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

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
163 replies 24.4K views
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Replies

  • aj23_2aj23_2 Forumite
    1.2K posts
    Fingerbobs wrote: »
    Yes same for me, but to be honest all of my current accounts, once set up, just 'tick over' with Standing Orders to meet any funding requirements and cream off the interest, and never require any intervention from me.
    Only the Regular Savers need manual intervention when they mature.

    Yeah but with this you didn't even need to set up, amend or maintain SO's. It really just took care of itself from day one.
  • aj23_2aj23_2 Forumite
    1.2K posts
    Switch to TSB, forget the bad press you only have to pay in £500 a month and you get 5% on the first £1500 in your current account, you also can have a regular monthly saver at 2% and a flexible savings account at .5%.

    Which TSB account offers 5% on savings??
  • Aj23 wrote: »
    Which TSB account offers 5% on savings??
    Think it says 0.5% with the 0 missing :rotfl:
  • karlie88karlie88 Forumite
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    Aj23 wrote: »
    Yeah but with this you didn't even need to set up, amend or maintain SO's. It really just took care of itself from day one.

    When the account launched a few years ago, it had a £5 monthly fee unless you paid in £750/month. So it didn't take care of itself from day one.
    :grouphug: :D Official MSE canny forumite and HUKD VIP badge member :D :grouphug:
  • aj23_2aj23_2 Forumite
    1.2K posts
    karlie88 wrote: »
    When the account launched a few years ago, it had a £5 monthly fee unless you paid in £750/month. So it didn't take care of itself from day one.

    I've never paid a fee or had to adhere to a pay-in and I opened one a few years ago, so yeah it has taken care of itself from day one. Ha.

    :beer:
  • vixen1500vixen1500 Forumite
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    Icesaver wrote: »
    Think it says 0.5% with the 0 missing :rotfl:

    Yes, your right, I wish it was 5%:rotfl:
    Typically confused and asking for advice
  • colstencolsten Forumite
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    Fingerbobs wrote: »
    In a funny way, I’m sort of relieved by this. I hope it spells the beginning of the end of having to keep little bits of money spread around loads of accounts.
    You're not into Regular Savers then :rotfl:
  • edited 28 February 2019 at 2:21PM
    KxMxKxMx Forumite
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    edited 28 February 2019 at 2:21PM
    I'm in the process of opening a Marcus account to replace a
    an HSBC Loyalty ISA, so once the Tesco cut kicks in I'll transfer that money, all apart from £1.

    I feel retaining a 1% account would be useful for the future, as my Tesco account is the old style with no DDs etc.
  • edited 28 February 2019 at 4:03PM
    worldtravellerworldtraveller Forumite
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    edited 28 February 2019 at 4:03PM
    In my case, with the 'old' scheme, with no need to pay in anything, nor have any DD requirement, it's certainly worth keeping for the extra Tesco points, both instore and petrol. This still makes it significantly better for me than just the new 1% interest.

    The Tesco current account rewards calculator is useful for telling you what additional points you get by using the debit card, over and above the normal clubcard points:

    https://www.tescobank.com/current-accounts/rewards/
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • colstencolsten Forumite
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    KxMx wrote: »
    I'm in the process of opening a Marcus account.....
    .
    Be aware that Marcus has a variable AER, with a 0.15% bonus for 12 months. If they stick with the 1.5% max, your rate drops to 1.35% after 12 months. At present, you can get more than 1.35% in instant access elsewhere, incl. at Tesco. Though most of those accounts also have some sort of a bonus rate which drops after 12 months. Basically, you have to keep watching the offers continuously, in case something better pops up.
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