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

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Comments

  • alandaniel132
    alandaniel132 Posts: 476 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    If i apply Tesco Bank current account today via online, am i still entitle for 3% until June 2019?
  • Sea_Shell
    Sea_Shell Posts: 10,146 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    We can only assume that Tesco have analysed their accounts and know how many £££'s are likely to walk out the door in June.

    Well you'd hope they have, otherwise they might get a shock!!
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • jackieblack
    jackieblack Posts: 10,593 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    superlative wrote: »
    Hmm, I have one of the 'old' accounts that pays 3% without needing me to pay in any minimum or have any direct debits. I wonder if this applies to this account too? I guess I'll wait and see what letter I get...

    Same here...
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    Quidquid Latine dictum sit altum videtur
  • jackieblack
    jackieblack Posts: 10,593 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    alandaniel132 wrote: »
    If i apply Tesco Bank current account today via online, am i still entitle for 3% until June 2019?

    Did you bother to read the article?

    Second line - “The change will come into effect for new customers from Friday 1 March, and for existing customers from 14 June.”
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    Quidquid Latine dictum sit altum videtur
  • alandaniel132
    alandaniel132 Posts: 476 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    jackieblack wrote: »
    Did you bother to read the article?

    Second line - “The change will come into effect for new customers from Friday 1 March, and for existing customers from 14 June.”

    Yes, but today is 27th Feb
  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 27 February 2019 at 5:02PM
    Polly05 wrote: »
    There's nowhere else to go just now tho, is there? With a decent interest rate?

    ��

    Well there is a few instant access saving account paying above 1%. Marcus for instance is paying 1.5%.

    Tesco internet saving was paying 1.45% (keep changing).

    People could also start putting more money into Innovative ISA, S&S ISA with manageable level of risk rather than see their cash develuate on daily basis.
  • Polly05
    Polly05 Posts: 379 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    alandaniel132 wrote: »
    Yes, but today is 27th Feb
    So you'd be a new customer and would only get it til Friday...
  • Polly05
    Polly05 Posts: 379 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    adindas wrote: »
    Well there is a few instant access saving account paying above 1%. Marcus for instance is paying 1.5%.

    Tesco internet saving was paying 1.45% (keep changing)

    I'm not sure it's worth me opening another account for half a percent more... 🙄
  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Polly05 wrote: »
    I'm not sure it's worth me opening another account for half a percent more... ��

    People could also start putting more money into Innovative ISA, S&S ISA with manageable level of risk or if possible to be put into pension. Unless you want to see your cash eaten by inflation and devaluate on daily basis.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Sea_Shell wrote: »
    We can only assume that Tesco have analysed their accounts and know how many £££'s are likely to walk out the door in June.

    Well you'd hope they have, otherwise they might get a shock!!
    I reckon there is just about every likelihood that they will know to the nearest £K how much they are likely to save even if everybody stayed on.
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