Tesco Current Account will pay no interest from 22/9

j.p

Nothing to see here, move along.

ceredigion

How do you know ? 

KxMx

An email went out today, I got one too. 
I'll keep it for the double clubcard points when shopping at Tesco, but may keep less money in. 

diamondchap

The key bit of the email states:
"During March 2020 the Bank of England decreased base rates from 0.75% to their lowest ever level of 0.10%.

Given this significant change to the base rate we’ve reviewed our current account interest rate and made the decision to reduce this to 0%. This means from 22 September 2020 you won’t earn interest.  You’ll still earn your current rate of 1% AER on eligible balances up to £3,000 until then."

wmb194

Ever since Tesco Bank sold its mortgage book and stopped offering new ones it's felt like it's been winding down: it certainly stopped bidding for instant access deposits by offering table topping rates in the way that it used to and it hasn't been offering new current accounts for while.

molerat

KxMx said:

An email went out today, I got one too. 
I'll keep it for the double clubcard points when shopping at Tesco, but may keep less money in. 

Not heard anything yet.

Only keep it at £100 which is more than enough for a weekly shop and a tank of petrol at 2% points and transfer money in for buying Premium Bonds and paying into the HL SIPP for the 0.125% worth of points.  If they cut the points that will be the end.

Shakin_Steve

I still have £6000 across two current accounts, £5 a month is better than nowt. Can't really see where it's worth moving it to after September, there's nothing worthwhile about at the moment. 

I'm just grateful I've still got some money in the bank(s), lots of people haven't after recent events.

crumpet_man

NS&I Direct Saver pays 1% so that's an easy place to put your funds, no current account related hoops (monthly funding, DD etc)

KxMx

The legacy Tesco accounts don't have any conditions attached.
Still a great tip. 

quirkydeptless

Shame, I was using it as a Regular Saver feeder. Will need to find a new home.
Wondering how long the Lloyds Club rate will last now 

[Deleted User]

KxMx said:

The legacy Tesco accounts don't have any conditions attached.
Still a great tip. 

Doesn't this change effectively eliminate 'legacy' Tesco Bank accounts or am I missing something?