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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 10th Jun 14, 8:15 AM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Tesco Bank launches its first current account is it any good?
    • #1
    • 10th Jun 14, 8:15 AM
    MSE News: Tesco Bank launches its first current account is it any good? 10th Jun 14 at 8:15 AM
    Tesco Bank has today launched a new current account paying interest and giving Clubcard points...

    Read the full story:

    Tesco Bank launches its first current account is it any good?



    Click reply below to discuss. If you havent already, join the forum to reply. If you arent sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • bsms1147
    • By bsms1147 10th Jun 14, 8:44 AM
    • 1,972 Posts
    • 3,540 Thanks
    bsms1147
    • #2
    • 10th Jun 14, 8:44 AM
    • #2
    • 10th Jun 14, 8:44 AM
    >> Discussion + FAQs here <<
    • suebgriseum
    • By suebgriseum 10th Jun 14, 12:20 PM
    • 20 Posts
    • 29 Thanks
    suebgriseum
    • #3
    • 10th Jun 14, 12:20 PM
    tesco new bank account got rejected
    • #3
    • 10th Jun 14, 12:20 PM
    hi,
    just applied for joint account, got declined!

    I have several bank accounts, in joint names, i have been a club card customer for years.
    Yes i have a poor credit 'number' my joint applicant doesn't, i also didn't request an overdraft facility!

    I am getting rather sick of been blocked for accounts (where no credit facility is requested) due to my other debts (all been paid on time !), rather quite sick of it.
    I have x2 AR markers on my accounts - should have defaulted!!!
    I have 20 months and counting unitl they are paid off, yes they will still show because the system stinks.... those who are trying to get on the straight and narrow after having problems, are given loans at high %, no wonder the pay day loan comapnies do so well!
    Sorry really pi**ed off at the system of credit files they need a major over haul to be fair to people trying to dig themselves out of an hole (my debt was due to 2007 down turn and caring for an elderly relative and shorter working hours!)
    Sorry to go on but feel better now - can the forum address the AR problems..........with the FSA!!
    • Butterfly Brain
    • By Butterfly Brain 10th Jun 14, 1:50 PM
    • 8,736 Posts
    • 61,001 Thanks
    Butterfly Brain
    • #4
    • 10th Jun 14, 1:50 PM
    • #4
    • 10th Jun 14, 1:50 PM
    Wouldn't touch Tesco with a ten foot bargepole
    Blessed are the cracked for they are the ones that let in the light
    C.R.A.P R.O.L.L.Z. Member #35 Butterfly Brain + OH - Foraging Fixers
    Not Buying it 2015!
  • hellenevans
    • #5
    • 10th Jun 14, 2:51 PM
    paying in cheques
    • #5
    • 10th Jun 14, 2:51 PM
    Where would you go to pay in cheques etc? If its only being trialled in 3 stores?
    • Credit-Crunched
    • By Credit-Crunched 10th Jun 14, 4:02 PM
    • 2,106 Posts
    • 4,138 Thanks
    Credit-Crunched
    • #6
    • 10th Jun 14, 4:02 PM
    • #6
    • 10th Jun 14, 4:02 PM
    If their Current Accounts are run like their stores I would not go neat them in a million years!
  • theianfox
    • #7
    • 10th Jun 14, 5:15 PM
    • #7
    • 10th Jun 14, 5:15 PM
    Where would you go to pay in cheques etc? If its only being trialled in 3 stores?
    Originally posted by hellenevans
    It says paid in by post on the website.
    • davethorp
    • By davethorp 10th Jun 14, 6:36 PM
    • 1,501 Posts
    • 1,097 Thanks
    davethorp
    • #8
    • 10th Jun 14, 6:36 PM
    • #8
    • 10th Jun 14, 6:36 PM
    hi,
    just applied for joint account, got declined!
    Originally posted by suebgriseum
    If it is any consolation I got declined too, something which Tesco felt the need to leave 3 different messages asking me to contact them on an 0845 number just to tell me I was declined - most will simply send me a letter written in crayon telling me to sod off!

    I have a Santander 123 and a TSB Classic Plus account so I'm not exactly losing any sleep over them declining me as both of them are far better than Tesco's account

    • oldharryrocks
    • By oldharryrocks 10th Jun 14, 6:43 PM
    • 518 Posts
    • 202 Thanks
    oldharryrocks
    • #9
    • 10th Jun 14, 6:43 PM
    • #9
    • 10th Jun 14, 6:43 PM
    Where would you go to pay in cheques etc? If its only being trialled in 3 stores?
    Originally posted by hellenevans
    As the article says.

    You can make deposits and withdrawals at the customer services desks of over 300 Tesco, Tesco Extra and Tesco Metro stores, but no other in-branch facilities are available. Customer service desks tend to open until 8pm/9pm, although this will vary by store.
    • GingerFurball
    • By GingerFurball 10th Jun 14, 7:05 PM
    • 950 Posts
    • 894 Thanks
    GingerFurball
    hi,
    just applied for joint account, got declined!

    I have several bank accounts, in joint names, i have been a club card customer for years.
    Yes i have a poor credit 'number' my joint applicant doesn't, i also didn't request an overdraft facility!

