Should I close my Tesco 3% accounts?

YorkshireBoy

Brewer20 wrote: »

My wife's using hers to fund a new FD regular saver, good timing meanwhile she's getting a paltry 1% on it.

Why doesn't she fund it from a 1.4x% paying Tesco Internet Saver? It won't do SO's, but as soon as one payment has left she can set up a future dated FP for the next one. And the icing on the cake would be a potential switching incentive is available.

Fingerbobs

glider3560 wrote: »

I'm transferring one into First Direct for £125. The other will stay open for the rare large debit card transactions I make (1 clubcard point for every £8 spent).

Just discovered I could've been getting 2 clubcard points for every £1 spent on Tesco fuel all this time just by paying with my Tesco debit card. That's effectively 2% cashback for me, as Clubcard vouchers are as good as cash to me. That's a whole % better than I've been getting by using my cashback credit card + stand-alone Tesco Clubcard. Doh!

Moorhurst

My wife and I each have two of these accounts and we set them up in the good old days when you did not need to pay in £750 per month and have three direct debits on the account so it has been a very “low-maintenance” way of earning 3% interest on the £12k pot for some time.

With the interest rate reduction coming on Friday I need to find the best home for the money but “switch and reward” options are limited from what I can see because we have no direct debits which are often a key requirement.

Am I missing a trick - any suggestions will be welcomed.

20SmthngSver

I've left it open purely for when I buy petrol to get the double points. The account by doing this is still worth £7-£9 in vouchers quarterly to me which I then use off my fuel.

Zanderman

Moorhurst wrote: »

My wife and I each have two of these accounts and we set them up in the good old days when you did not need to pay in £750 per month and have three direct debits on the account so it has been a very “low-maintenance” way of earning 3% interest on the £12k pot for some time.

With the interest rate reduction coming on Friday I need to find the best home for the money but “switch and reward” options are limited from what I can see because we have no direct debits which are often a key requirement.

Am I missing a trick - any suggestions will be welcomed.

One trick you seem to have missed (too late now though) is the £50 Amazon Voucher referrals reward for switching into Santander, no DD's needed, for each account.

Been running for a few months now but switches need completing by the 18th June, so too late now for a 7 day working days switch. [We switched our his'n'hers 4 Tescos into Santander a month or so back - £50 per referrer and per referee for each, so between us (as we referrred each other) that was £400 in vouchers]