Tesco Bank .

emerald21

Hi does anyone know if I close my Tesco bank account which is going to change from 3% to 1% soon and switch it to TSB who are giving £150 at the moment will they take back the years interest I've been paid or not as the two years aren t up yet. It was paid monthly. Thank you .

Zanderman

Not sure what 'two years' you mean? I assume you mean a Tesco Current account? These are just current accounts that pay interest, there's no time barrier on them or penalty for closing 'early'. There's no date on them at all..

The only date Tesco used was their guarantee the rate of 3% wouldn't drop before April 2019. That was their commitment to customers, not customer's commitment to them.

emerald21

Zanderman wrote: »

Not sure what 'two years' you mean? I assume you mean a Tesco Current account? These are just current accounts that pay interest, there's no time barrier on them or penalty for closing 'early'. There's no date on them at all..

The only date Tesco used was their guarantee the rate of 3% wouldn't drop before April 2019. That was their commitment to customers, not customer's commitment to them.

Hi I just meant the two years I've had the account I opened it when it first came available. So my question was if I close it and move to a bank offering an incentive would I lose any of the interest as a penalty Guess I ll just phone them up

bsms1147

No they won't take it back, it's your interest, your money!

Zanderman

emerald21 wrote: »

Hi I just meant the two years I've had the account I opened it when it first came available. So my question was if I close it and move to a bank offering an incentive would I lose any of the interest as a penalty Guess I ll just phone them up

No need to phone them up. They have paid you interest. There is no mechanism for them to take that back!!

Mnd

I agree, if you closed it mid month they would owe you money, not the other way round

clivep

Is TSB giving £150 at the moment???

Terry_Towelling

No. I think OP must mean RBS - and the £150 offer ends at midnight tonight.

emerald21

Terry_Towelling wrote: »

No. I think OP must mean RBS - and the £150 offer ends at midnight tonight.

Oh yes sorry your right lol. Need to do it this afternoon

ceredigion

emerald21 wrote: »

Hi I just meant the two years I've had the account I opened it when it first came available. So my question was if I close it and move to a bank offering an incentive would I lose any of the interest as a penalty Guess I ll just phone them up

Tesco lunched the current account 5 years ago, it is 2 years since a certain financial journalist decided to tell the would

eskbanker

ceredigion wrote: »

Tesco lunched the current account 5 years ago, it is 2 years since a certain financial journalist decided to tell the would

MSE was none too tardy with the news originally:

https://www.moneysavingexpert.com/news/2014/06/tesco-bank-launches-its-first-current-account-is-it-any-good/

but yes, promoting its 2017 rate guarantee via the weekly email took things to a new level, as Tesco's beleaguered contact centres would no doubt verify....