Tesco rate reduction later than planned?

poppellerant

I am trying to find a viable alternative which has similar offerings to my Tesco account - no direct debit or pay-in requirements to get 3%. The only activity that happens is moving £500 each month to my TSB, which is then transferred back in the following day - this satisfies TSB's criteria.

So far, it would make more sense to stuff my money into a mattress.

Mnd

Only if you don't want any interest. Have you used the nationwide account paying 5% on 2500 for 12 months, plus the regular saver that gives you, there are other regular savers available.Lloyds and santander..( as i type, post just dropped through letter box..2 tesco letters!) I see you dont want to have dd restrictions so look at Monzo paying 1.5%

surreysaver

Looks like I'll have some direct debits looking for new homes

ColdIron

I received my letter today. I've had my accounts since 2015 so no pre-conditions (DDs, £750 per month)

It confirms the rate reduction on 14th June and continues:

• There won't be any other changes to the way you earn interest, so you'll continue to earn credit interest without any conditions attached

talexuser

Same letter as ColdIron. My 2 accounts are not worth keeping now, I just used them to rotate £1000 a month to BoS to keep the regular saver going. Now need to use Santander or TSB to do that. The only advantage is it does continue to simplify all the current accounts I used to have. Good while it lasted.

pearl123

Any idea what will be good alternatives as a current account?

girllikeme1

Yes at 1% I will be looking elsewhere or drip feeding it into Reg Savers. Diarised for a switch in June!

colsten

pearl123 wrote: »

Any idea what will be good alternatives as a current account?

https://www.moneysavingexpert.com/bank-accounts/

webjaved

pearl123 wrote: »

Any idea what will be good alternatives as a current account?

Nationwide at 5%?

pearl123

webjaved wrote: »

Nationwide at 5%?

Unfortunately, I've already had an account with them and their 5% runs out after one year. However, if I remember rightly if one holds
a current account with Nationwide there is access to 5% regular saver.