Tesco Bank to cut current account interest from 3% to 1% - MSE News

binaryuniverse

I'll be keeping my accounts. With no minimum pay in, or direct debit requirement they're useful to me for funnelling about large amounts of cash to service min pay ins on my other accounts, and paying in to regular savers. A nice level of autonomy that normal savings accounts can't provide, as far as I know.

And you never know. The rate could increase in the future.

Cotta

Everyone is talking about leaving Tesco but where to?

YorkshireBoy

Cotta wrote: »

Everyone is talking about leaving Tesco but where to?

1% is very easy to beat, in terms of interest. But not everyone will close their accounts for the reasons already given in this thread and others on the same subject.

Cotta

YorkshireBoy wrote: »

1% is very easy to beat, in terms of interest. But not everyone will close their accounts for the reasons already given in this thread and others on the same subject.

Only by the 5% regular savers.

YorkshireBoy

Cotta wrote: »

Only by the 5% regular savers.

Is that in response to the first sentence in my post you quoted?

moneysavinggirl40

Tesco interest rate will be low enough compared to mortgage interest rate. so worth paying a lump sum off mortgage is my plan. But will keep accounts open, as they do not not need minimum pay in or dd, as they're the old Tesco current accounts. I have other bank accounts to use as switching accounts, rather than use these Tesco ones.

masonic

Cotta wrote: »

Only by the 5% regular savers.

Even a 1.5% instant access savings account will beat a 1% current account in terms of interest.

Cotta

YorkshireBoy wrote: »

Is that in response to the first sentence in my post you quoted?

Yes, however let me expand on this. Below is my current saving's profile and I cannot see how I can realisiticlly improve on this even if I leave Tesco.


First Direct Regular Saver @ 5% - maximum allowed depoits made each month.
Nationwide Regular Saver @ 5% - maximum allowed depoits made each month.
HSBC Regular Saver @ 5% - maximum allowed depoits made each month.

Tesco account @3% with maximum balance of £3000 included.

YorkshireBoy

Cotta wrote: »

Yes, however let me expand on this. Below is my current saving's profile and I cannot see how I can realisiticlly improve on this even if I leave Tesco.


First Direct Regular Saver @ 5% - maximum allowed depoits made each month.
Nationwide Regular Saver @ 5% - maximum allowed depoits made each month.
HSBC Regular Saver @ 5% - maximum allowed depoits made each month.

Tesco account @3% with maximum balance of £3000 included.

If you moved the £3K from the 1.00% Tesco current account to a Tesco 1.4x% internet saver account in June would you see that as an improvement?

soulsaver

Cotta wrote: »

Yes, however let me expand on this. Below is my current saving's profile and I cannot see how I can realisiticlly improve on this even if I leave Tesco.


First Direct Regular Saver @ 5% - maximum allowed depoits made each month.
Nationwide Regular Saver @ 5% - maximum allowed depoits made each month.
HSBC Regular Saver @ 5% - maximum allowed depoits made each month.

Tesco account @3% with maximum balance of £3000 included.

You're missing M&S 5% reg saver.