The Top Easy Access Savings Discussion Area

omelette451

catlou wrote: »

Not sure if you are aware but if you managed to open the account on or before 7/1 you get a 1.5% bonus on top of their regular interest amount for a year so their current rate is 3.6% so you would get 5.1% at the moment.

I phoned Tesco up to confirm this earlier as I also opened the account and received the paperwork today!.....and was wondering the same!?!?!

Sorry to be pesky, but did they confirm on the phone it would definitely qualify for the bonus? I'm in exactly the same position but didn't manage to get through to anyone... The paperwork they sent annoyingly only mentions the new lower rate.

catlou

No it's not pesky!!.....I'm really suspicious too!!
When I rang earlier took me 15mins to get through :eek:

They did confirm that to me on the phone, I then asked is there anywhere on the website that I can check my interest rates and was told No - that I would just have to add the 1.5% onto whatever the internet saver rate is when I need to know.

So.......just to be on the safe side I have printed off this page from the website stating that applications received on or before 7/1 will be eligible for the bonus interest rate

http://www.tescofinance.com/personal/finance/savings/index.jsp?referrerid=tesco

and will keep the account opening letter they sent me which was dated 7th Jan as my proof!! lol!

Hope that helps

catlou

Just seen this in the help section too - so seems pretty genuine.

http://tescofinance.metafaq.com/templates/tescofinance/main/answerPage?_mftvst:answerRef=%24http%3a%2f%2fapi.transversal.com%2fmfapi%2fobjectref%2fEntryStore%2fEntry%2fhttp%3a%2f%2fwww.metafaq.com%2fmfapi%2fMetafaq%2fClients%2ftescofinance%2fModules%2finternetSaverAcc%3a154543%3a2&_mftvst:groupID=%24savings&_mftvst:moduleID=%24internetSaverAcc&_mftvst:topicID=%24&id=P7K4R25364V610QV2Q7Q32LL0I

G_M

Catlou - like you I phoned & was assured the bonus would apply (once I eventually got through!!), but I'm still suspicious. And how can one tell? How many of us would know how to calculate the amount of interest that should be applied to the account for, say 341 days @ 5.1%, less tax. Assuming we had not altered the total balance throughout the (near) year we held the account AND that the interest rate had not changed during the year!!! And how many of us would check if we did know how? ?

halla3349

Not sure of any downside. But my Egg Money credit card offers 4% on a positive balance. Which to me seems to beat any instant access account listed here.

margaretlouise

catlou wrote: »

Just seen this in the help section too - so seems pretty genuine.

http://tescofinance.metafaq.com/templates/tescofinance/main/answerPage?_mftvst:answerRef=%24http%3a%2f%2fapi.transversal.com%2fmfapi%2fobjectref%2fEntryStore%2fEntry%2fhttp%3a%2f%2fwww.metafaq.com%2fmfapi%2fMetafaq%2fClients%2ftescofinance%2fModules%2finternetSaverAcc%3a154543%3a2&_mftvst:groupID=%24savings&_mftvst:moduleID=%24internetSaverAcc&_mftvst:topicID=%24&id=P7K4R25364V610QV2Q7Q32LL0I

I have read your link and my letter is dated 7th Jan so it looks as though the bonus may be included. Must send my written application away pronto???

catlou

G_M wrote: »

Catlou - like you I phoned & was assured the bonus would apply (once I eventually got through!!), but I'm still suspicious. And how can one tell? How many of us would know how to calculate the amount of interest that should be applied to the account for, say 341 days @ 5.1%, less tax. Assuming we had not altered the total balance throughout the (near) year we held the account AND that the interest rate had not changed during the year!!! And how many of us would check if we did know how? ?

I suppose we will just have to trust them on that :eek: or try and work out the exact interest?!

JimmyTheWig

halla3349 wrote: »

Not sure of any downside. But my Egg Money credit card offers 4% on a positive balance. Which to me seems to beat any instant access account listed here.

Good thinking. I wonder how long this rate will stay.
Downsides I can think of are...
If you currently use this as a credit card then you either carry on using it and lose out on the interest-free period for paying your bill in full (as your savings balance will reduce straight away) or you stop using it and lose out on their cashback.
If you haven't already got one you will need to get through the credit check, etc.
Is it covered by the FSCS, given that it's not really a bank account?

Other than the latter, where I think it probably will be covered anyway, you could do a lot worse than using this for your savings.

omelette451

catlou wrote: »

They did confirm that to me on the phone, I then asked is there anywhere on the website that I can check my interest rates and was told No - that I would just have to add the 1.5% onto whatever the internet saver rate is when I need to know.

That's good to know: confirmation is good, even if it's only by phone!

and will keep the account opening letter they sent me which was dated 7th Jan as my proof!! lol!

Ooh, good idea. I think mine's already gone in the recycling pile but it might be salvageable...

mmmBiscuit

JimmyTheWig wrote: »

If you haven't already got one you will need to get through the credit check, etc.

Unfortunately the Egg Money account is no longer open to new customers (see http://new.egg.com/visitor/0,,3_108938--View_2319,00.html).

JimmyTheWig wrote: »

Is it covered by the FSCS, given that it's not really a bank account?

But - if you're lucky enough to already have the account - then it's a 4% savings account that also rewards spending with 1% cashback. I e-mailed Egg a while ago (when it looked like all the banks were going to fold) about whether or not the account would be covered by the FSCS, and they confirmed that it would.