Tesco Internet Saver Rates Reduction

HHarry

caveman38 wrote: »

Am I reading this right?
The Internet Saver that I have that pays 1.45% (including bonus) that lasts till October. Is currently only 0.55% and by my renewal will be 0.35%.
Or am I missing some bonus addition?

Your current total rate is made up of a base rate of 0.55% and a bonus (payable for one year) of 0.9%. You'll get that until the 24th October.

If your anniversary is after the 24th October you'll get the reduced base rate of 0.35% plus bonus of 0.9% until the year is up.

After that you'll get 0.35% and there's no point opening a new account because the one year bonus will have been scrapped.

ColdIron

caveman38 wrote: »

Am I reading this right?
The Internet Saver that I have that pays 1.45% (including bonus) that lasts till October. Is currently only 0.55% and by my renewal will be 0.35%.
Or am I missing some bonus addition?

Your 1.45% is made up of 0.55% standard variable and 0.90% fixed bonus rates. Because your fixed bonus rate is, well, fixed you will get that for a year from opening. The standard variable part will decrease from 0.55% to 0.35% from 24th October so going forward your overall rate will become 1.25% until the bonus expires

badger09

eskbanker wrote: »

....and also just waiting to be roundly castigated by those on here for whom Goldman Sachs is The Dark Side!

Ooooh its a while since I was castigated:rotfl:

ColdIron wrote: »

It really is the easiest account to open and operate, just bear in mind a delay when withdrawing on weekends (unlike Tesco )

Agreed. No app though, so another password needed.

Weekend delays won't bother me as I'm more of a 'belt & braces, give it a couple of days just in case' type.

ColdIron wrote: »

Welcome to the world of the Vampire Squid

Why thank you.

I'm late to this party and its been a while since I opened a new account, but the news from Tesco has prodded me into action.

caveman38

ColdIron wrote: »

Your 1.45% is made up of 0.55% standard variable and 0.90% fixed bonus rates. Because your fixed bonus rate is, well, fixed you will get that for a year from opening. The standard variable part will decrease from 0.55% to 0.35% from 24th October so going forward your overall rate will become 1.25% until the bonus expires

Thanks for the reply, but. The product now shows no mention of a fixed bonus rate. Would that have been removed?

HHarry

caveman38 wrote: »

Thanks for the reply, but. The product now shows no mention of a fixed bonus rate. Would that have been removed?

Yes for all new applications.

And for everyone else when their year is up.

molerat

Never kept anything in my Tesco saver apart from putting the odd overflow cash for a short time to get a little bit but this post has spurred me on to open a Marcus and shift my (& MrsM's) Tesco current account cash. Left £100 in 2 of the accounts which is plenty to cover Tesco spends for the extra points as will top back up as used. Account opened smoothly and deposits appeared in under 30 mins.

Thrugelmir

Withdrawn from underwriting new mortgage business. Diminishing requirement for retail funds

MisterMotivated

colsten wrote: »

Why would anyone still have any money in Tesco internet savers? They haven't been offering the top rates since last August (when Cynergy had a 1.56% account), and the removal of their DD functionality removed the last remaining reason for using these Tesco accounts. We even had an instant access cash ISA paying 1.5% in March/April this year, and there are currently 2 instant access savers paying 1.5%.

I decided the 1.45% was close enough to the Marcus rate that it wasn't worth opening yet another account with yet another provider. I might reconsider when the bonus rate ends.

Zero_Sum

Are Tesco just trying to wind up their banking operations?
Theyve stopped offering new mortgages
Their current account no longer offers the 3% interest
And now this.

Zero_Sum

MisterMotivated wrote: »

I decided the 1.45% was close enough to the Marcus rate that it wasn't worth opening yet another account with yet another provider. I might reconsider when the bonus rate ends.

Personally I prefer to receive my interest monthly, whereas Tesco is annual & Marcus is monthly. And transactions to/from Marcus are faster than Tesco