Tesco Interest rate

OceanSound

eskbanker wrote: »

Surely that's a rhetorical question - why would anyone jump through artificial hoops to earn 1% interest when 1.5% is readily available in an easy access savings account with no strings attached (and better rates in certain other current accounts and regular savers)? Or 1.36% without even straying from Tesco....

It was.

I transferred £5600 on 15 June to my already existing tesco internet saver which pays 1.3% (kept £200 each in the current accounts just in case I need to use debit card)

some of that dough I've now transferred to the Post Office Online Saver 34 which pays 1.44%. I still won't touch Marcus with a bargepole even if it's slightly higher interest rate at 1.50% (I still remember what Goldman Sachs did to the American people).

eskbanker

OceanSound wrote: »

I still remember what Goldman Sachs did to the American people

Are you under some sort of impression that Tesco are models of corporate probity and social responsibility?!

Zero_Sum

OceanSound wrote: »

It was.

I transferred £5600 on 15 June to my already existing tesco internet saver which pays 1.3% (kept £200 each in the current accounts just in case I need to use debit card)

some of that dough I've now transferred to the Post Office Online Saver 34 which pays 1.44%. I still won't touch Marcus with a bargepole even if it's slightly higher interest rate at 1.50% (I still remember what Goldman Sachs did to the American people).

Cutting your nose off to spite your face there mind.

The post office savings is possibly the most user unfriendly interface ive ever used. Marcus is probably the best (savings only) ive used, and unlike most is actually instant access.

OceanSound

harz99 wrote: »

Or even 1.45% if the saver account was opened before the rate dropped to 1.36%...

I believe these tesco savings accounts mentioned have a 12 month bonus period. After that they drop to 0.55%. Similarly, marcus and post office interest rate drops after 12 months.

Best to keep an eye the end date. practice good record keeping by having entry on diary or store reminder on mobile phone calendar.

Apologies, I don't really have time to reply to all posts. Only sensible ones.

Fingerbobs

MDMD said:

hoc wrote: »

Are you sure?



I had looked into the terms for this and checked again now and it is not supposed to work. "Clubcard points can’t be collected if you use your debit card to pay for bills at banks or other financial institutions."


from: https://www.tescobank.com/current-accounts/rewards/#terms-1


This is outside of standing order and direct debits which do not collect points in any case. What share dealing platforms are you using?


It doesn't make sense to be able to collect points this way because people would then repeat the cycle, funding and withdrawing over and over. Obviously not with one time like ISA but there are instant access savings accounts that can be funded by debit card which could be done ad infinitum. It's for the same reason you can't collect points from cash withdrawal as you could then just pay it back in.

It definitely works for Hargreaves Lansdown- I was surprised to get £10 of Tesco vouchers even though I hadn’t been there for months. It turned out it was my Tesco debit card I used that generated the points.

It didn’t work on fidelity or on NS&I, so it must be either to do with the way the transaction is presented to Tesco.

Just discovered, purely by chance, that it works with Yorkshire Building Society as well. Surprised to receive 37 clubcard points for depositing £300 into my newly-opened Regular Saver account using my Tesco debit card.

Doesn't work with Family Building Society though.

ZeroSum

Fingerbobs said:

MDMD said:

hoc wrote: »

Are you sure?



I had looked into the terms for this and checked again now and it is not supposed to work. "Clubcard points can’t be collected if you use your debit card to pay for bills at banks or other financial institutions."


from: https://www.tescobank.com/current-accounts/rewards/#terms-1


This is outside of standing order and direct debits which do not collect points in any case. What share dealing platforms are you using?


It doesn't make sense to be able to collect points this way because people would then repeat the cycle, funding and withdrawing over and over. Obviously not with one time like ISA but there are instant access savings accounts that can be funded by debit card which could be done ad infinitum. It's for the same reason you can't collect points from cash withdrawal as you could then just pay it back in.

It definitely works for Hargreaves Lansdown- I was surprised to get £10 of Tesco vouchers even though I hadn’t been there for months. It turned out it was my Tesco debit card I used that generated the points.

It didn’t work on fidelity or on NS&I, so it must be either to do with the way the transaction is presented to Tesco.

Just discovered, purely by chance, that it works with Yorkshire Building Society as well. Surprised to receive 37 clubcard points for depositing £300 into my newly-opened Regular Saver account using my Tesco debit card.

Doesn't work with Family Building Society though.

Now why did you have to go & mention that? If Tesco clock this post then you've just cost me a fortune in free Clubcard points.