Tescos old 6.50% / 6.75% offer

Fella

I signed up for Tescos Instant Savings a/c during June. The IR was 5.50% with a 1% bonus (rose to 5.75% with a 1% bonus).

Does anyone know how the 1% bonus is paid? Is it paid in one go at the end of the 6-month-period? I appear to be getting 5.75%, not 6.75% at the moment.

Thanks
Fella

Fella

Bump. Any ideas?

Thanks

barak

Fella wrote: »

I appear to be getting 5.75%, not 6.75% at the moment.

How do you know?
Because of the postal delays at the time, I asked for written confirmation that I was receiving the bonus, but I don't see how I could have confirmed this by accessing my account.

Fella

barak wrote: »

How do you know?
Because of the postal delays at the time, I asked for written confirmation that I was receiving the bonus, but I don't see how I could have confirmed this by accessing my account.

Huh? By doing sums.

(i.e. how much interest I'm getting each month as expressed as a percentage of the amount in the account).

barak

Fella wrote: »

Huh? By doing sums.

(i.e. how much interest I'm getting each month as expressed as a percentage of the amount in the account).

I wrongly assumed you were on Annual Interest. If you are getting Monthly Interest, the amount credited each month would be slightly less, but not 1% less - so I suggest you ask Tesco.

[Incidentally, if we are talking about the same account - "Instant Access Savings" - you need a balance of £50k to get 5.75% AER without bonus.]

skitskut

Yes as far as I know it is paid in one go at the end of the 6 month period from when your account was opened.

rarrarrar

Be warned that if you want to get your money out, you are limited to £10k per working day over the internet but £50k per day by phone.
I only found this out as I tried to move the majority of my funds out for investing in a fixed rate bond !

There is/was nothing in the T&Cs about these withdrawal restrictions.

thefirs

skitskut wrote: »

Yes as far as I know it is paid in one go at the end of the 6 month period from when your account was opened.

My account has now been opened six months, and the rate of interest is now no longer competitive. I'm in the process of withdrawing it to a better place (yes, the £10k limit came as a surprise to me too), but even withdrawing all the capital will give Big T a free loan of four figures if they don't pay out until end-April, as per annual interest T&Cs. I could close the account, but would this prejudice the 1% bonus?

There's certainly no sign of the bonus being added at this stage.

Fella

Hi,

I just had a most unpleasant conversation with Tesco Finance.

I opened my Instant savings account on 18th June. I've just spoken to their CS asking where the bonus 1% interest for six months is & they are telling me that that only applied to accounts opened AFTER 20th June 2007.

Now unless I'm going mad I'm absolutely certain that I checked this properly at the time & the offer was valid. That was the only reason I opened the account.

Can anyone confirm the Ts & Cs of this offer? I can't find a copy although I normally take one