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

knack92

My first interest payment since the reduction was paid yesterday and has been calculated based on the new rate. Anyone else received an incorrect payment?

BigBucket

I got the correct payment £7.29 for the first of my two accounts.

tg99

I also received my interest payment today based on the new lower rate (£2.xx instead of £7.xx).

Knack92 - have you queried this with Tesco at all since your post?

BigBlueSky

tg99 wrote: »

I also received my interest payment today based on the new lower rate (£2.xx instead of £7.xx).

Knack92 - have you queried this with Tesco at all since your post?

Same here - Just received my statement. Shows £2.13 interest instead of the usual £7.29.

Zero_Sum

Those only getting the £2ish, the rate only dropped last week, so even if the interest was paid today you should still get about £6.

tg99

tg99 wrote: »

I also received my interest payment today based on the new lower rate (£2.xx instead of £7.xx).

Knack92 - have you queried this with Tesco at all since your post?

Update: it is a system error at Tesco Bank, they are aware of it but it is apparently only affecting a small number of customers. (Not sure if they are automatically correcting the problem or if those customers affected need to contact them directly.)

bundoran

I was lured back to Tesco Bank after the security breach by the interest rate on the current account.

It wouldn't take much to make me lose faith in the bank again though, and this time it would be for good.

Interest is supposed to be calculated daily and added once a month. It is a pretty basic feature of any interest bearing account to be able to calculate and add the interest correctly. It isn't asking a lot of the bank, is it? :think:

badger09

Zero_Sum wrote: »

Those only getting the £2ish, the rate only dropped last week, so even if the interest was paid today you should still get about £6.

June 18th for me £6.51 & £6.56. 1st account had lower (by £700) balance for 1 day

knack92

BigBucket wrote: »

I got the correct payment £7.29 for the first of my two accounts.

BigBlueSky wrote: »

Same here - Just received my statement. Shows £2.13 interest instead of the usual £7.29.

tg99 wrote: »

Update: it is a system error at Tesco Bank, they are aware of it but it is apparently only affecting a small number of customers. (Not sure if they are automatically correcting the problem or if those customers affected need to contact them directly.)

Sorry for delayed reply. I decided to wait and see what interest was received on my second account though that's still to be paid.

Thanks for contacting them tg99. I now see that an adjustment transaction has been credited with the same value date of the original interest payment.

BigBlueSky

Seeing the adjustment here too. Just waiting for my second account to have the interest paid which should hopefully be correct.