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

masonic

colsten wrote: »

What about the TSB Plus? What about 3% Regular Savers, can't you avail yourself of any of those?

:rotfl: Don't mention TSB to Cotta.

DragonQ

aj23 wrote: »

I like your use of "Only" when you appear to have so many. Must be hard having £6k and not knowing where to put it!

True but it's always useful having cash on hand for emergencies. A lot of the regular saver products do not allow penalty-free withdrawals and obviously investment products don't allow withdrawals either. £6k earning 3% was great for instant-access cash and now the choice is either to lock it away or earn !!!!!! all interest on it.

colsten

Cotta wrote: »

That's only for credit card holders.

Are you saying you cannot get an M&S credit card? In which case, you would probably also not be eligible for an M&S current account.

EachPenny

harz99 wrote: »

Well we have the old version and have simply been skimming the interest off into Internet Savers. Given the amount of time the money has sat in Mr T we will probably just stick the cash in the best 1-2 year fixed rate account as we don't need easy access, and keep a nominal sum in each a/c. Anyone else considering this route?

Ford Money were recently offering 2% fixed for one year. I took the opportunity to shift some balances from 1.5% accounts across to Ford Money, in part due to the number of active Virgin RS accounts rapidly falling, but also partly in anticipation of Tesco not maintaining the 3% much longer.

At the moment the Ford Money fixed saver accounts are off sale, but who knows what will happen between now and June when the Tesco cut finally hits the majority of us.

EachPenny

colsten wrote: »

Are you saying you cannot get an M&S credit card? In which case, you would probably also not be eligible for an M&S current account.

M&S have a minimum income requirement for their credit card, which doesn't apply to the current account.

There would be some people (but possibly not vast numbers) who would fail to get the credit card, but be fine for the current account.

colsten

EachPenny wrote: »

M&S have a minimum income requirement for their credit card

Oh right. What is the minimum income they insist on? Can't see it on their website.

Penelopa.Pitstop

But £220 in M&S vouchers is not really £220 in cash. I don't have M&S nearby and I'm not going to make special effort to drive to one and spend their gift card.

But I'm certainly leaving Tesco. No reason to stay.

Nick_C

Penelopa.Pitstop wrote: »

But I'm certainly leaving Tesco. No reason to stay.

If you don't shop in Tesco or buy fuel there, I agree.

Cotta

So to get the switch and ultimately the RS with M&S I first need to get credit card and then switch my bank?

YorkshireBoy

Cotta wrote: »

So to get the switch and ultimately the RS with M&S I first need to get credit card and then switch my bank?

Plus at least 3 other things.