Tesco Internet Saver can't withdraw

ricmag123

I opened an Internet Saver Account with Tesco Bank last night, and this morning I transferred a decent sum into it which was very quick.

I already have a credit card account open with Tesco.

An emergency arose today whereby I needed access to some of these funds. There is no option to withdraw on the app, and when I try to do so via online banking I get an error message? What gives? When can I access this money, as I need it now? 

Surely as an already existing customer, Tesco shouldn't need to verify me?

csgohan4

Transfers over the weekend could be pending, probably why you can't withdraw

Even withdrawing money from premium bonds can take a short while and certainly not always instant

ricmag123

But that defeats the purpose. It's an instant access savings account.

And it isn't even letting me withdraw, I just get an error message. It's not like the withdrawal is completed but the funds aren't transferring.

Daliah

Looks like you missed their CS for the day

ColdIron

With the Tesco Internet Saver it is normal not to be ale to withdraw for a few days after you open the account. I am on my 18th one now and they have all taken 3 to 5 days. They should make it clearer on application

CS can speed this process up if you phone them

p00hsticks

ricmag123 said:

But that defeats the purpose. It's an instant access savings account.

And it isn't even letting me withdraw, I just get an error message. It's not like the withdrawal is completed but the funds aren't transferring.

Opening an account, immediately transferring a 'decent sum' into it and then attempting to withdraw some of it, all within 24 hours could well have set off some AML triggers....

vic_sf49

Did they* tell you they're sending you a form to sign, and that you can't withdraw money until they've received it?

* However, I had to open my account by phone, as their website was playing up, so I don't know what spiel the website would have given.

I also have a credit card with them, so wasn't expecting any correspondence other than a welcome letter.

Hopefully as mentioned above, it's just weekend gremlins, and that opening an account online doesn't need the signature.

wiseonesomeofthetime

ricmag123 said:

I opened an Internet Saver Account with Tesco Bank last night, and this morning I transferred a decent sum into it which was very quick.

I already have a credit card account open with Tesco.

An emergency arose today whereby I needed access to some of these funds. There is no option to withdraw on the app, and when I try to do so via online banking I get an error message? What gives? When can I access this money, as I need it now? 

Surely as an already existing customer, Tesco shouldn't need to verify me?

I did exactly the same, however, from previous experience, I am aware that I will not be able to access it for 3 to 5 days while the 'checks' are completed, despite me also being a Tesco credit card customer and a Tesco Bank customer from their 3% current accounts era.

As other posters have said, perhaps the delay in the withdrawal option being available should be made more prominent to people as they apply for the account.

Emergency access is a rare requirement though on new accounts tbf.

eskbanker

https://www.tescobank.com/assets/tesco-internet-saver-terms-and-conditions/tesco-internet-saver-terms-and-conditions.pdf does state that:

During our account opening process we must undertake checks to confirm your identity. You will not be able to withdraw money from your account until our checks are complete.

Obviously this isn't as specific as it ought to be, but clearly it envisages a period during which money can be paid in but not out again....

ricmag123

Thanks everyone. Should've read the small print.

where_are_we

I was aware of this,but was still suprised when I couldn`t withdraw from a new Internet Saver (@.6%) a day after I opened it, even though I had internally transferred the total balance from another IS (@.59%) to new IS (@.6%). Fortunately I had other accounts to withdraw from (one of the good reasons for having more than one instant access bank account).