Opening a second Tesco Internet Saver - question about bonus interest

cing0

For anybody who's closed one of these accounts by email recently, how long did it take?
After 40 days, mine are still not closed.
https://community.tescobank.com/content/4315

eskbanker

cing0 said:

For anybody who's closed one of these accounts by email recently, how long did it take?
After 40 days, mine are still not closed.
https://community.tescobank.com/content/4315

I can beat that, I emailed them a couple of those forms in early May and nothing has happened since!

ColdIron

I've closed a few Internet Saver accounts by email over the last 3 months, all closed next day

refluxer

cing0 said:

For anybody who's closed one of these accounts by email recently, how long did it take?
After 40 days, mine are still not closed.
https://community.tescobank.com/content/4315

Try giving them a ring. I did this back in June to close a couple of those accounts and got through to speak to someone without much of a wait at the time. They dealt with the closures efficiently and the balances were transferred to my current account and showing in online banking by the time I got off the phone.

where_are_we

I closed my Internet Savers by email - took a couple of days. The whole rigmarole is a pain and because they increase their rates every few weeks (latest 2.06%) before you know it you have the maximum 5 IS`s. Nothing there now. Thank goodness there are better instant access rates elsewhere.

barafear799

This is a bit of an old thread - so I hope someone still reads it! Sounds like @ColdIron is a bit of an expert - 
The terms on these accounts don't seem all that clear (to me) - I assumed that the bonus would only be paid if you kept account for 12 months - rather than moving if you simply transferred to a new higher paying account?
So - can I just clarify - if I simply open up a new IS - can I then simply transfer the money from my existing IS (let's say leaving £1) - and then on the new account I would get the bonus amount and the standard interest - and that whenever interest is payable - seems to be March 31st according to this thread - then I would get the full "interest" for the total number of days on both accounts? 
Or in theory, if I keep the old account open with £1 - then I'd get the daily interest on the "higher balance" for the number of days it was in there - and on the new account, the daily interest from opening date to 31 March - and paid on the 31 March with a bonus element? 
I really should just move to a different account to save the hassle!! 
Thanks

eskbanker

The bonus is simply an extension to the interest rate and is likewise calculated on a daily basis from the balance in the account at that point, so if you withdraw the vast majority of the balance then the bonus component of the interest (as with the non-bonus bit) will be negligible from that point on.

ColdIron

The interest comes in 2 parts: 1) the standard rate (variable) and 2) the bonus rate (fixed for 1 year)

The standard rate is paid on 31st March every year and the bonus 12 months after account opening

So if you opened account 1 on 1st Nov 2022 you will get the standard interest March 2023 and the bonus Nov 2023. If you opened account 2 on 1st Feb 2023 you will get the standard interest also March 2023 and the bonus Feb 2024

If you move cash from 1 to 2 you will get the interest accrued to date in account 1 on the dates above. I wouldn't want to wait so I would close account 1 now and get all its interest (standard and bonus) on closure