Tesco current account - conditions for legacy account holders

pauljoecoe

Hi,

I've been in Hong Kong for 2 years now and whilst I still hold a Tesco account correspondance goes to my UK address.

I am stuggling to find current info on ther requirements for this account.

For account holders such as myself who have had this account for many many years are the conditional requirements now the same as new account holders i.e £750 pay in each month and 3 direct debits for 1% or do we long time holders still benefit from legacy conditions? If so what are they?

pauljoecoe

OK, to partially answer my own question. I see that the interest rate went down to 1% on June 14th. However, I have received interest in July and August so I assume that means the direct debit and requirement to fund the account each month does not apply as I do not have any dd set up, or pay any money into the account on a regular basis.

So just the interest rate cut effects me?

binaryuniverse

You'd be correct.

PRAISETHESUN

https://www.tescobank.com/current-accounts/terms-and-conditions/

For accounts opened prior to Apr 2017, my understanding is that there is no requirements for DDs/minimum pay in to gain interest. The rate was recently lowered however (as you've noticed) so it may be worthwhile considering if this is still the best option for you.

pauljoecoe

PRAISETHESUN wrote: »

. The rate was recently lowered however (as you've noticed) so it may be worthwhile considering if this is still the best option for you.

Well, there isn’t really much choice for instant access cash is there?

[Deleted User]

Tesco T's and C's state that you must close the account within 6 months of moving abroad from the UK.

Which begs the question why after 2 years you still have the account open and correspondence going to a UK based address.

YorkshireBoy

pauljoecoe wrote: »

Well, there isn’t really much choice for instant access cash is there?

Loads of choice for accounts paying more than 1%.

System

!!! wrote: »

Tesco T's and C's state that you must close the account within 6 months of moving abroad from the UK.

Which begs the question why after 2 years you still have the account open and correspondence going to a UK based address.

The OP is misleading the bank by using a UK mailing address

VXman

Let's just say I'm on holiday. I still have an income and a house in the UK.

(By the way I am the original poster. Can't seem to access my other account)

colsten

pauljoecoe wrote: »

I've been in Hong Kong for 2 years now

VXman wrote: »

Let's just say I'm on holiday.

It is totally normal to go on a 2-year holiday to Hong Kong. Thousands of people do this all the time. Combine this with telling lies to a bank, and you can't possibly go wrong.

londoninvestor

pauljoecoe wrote: »

Hi,

I've been in Hong Kong for 2 years now and whilst I still hold a Tesco account correspondance goes to my UK address.

I am stuggling to find current info on ther requirements for this account.

For account holders such as myself who have had this account for many many years are the conditional requirements now the same as new account holders i.e £750 pay in each month and 3 direct debits for 1% or do we long time holders still benefit from legacy conditions? If so what are they?

Will Tesco not give this information out over the phone?