The Top Easy Access Savings Discussion Area

where_are_we

mebu60 said:

SonOfPearl said:

Tesco's latest issue of their Internet Saver Account offers 1.71% (includes a fixed bonus of 1.46% for 1 year).

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

If I understand the message on Tesco Bank website correctly the underlying variable 0.25% will increase to 0.35% on 13 September which will make the overall rate 1.81% at that time. Without having to open a new Internet Saver!! 

Good Spot! However, opening a new Tesco Bank Internet Saver every time they increase the fixed bonus interest rate is a bit of a pain. Also this makes for Tesco annual interest figures to be more complicated than necessary. Then there is the pain of having to close old Internet Savers once you have 6.

UncleK

Indeed it is a pain having to close the old accounts. And what we found odd is that although the old accounts sit there with a zero balance, in some cases for years, when you ring them up to close them, there's tens or a few case over a hundred quid in there. The interest not credited finally getting credited and then that itself getting interest.

Molehusband

UncleK said:

Indeed it is a pain having to close the old accounts. And what we found odd is that although the old accounts sit there with a zero balance, in some cases for years, when you ring them up to close them, there's tens or a few case over a hundred quid in there. The interest not credited finally getting credited and then that itself getting interest.

Unfortunately your post gives no information as to which post you are replying to. Could you please clarify the name of the bank you are referring to with "old accounts sit there with a zero balance..." and details of what happens to them?

UncleK

Molehusband said:

UncleK said:

Indeed it is a pain having to close the old accounts. And what we found odd is that although the old accounts sit there with a zero balance, in some cases for years, when you ring them up to close them, there's tens or a few case over a hundred quid in there. The interest not credited finally getting credited and then that itself getting interest.

Unfortunately your post gives no information as to which post you are replying to. Could you please clarify the name of the bank you are referring to with "old accounts sit there with a zero balance..." and details of what happens to them?

Sorry - Tesco Bank. Was referring to the post above. When you open a new Tesco account it is not straightforward to close the old one - the default is to leave it open with a zero balance. But when you do close it there is actually some money lurking in it.

Section62

mebu60 said:

SonOfPearl said:

Tesco's latest issue of their Internet Saver Account offers 1.71% (includes a fixed bonus of 1.46% for 1 year).

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

If I understand the message on Tesco Bank website correctly the underlying variable 0.25% will increase to 0.35% on 13 September which will make the overall rate 1.81% at that time. Without having to open a new Internet Saver!! 

Great spot, thanks for sharing it with us.

Worth noting that Tesco have previous form for reducing the fixed bonus rate on offer when they increase the underlying variable rate - so there's no guarantee that the 1.46% bonus rate will still be available for accounts opened on or after 13 September.  Indeed, the bonus rate on offer could change at any time.  People wanting this account with a potential overall rate of 1.81% probably shouldn't hang around before making their application.

Rollinghome

where_are_we said:

mebu60 said:

SonOfPearl said:

Tesco's latest issue of their Internet Saver Account offers 1.71% (includes a fixed bonus of 1.46% for 1 year).

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

If I understand the message on Tesco Bank website correctly the underlying variable 0.25% will increase to 0.35% on 13 September which will make the overall rate 1.81% at that time. Without having to open a new Internet Saver!! 

Also this makes for Tesco annual interest figures to be more complicated than necessary.

Made still more complicated by "interest" being paid 31 March, and "bonus interest" being paid 12 months from opening the account. If opened now, this would be across two tax years. But no doubt there'll be another better rate coming along, so you'll probably have moved on by then.

Still, good to see them back in the game, and I gather they've sorted the short delay in making/receiving payments they used to have. Pity they scrapped the convenience of having a current account alongside.

ColdIron

The one I opened 11/08 earlier this month still took 2 or 3 days before I could withdraw. Seems unchanged to me

Patr100

brixtonia said:

Hello,

My question relates to the 85,000 protection on these accounts. I have recently taken out a mortgage to release capital, some of which I do not need right away and intend to put into interest bearing accounts. The amount I do not need immediately is in excess of the 85,000 protection limit. The mortgage is with Paragon and I note that they also offer a recommended easy access savings account. What I am interested to know is, if the bank were to collapse, would my loan and savings be treated entirely separately, or would my savings be offset against my debt such that they are, in effect, protected? 

Cheers!

What if I have debts and savings at the same bank and it goes bust?
If you have debts, such as a mortgage, loan or credit card with a bank that you also have savings with, these two things will be treated separately. So if the bank went bust, you'd receive compensation for savings from the Financial Services Compensation Scheme (FSCS), and still owe the bank the full amount of your debts.

If you have savings in one institution that come to more than the FSCS limit of £85,000, then anything over that is likely to be automatically deducted from your debts when administrators come into the bank – another good reason to adhere to the limits.

https://www.moneysavingexpert.com/savings/safe-savings/

Marmaduke123

It's very annoying to have to open new accounts and go through the convoluted process of closing old ones! I suppose it must work for Tesco, even if not for their customers.

Rollinghome

ColdIron said:

The one I opened 11/08 earlier this month still took 2 or 3 days before I could withdraw. Seems unchanged to me

Sorry,  I meant that FPs were never instant, always took 15  mins or so.  The initial block on withdrawals  would be less a problem if they told people before they transferred large lumps in.