3% down to 1% - life now with Tesco bank account :(

trinidadone

Other / Undecided

tempus_fugit wrote: »

There wasn't an option for me so I just clicked "other".

I will probably keep the accounts as you never know, the rates might go back up someday, but most of the money will be going into accounts with higher rates of interest once the rate goes down. Even my pretty low interest ISA will have a higher rate when that happens.

The third option ,mentioned keeping one / both accounts???

veryintrigued

Does the spam button work on polls?

Brewer20

I'll use mine as my main spending account for now as my income gets transfered over to it. My main account used to be FD (still have it) but my money gets moved to Tesco. Better to have 1% than nowt at FD and still get a points for shopping at Tesco etc, which we do.

System

Fingerbobs wrote: »

Since the only bank in the locale of my workplace closed down, Tesco is the only place it's possible to pay cash in without getting in the car and driving to the next town. I'll be keeping my Tesco account for that purpose.

You have no Post Office?

martinthebandit

Tranfer one / both Tesco accounts to another provider for a better rate?

Heng_Leng wrote: »

You have no Post Office?

....and if you don't want a post office account, others will let you pay in at a post office, Starling springs to mind.

zzzt

Close one/both of your Tesco bank accounts?

I've already closed one, using the switching service. I intend to do the same with the other before June. £100-£150 for switching is more than 12 months of 3% interest on £3000.

Without Tesco I don't think there is an account paying much above inflation that I'm not already using, so I'll probably put this £6000 into an index tracking fund or P2P lending or overpay on my mortgage or a bit of all 3.

trinidadone

Other / Undecided

zzzt wrote: »

I've already closed one, using the switching service. I intend to do the same with the other before June. £100-£150 for switching is more than 12 months of 3% interest on £3000.

Without Tesco I don't think there is an account paying much above inflation that I'm not already using, so I'll probably put this £6000 into an index tracking fund or P2P lending or overpay on my mortgage or a bit of all 3.

who are you going to switch to?

davidquizer

TSB gives 5% on their current account up to £1500. They also give 2% on a monthly saver. You only have to pay in £500 per month.

trinidadone

Other / Undecided

whats the max you can pay into the saver?

SnowTiger

trinidadone wrote: »

whats the max you can pay into the saver?

£250 a month.

https://www.tsb.co.uk/savings/monthly-saver/