84% total rate will run from 11 Jan 2022 to December 2022."? What guarantee have you that there will be no change whatever in the Bank of England base rate (or Tesco Bank's underlying rate) between January and December 2022?

You probably won't "see the figure 0.84% mentioned explicitly" until 11 Jan, but that does not make it less likely to happen. You've seen the link to the tesco commitment raising the underlying rate, and had the maths spelt out for you just in case 0.25 + 0.59 was too tough. But by all means remain sceptical if you wish.

As for the the 0.84% total rate will run from 11 Jan 2022 to December 2022.", that could perhaps have been worded differently, but with any variable rate there is always uncertainty - Clearly the reference was to the period during which the guaranteed element would run, with the variable element added in (though yes, that might change - either up or down).

But I think you knew that really..............

"You probably won't "see the figure 0.84% mentioned explicitly" until 11 Jan"

....and then only if you have the account with the guaranteed bonus rate of 0.59%.

Sadly, I haven't and doubt that it will be offered again.

pearl123

Tesco Bank Twitter "The Bank of England has increased its base rate. We’ll pass the full increase to Internet Saver, Cash ISA, and Instant Access Saver accounts, and Round Up on Clubcard Pay+. Our standard underlying rate will increase from 0.10% to 0.25% (Gross/AER, Variable) on 11 January 2022."

lhsecons

Deleted_User said:

pearl123 said:

Tesco Bank Twitter "The Bank of England has increased its base rate. We’ll pass the full increase to Internet Saver, Cash ISA, and Instant Access Saver accounts, and Round Up on Clubcard Pay+. Our standard underlying rate will increase from 0.10% to 0.25% (Gross/AER, Variable) on 11 January 2022."

Tesco Bank can Twatter as much as they like but, just as all other social media sites such as Facebonk, Instagrump WhatsUp, etc, they are simply platforms for gossip which I don't always take seriously. A bank will place formal announcements on their official website and not through unreliable social media channels. Until Tesco Bank place a notice on their official website, I'll take this gossip with a pinch of salt.

Presumably you would like a personal email or maybe a call direct from the CEO!!! They are are hardly going to post inaccurate information on their on Twitter page.

uptdale

I guess Tesco had an "Oops!" moment when they realised that by their tweet they had effectively increased the rate on their latest IS account to 0.84% from 11 January.  Hence the rapid withdrawal of the account on 16 December.  They will have to honour that, if they value their reputation for keeping their word.  But they still have some scope for reducing the rate at a later date, because 0.10% is variable, and I suspect that there is nothing to say that the variable rate on this account has to remain the same as the variable rates on their other accounts.  Time will tell.

veryintrigued

Have people nothing better to do than argue?

This and the RS thread get hijacked to death by those trying to hammer and hammer their point to death.

UncleK

I'm sick and tired........