Tesco Internet Saver Rates Reduction

Malchester

Have both Tesco Internet Saver and Marcus. Only keep enough in Tesco to top up Current Account as necessary, just easier transfer than Marcus (who I have found to be excellent). Think I will now move all bar a very small amount to Marcus. And for those who have a Marcus account, don't forget to keep refreshing your account to extend the bonus for 12 months from date of refreshing. I've done this three times in the last two weeks while it is still possible

harz99

Malchester wrote: »

Have both Tesco Internet Saver and Marcus. Only keep enough in Tesco to top up Current Account as necessary, just easier transfer than Marcus (who I have found to be excellent). Think I will now move all bar a very small amount to Marcus. And for those who have a Marcus account, don't forget to keep refreshing your account to extend the bonus for 12 months from date of refreshing. I've done this three times in the last two weeks while it is still possible

When you say refreshing, do you mean opening a new one and transferring all funds from old to new, or is there some other way?

ColdIron

You can extend your bonus on your existing account see this thread
https://forums.moneysavingexpert.com/discussion/6029822

Malchester

There is a facility on the Marcus account to renew the bonus for a further 12 months. This can be done multiple times. I have already done it four times and will continue to do it every few days

scoot65

Malchester wrote: »

There is a facility on the Marcus account to renew the bonus for a further 12 months. This can be done multiple times. I have already done it four times and will continue to do it every few days

Please don't take this as a personal attack on yourself, it's not, but I can't help wondering if renewing the bonus at this level of frequency will trigger an alert which cause the 'loophole' to be closed.

A bit like when lots of people were using Tesco accounts and setting up Direct Debits for £1.

Eventually organisations will wise up to what's happening.

Maybe use it, but don't abuse it.......

YorkshireBoy

scoot65 wrote: »

Please don't take this as a personal attack on yourself, it's not, but I can't help wondering if renewing the bonus at this level of frequency will trigger an alert which cause the 'loophole' to be closed.

A bit like when lots of people were using Tesco accounts and setting up Direct Debits for £1.

Eventually organisations will wise up to what's happening.

Maybe use it, but don't abuse it.......

I think there's a bigger chance of them cutting the underlying variable rate by 0.25% than removing the facility to regularly extend the 0.15% bonus period.

Yorkshire_Pud

YorkshireBoy wrote: »

I think there's a bigger chance of them cutting the underlying variable rate by 0.25% than removing the facility to regularly extend the 0.15% bonus period.

I think so too. I had diarised to move funds after 12m with Marcus and they must have realised people would likely do this. Easier to retain customers and then offer a slightly better rate than competiters' by adjusting the variable rate as time goes on in uncertain times.

Noticed of the four providers offering rates with bonus comparable to Marcus earlier in the week in the Thisismoney tables, today only Marcus remains.

user1168934

Malchester wrote: »

There is a facility on the Marcus account to renew the bonus for a further 12 months. This can be done multiple times. I have already done it four times and will continue to do it every few days

I thought Marcus have been around for only 2 years of so. If the bonus last for 12 months then why would you have renewed 4 times already. What am I missing?




EDIT:
I think I found out the reason in another thread. Every time you renew your rate it renews your bonus period, in effect extending it.

ColdIron

Marcus opened for new accounts 26/09/2018

user1168934

I also opened Marcus last week for the same reason as others but it just gave me an unnerving feeling to simply go to a website, sign up in 2 mins and then just dump all your savings into it. What if somebody was to spoof the website ... with so many internet banking frauds happening these days.

The whole thing made me really nervous, I mean at least with the banks they have some physical presence and maybe a current account that you have been using for a while with a debit card, so you kind of know it legit. Where as this is just an account in isolation, no physical presence (all online), no card no nothing ... basically just a number displayed on an online website.


I wonder if everyone else gets these feelings? How do you all deal with it? How do you know that the website that google spat out is legit?