Tesco Internet Saver

ColdIron

moneyfoolish said:

I've already got 2 Tesco Internet Savers but with nothing in either since the interest rate went so low. Can I open another and still get 0.59%?

Certainly, you can have up to six of them open at one time. I usually close old ones and have any residual interest paid into the new one to avoid clutter

sheslookinhot

I’ve just opened 2 new Internet Saver accounts, transferred the funds from 2 existing Internet Savers and written a letter to TESCO to close the empty accounts.

refluxer

Transferred a large sum from my current account to a Tesco Internet Saver this morning via online banking and it appeared in less time than it took me to open the Tesco banking app to check. Probably the quickest I've seen - very impressed !

krish

Hopefully those of you who kept this account open (with £0.00 in my case) just had this interest rate rise ...
(my 'loyalty' being continuously holding a current account/internet saver for years, even with £1 or zero balance)

From: "noreply@ems.tescobank.com" <noreply@ems.tescobank.com>

Sent: Wednesday, 12 January 2022, 10:05:40 GMT

Subject: Here’s a little something from us

Yes, that’s right - we’re increasing your savings rate

We’re giving you a little something to thank you for being a loyal customer. As the Bank of England base rate recently increased, we’re passing this straight on to you by increasing your Savings Account Standard Rate by the same amount of 0.15% from 11th January 2022 to help you save even more.

What does this mean for me?

Your savings will now increase without you having to do a thing. Keep saving with us and enjoy this little extra - it’s as simple as that.

To see your new interest rate

Just go to our Mobile App or Online Banking.

Thanks,

Your Tesco Bank Savings Team

In my case, that now means a rate of 0.74%, beating Cynergy, so just closed that (online access still remains there, with closed accounts' PDF statements downloadable the day after account closure) and now all in Tesco.

Yeah, we all know it's still rubbish, but it's possibly the best easy access rate for you, if you've been given it. So if you haven't already read or had the email or quickly deleted it as marketing rubbish, have a quick look, or log in to Tesco banking and see if an increased rate is on your account.

soulsaver

krish said:

Hopefully those of you who kept this account open (with £0.00 in my case) just had this interest rate rise ...
(my 'loyalty' being continuously holding a current account/internet saver for years, even with £1 or zero balance)

From: "noreply@ems.tescobank.com" <noreply@ems.tescobank.com>

Sent: Wednesday, 12 January 2022, 10:05:40 GMT

Subject: Here’s a little something from us

Yes, that’s right - we’re increasing your savings rate

We’re giving you a little something to thank you for being a loyal customer. As the Bank of England base rate recently increased, we’re passing this straight on to you by increasing your Savings Account Standard Rate by the same amount of 0.15% from 11th January 2022 to help you save even more.

What does this mean for me?

Your savings will now increase without you having to do a thing. Keep saving with us and enjoy this little extra - it’s as simple as that.

To see your new interest rate

Just go to our Mobile App or Online Banking.

Thanks,

Your Tesco Bank Savings Team

In my case, that now means a rate of 0.74%, beating Cynergy, so just closed that (online access still remains there, with closed accounts' PDF statements downloadable the day after account closure) and now all in Tesco.

Yeah, we all know it's still rubbish, but it's possibly the best easy access rate for you, if you've been given it. So if you haven't already read or had the email or quickly deleted it as marketing rubbish, have a quick look, or log in to Tesco banking and see if an increased rate is on your account.

After their additional 0.15% it was possible to have ended up with 0.84% as they had an ac paying 0.69% before the uplift.

Malchester

I have an open Tesco Account.with nothing in. My interest rate jumped to 0.25%. Magnificent. Sticking with Investec at 0.71%

eskbanker

Malchester said:

I have an open Tesco Account.with nothing in. My interest rate jumped to 0.25%. Magnificent. Sticking with Investec at 0.71%

Tesco's Internet Saver interest has always been split into variable and bonus rates, with the bulk of the benefit typically accruing from the latter, but the bonus only applies for the first year, so retaining old accounts after bonus expiry is generally worthless, as, like yours, they're uncompetitive thereafter.

Fortunately, those wishing to benefit from (sometimes) competitive Tesco rates can shift funds easily from old savers to new ones, so you could have been earning the 0.84% that others are getting if you'd timed it right....

ColdIron

Malchester said:

I have an open Tesco Account.with nothing in. My interest rate jumped to 0.25%. Magnificent. Sticking with Investec at 0.71%

Comparing an old account with an expired bonus and an account no longer accepting new applications isn't really constructive or of much use to anyone

Malchester

ColdIron said:

Malchester said:

I have an open Tesco Account.with nothing in. My interest rate jumped to 0.25%. Magnificent. Sticking with Investec at 0.71%

Comparing an old account with an expired bonus and an account no longer accepting new applications isn't really constructive or of much use to anyone

Yes. It was a comment not a comparison with a touch of humour and irony, well hidden I know!!!

Rollinghome

Having almost forgotten the ~5% rates of just a few years ago, getting an extra 0.15% to make 0.84% made my day.  Only tempered by the thought that I should really move money away from Investec again.