The Top Easy Access Savings Discussion Area

Mr._H_2

luv_my_brass wrote: »

Just as I was thinking how lucky I was to have taken out a savings account with Tesco at 6.0% for the first year, have now received a letter telling me that it's dropped to 3.75% :-(

This must be an old account and not the newer one (with ClubCard bonus points). That is still paying 6% and Tesco are currently reviewing their rates.

Mercenary

luv_my_brass wrote: »

Just as I was thinking how lucky I was to have taken out a savings account with Tesco at 6.0% for the first year, have now received a letter telling me that it's dropped to 3.75% :-(

That might be the Instant Access Saver as I've had a similar letter. Hmmmm time to transfer some money elsewhere, I think :cool:

luv_my_brass

Mr._H wrote: »

This must be an old account and not the newer one (with ClubCard bonus points). That is still paying 6% and Tesco are currently reviewing their rates.

Nope - it's the new one - with club card points, only had it for a couple of months.

Mr._H_2

luv_my_brass wrote: »

Nope - it's the new one - with club card points, only had it for a couple of months.

Well, I've got the new one, I haven't received a letter and their website still lists the rate as 6%, so I don't know what's going on


Edit: Aaah - do have an "instant access savings account", with an ATM card? The website lists that as having a rate of 3.75% on balances between £5000 and £14,999. Their "internet saver" is still paying 6% at the moment.

hansi

I made my first deposit from my linked account to my AA account last Monday, and the default date shown was today (11th), which seemed strange but I looked further and they said the money would be in the account on that date. Looked today, and it is there, but not cleared, but checked with my current account and it hasn't left there yet. Just interested to see how they work it, as it seemes different to other online accounts I have.

luv_my_brass

Mr._H wrote: »

Well, I've got the new one, I haven't received a letter and their website still lists the rate as 6%, so I don't know what's going on


Edit: Aaah - do have an "instant access savings account", with an ATM card? The website lists that as having a rate of 3.75% on balances between £5000 and £14,999. Their "internet saver" is still paying 6% at the moment.

I had thought that the instant access account and the internet account was the same thing - now I AM baffled!

Baldur

luv_my_brass wrote: »

I had thought that the instant access account and the internet account was the same thing - now I AM baffled!

Totally different accounts:

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/instantaccess/index.jsp

Gambit

Baldur wrote: »

Totally different accounts:

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/instantaccess/index.jsp

Ahh, glad to hear its not dropping... yet! :think:

luv_my_brass

Baldur wrote: »

Totally different accounts:

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/internetsaver/index.jsp

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/instantaccess/index.jsp

I went on their site to see where I'd gone wrong - at the time of opening my account, I hadn't been aware of the two different accounts. I rang Tesco to see if I could transfer my savings directly into the internet savers account and the answer was yes. I can only imagine that, at the time of opening the account, I decided to go for instant access instead of tieing my cash up for a year - this is always a difficult decision, and at the time, the interest rate was good. Decisions, decisions..... :rolleyes:

luv_my_brass

I went onto their site to open the Internet Savings account, but during the form filling discovered where I probably went wrong, as there is no obvious option to select 'Internet Savers Account' you have to select 'Instant Access Account' or 'Don't Know' After speaking to someone on the Tesco helpline, was told to select 'don't know' and eventually you get to select 'Internet account' - not very helpful! I was told that the interest rate on both accounts can go down, but the Internet account is the one that carries the 1.5% extra for 12 months. and I will be able to transfer directly from one account to the other. :T

Wish I'd know then what I know now - seems appropriate!