    I am getting rather sick of been blocked for accounts (where no credit facility is requested) due to my other debts (all been paid on time !), rather quite sick of it.
    I have x2 AR markers on my accounts - should have defaulted!!!
    I have 20 months and counting unitl they are paid off, yes they will still show because the system stinks.... those who are trying to get on the straight and narrow after having problems, are given loans at high %, no wonder the pay day loan comapnies do so well!
    Sorry really pi**ed off at the system of credit files they need a major over haul to be fair to people trying to dig themselves out of an hole (my debt was due to 2007 down turn and caring for an elderly relative and shorter working hours!)
    Sorry to go on but feel better now - can the forum address the AR problems..........with the FSA!!
    Originally posted by suebgriseum
    A current account is still a credit product, regardless of whether you wanted an overdraft.
    DEBT FREE!

    Debt free by Xmas 2014: 3555.67/4805.67 (73.99%)
    Debt free by Xmas 2015: 1250/1250 (100.00%)
    • LeeUK
    • By LeeUK 10th Jun 14, 9:57 PM
    • 6,305 Posts
    • 2,886 Thanks
    LeeUK
    Rather keep using a bank with a bricks and mortar branch for those times that I need to pay cash or cheques into the account. Preferably one with a large branch network with one on nearly all high streets. Things like Nationwide, Co-op, Santander don't cut it.
    • Pincher
    • By Pincher 11th Jun 14, 9:44 AM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    Just use it for the 3% interest, who cares about paying in?
    • Heng Leng
    • By Heng Leng 11th Jun 14, 9:59 AM
    • 4,702 Posts
    • 1,533 Thanks
    Heng Leng
    Co-op have a poor branch network but Nationwide and Santander both have reasonable branch networks .


    Rather keep using a bank with a bricks and mortar branch for those times that I need to pay cash or cheques into the account. Preferably one with a large branch network with one on nearly all high streets. Things like Nationwide, Co-op, Santander don't cut it.
    Originally posted by LeeUK
    • Zanderman
    • By Zanderman 11th Jun 14, 10:05 AM
    • 2,126 Posts
    • 4,924 Thanks
    Zanderman
    Tesco Bank launches its first current account is it any good?
    Originally posted by MSE Helen
    Well it's far too early to ask whether it's any good in practice.

    But in terms of package, no.

    It's good for savings (3% on 3k) but offers nothing of any significance as a current account.

    There's a 5 fee (waived for regular pay-in) - but for what? There are no perks other than for very few clubcard points. Many other current accounts are free.

    But why this new thread to discuss it? There's a perfectly good existing one already here: http://forums.moneysavingexpert.com/showthread.php?t=4991191
    • jimjames
    • By jimjames 11th Jun 14, 11:59 AM
    • 13,228 Posts
    • 12,276 Thanks
    jimjames
    Tesco Bank has today launched a new current account paying interest and giving Clubcard points...

    Read the full story:



    Click reply below to discuss. If you havent already, join the forum to reply. If you arent sure how it all works, read our New to Forum? Intro Guide.
    Originally posted by MSE Helen
    MSE might want to review the table at the bottom of the article, in particular the bit about interest rates which makes no sense.

    Approx gross interest you'd earn in a year, after basic rate tax if you were to hold the max balance.

    So it's not the gross interest, its the NET interest. It'll only confuse saying it is gross when it is after tax.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • MartinRosen
    If you have a Clubcard PLUS account you will earn 2points for every 1 you spend in Tesco, whereas this new card earns you 1 point for every 4 you spend. I know what I am doing!
    ---------

    This message has come from Me
    • SurfKing
    • By SurfKing 12th Jun 14, 12:37 AM
    • 83 Posts
    • 34 Thanks
    SurfKing
    I think the really interesting thing about the Tesco Bank launch is that, although it will have some form of branch network, its focus is really on online first and mobile first. Their v1 app already looks as if it's way ahead of some other banks' offerings, I'll be really interested to see if they continue to keep their apps updated with new features or if they do what some others banks have done and leave their apps to rot.
    • dumpyboy
    • By dumpyboy 13th Jun 14, 8:35 PM
    • 377 Posts
    • 85 Thanks
    dumpyboy
    hi,
    just applied for joint account, got declined!

    I have several bank accounts, in joint names, i have been a club card customer for years.
    Yes i have a poor credit 'number' my joint applicant doesn't, i also didn't request an overdraft facility!

    I am getting rather sick of been blocked for accounts (where no credit facility is requested) due to my other debts (all been paid on time !), rather quite sick of it.
    I have x2 AR markers on my accounts - should have defaulted!!!
    I have 20 months and counting unitl they are paid off, yes they will still show because the system stinks.... those who are trying to get on the straight and narrow after having problems, are given loans at high %, no wonder the pay day loan comapnies do so well!
    Sorry really pi**ed off at the system of credit files they need a major over haul to be fair to people trying to dig themselves out of an hole (my debt was due to 2007 down turn and caring for an elderly relative and shorter working hours!)
    Sorry to go on but feel better now - can the forum address the AR problems..........with the FSA!!
    Originally posted by suebgriseum
    I know the feeling never no light at the end of the tunnel
    • M0ney
    • By M0ney 13th Jun 14, 10:34 PM
    • 441 Posts
    • 196 Thanks
    M0ney
    I applied, the message at the end was we need to do further checks and we will be in touch.

    Looking like I'll be declined...?
    • davethorp
    • By davethorp 14th Jun 14, 8:48 AM
    • 1,501 Posts
    • 1,097 Thanks
    davethorp
    I applied, the message at the end was we need to do further checks and we will be in touch.

    Looking like I'll be declined...?
    Originally posted by M0ney
    I got the same message and was declined. You never know may be different for you though

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