Tesco Interest rate

Madison

I intended to close both accounts after transferring savings but can see the point of keeping them open. Is there a minimum balance or can they remain open with nothing in them?

Rollinghome

Madison wrote: »

I intended to close both accounts after transferring savings but can see the point of keeping them open. Is there a minimum balance or can they remain open with nothing in them?

Banks don't usually close current accounts with zero balance but keep a pound in if you prefer. I've often had a zero balance in Tesco accounts.

I've still got accounts with other banks, both savings and current, which I haven't used for over ten years but still get annual statements.

talexuser

I closed both mine yesterday and topped up the 6 grand in FCIT. Changed the standing orders to TSB feeding BoS and regular saver (TSB goes down to 3% on 2nd July), and Santander lite and regular saver. In a way I'm glad to get rid of the hassle of shifting so many £ interest around every month, the simplicity of a single Marcus is appealing but not as worhthwhile as doing the best to take advantage of the system to maximum.

jimjames

Zola. wrote: »

Every little helps Tesco, in this case...

For a current account 1% still is pretty good, beats most of the established banks. It just means I need to use it as only a current account now rather than holding excess cash there too

polymaff

jimjames wrote: »

For a current account 1% still is pretty good, beats most of the established banks.

Hmmmm. That's debatable. Here they are going into the deep freeze.


Hope that Tescobank'll stop sending me low-balance texts...:)

moneyfoolish

soulsaver wrote: »

Eh? Just shift the funds into a higher interest account and leave the Tesco cas open with a few pence, if you must...

I've left mine open with nothing in them.

wiseonesomeofthetime

polymaff wrote: »

Hope that Tescobank'll stop sending me low-balance texts...:)

Agreed!

I emptied mine out, bar a fiver, and now keep getting these texts :eek:

JohnRo

wiseonesomeofthetime wrote: »

Agreed!

I emptied mine out, bar a fiver, and now keep getting these texts :eek:

If you don't already know there's the option within the account settings 'Manage Alerts'

It allows you to either set the upper and lower bounds that trigger alerts or just to simply switch them off altogether.

Mnd

Careful, some banks say you have to close the original account

Fingerbobs

Zero_Sum wrote: »

Which credit card? Ive tried a few of mine & dont work.

This is a problem I hadn't anticipated. I assumed I could pay my Barclaycard bill with any debit card, including Tesco, and had planned to do that instead of transferring the money out.

Either way, I'm keeping my Tesco account open for the enhanced Clubcard points rate on fuel.