Tesco Internet Saver Rates Reduction

eskbanker

user1168934 wrote: »

How do you know that the website that google spat out is legit?

There are a range of fairly generic checks to validate that websites are genuine, see the likes of:

https://www.money.co.uk/guides/5-ways-to-check-a-website-is-legit.htm
https://www.moneyadviceservice.org.uk/blog/how-to-spot-and-report-fake-websites-and-pharming-scams
https://www.thesslstore.com/blog/5-ways-to-determine-if-a-website-is-fake-fraudulent-or-a-scam/

badger09

user1168934 wrote: »

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?

If you are really nervous about using 'an account in isolation, no physical presence (all online), no card no nothing ... basically just a number displayed on an online website' I recommend you keep away from https://www.atombank.co.uk/ which is mobile app only:eek:

Having said that, once I realised it wouldn't recognise my face unless I removed my glasses, thereby rendering myself almost blind, it was fine:)

pearl123

Back to the subject matter Tesco rate reduction. I've had a letter from Tesco bank which states that my accounts are at different interest rates from those shown online. My account on- line has a bonus rate.
It seems they have sent out a generic letter. To top it all their site is on and off down. I've had enough of it today.

enthusiasticsaver

I have had a letter too today so will be moving our Tesco internet saver to Marcus. Off to check out their opening procedure now.

oldwiring

Am I reading Marcus' site correctly; underlying rate 1.355%, bonus 0.15%? The ratio is inverse to other bonus offerings.

At the moment it'll not be for me and wife, as joint applications are not acceptable, and in our late life stage, we keep all joint.

ColdIron

That'll be 1.35% underlying variable rate

I-LOV-MONEY

Zero_Sum wrote: »

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.

It seems that way. When I asked one of their telephone operating staff, she denied it - but probably she would anyway (or perhaps isn't privy to any future plans by Tesco).

pearl123

enthusiasticsaver wrote: »

I have had a letter too today so will be moving our Tesco internet saver to Marcus. Off to check out their opening procedure now.

I moved my money too. Just left a token £1 in Tesco bank for the interest, which will come later in the year.

Who would stick with such low rates.

YorkshireBoy

pearl123 wrote: »

I moved my money too. Just left a token £1 in Tesco bank for the interest, which will come later in the year.

Who would stick with such low rates.

Why would you not close now and get the interest making 1.5% elsewhere?

Lomcevak

pearl123 wrote: »

Who would stick with such low rates.

I agree, but it seems inertia is a powerful thing. I share an office at work with someone who had just under £110k sitting in an ancient Halifax instant access account, earning 0.05% - it took me three attempts to get them to click the 'renew account' option that Halifax gives you and turn it to a (still terrible) 0.2% Everyday Saver at effectively zero effort.

The thought of moving to Marcus etc. ... "too much 'assle, mate". Forget better use of capital, pensions (he does the minimum, prefers saving cash), FSCS limits, etc. Don't think he's all that unusual though.