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  • FIRST POST
    • MSE Megan F
    • By MSE Megan F 27th Feb 19, 2:39 PM
    • 403Posts
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    MSE Megan F
    Tesco Bank to cut current account interest from 3% to 1% - MSE News
    • #1
    • 27th Feb 19, 2:39 PM
    Tesco Bank to cut current account interest from 3% to 1% - MSE News 27th Feb 19 at 2:39 PM
    Tesco Bank is cutting the interest offered on its popular current account from 3% to 1%...
    Read the full story:
    'Tesco Bank to cut current account interest from 3% to 1%'

    Click reply below to discuss. If you havenít already, join the forum to reply.
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Page 1
    • Sea Shell
    • By Sea Shell 27th Feb 19, 2:49 PM
    • 2,628 Posts
    • 4,741 Thanks
    Sea Shell
    • #2
    • 27th Feb 19, 2:49 PM
    • #2
    • 27th Feb 19, 2:49 PM
    Blows big raspberry!!!!!! Well that'll be our £12000 whisked off elsewhere then...adios!!!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow " JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!!
    • PRAISETHESUN
    • By PRAISETHESUN 27th Feb 19, 2:56 PM
    • 1,291 Posts
    • 703 Thanks
    PRAISETHESUN
    • #3
    • 27th Feb 19, 2:56 PM
    • #3
    • 27th Feb 19, 2:56 PM
    Was expecting this to happen at some point. I wonder how many people will now be using Tesco current accounts for switching incentives...
    • xylophone
    • By xylophone 27th Feb 19, 2:58 PM
    • 31,391 Posts
    • 19,463 Thanks
    xylophone
    • #4
    • 27th Feb 19, 2:58 PM
    • #4
    • 27th Feb 19, 2:58 PM
    It'll be goodbye Tesco then.......nice to have known you!
    • djpailo
    • By djpailo 27th Feb 19, 3:00 PM
    • 527 Posts
    • 201 Thanks
    djpailo
    • #5
    • 27th Feb 19, 3:00 PM
    • #5
    • 27th Feb 19, 3:00 PM
    Oh well, was good while it lasted. Owners of Marcus will be rubbing there hands with glee, imagine all the new customers...
    • michaels
    • By michaels 27th Feb 19, 3:01 PM
    • 22,825 Posts
    • 104,541 Thanks
    michaels
    • #6
    • 27th Feb 19, 3:01 PM
    • #6
    • 27th Feb 19, 3:01 PM
    Thing is, if you only have money with them in order to benefit from this rate then the odds are they will be happy to see the back of you.
    Cool heads and compromise
    • colsten
    • By colsten 27th Feb 19, 3:06 PM
    • 11,048 Posts
    • 10,344 Thanks
    colsten
    • #7
    • 27th Feb 19, 3:06 PM
    • #7
    • 27th Feb 19, 3:06 PM
    Two more accounts ready to be switched from June 14 onwards. Just need a switching offer that I can still use
    • Polly05
    • By Polly05 27th Feb 19, 3:28 PM
    • 208 Posts
    • 112 Thanks
    Polly05
    • #8
    • 27th Feb 19, 3:28 PM
    • #8
    • 27th Feb 19, 3:28 PM
    There's nowhere else to go just now tho, is there? With a decent interest rate?

    🙁
    • superlative
    • By superlative 27th Feb 19, 3:29 PM
    • 34 Posts
    • 20 Thanks
    superlative
    • #9
    • 27th Feb 19, 3:29 PM
    • #9
    • 27th Feb 19, 3:29 PM
    Hmm, I have one of the 'old' accounts that pays 3% without needing me to pay in any minimum or have any direct debits. I wonder if this applies to this account too? I guess I'll wait and see what letter I get...
    • fun4everyone
    • By fun4everyone 27th Feb 19, 3:29 PM
    • 1,796 Posts
    • 2,915 Thanks
    fun4everyone
    Thing is, if you only have money with them in order to benefit from this rate then the odds are they will be happy to see the back of you.
    Originally posted by michaels
    Yes, which makes threads like these kinda funny sometimes with people trying to make out like its a threat they are gonna leave.

    Bad news but I give kudos to Tesco for guaranteeing a decent rate for a substantial period of time.
    Last edited by fun4everyone; 27-02-2019 at 3:35 PM.
    • binaryuniverse
    • By binaryuniverse 27th Feb 19, 3:46 PM
    • 830 Posts
    • 547 Thanks
    binaryuniverse
    That is a bit of a blow. Was expecting them to go perhaps 2%, to keep it competitive. It was nice whilst it lasted; especially when you didn't have the DD requirement.
    • alandaniel132
    • By alandaniel132 27th Feb 19, 3:46 PM
    • 275 Posts
    • 22 Thanks
    alandaniel132
    If i apply Tesco Bank current account today via online, am i still entitle for 3% until June 2019?
    • Sea Shell
    • By Sea Shell 27th Feb 19, 3:49 PM
    • 2,628 Posts
    • 4,741 Thanks
    Sea Shell
    We can only assume that Tesco have analysed their accounts and know how many £££'s are likely to walk out the door in June.

    Well you'd hope they have, otherwise they might get a shock!!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow " JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!!
    • jackieblack
    • By jackieblack 27th Feb 19, 3:51 PM
    • 8,950 Posts
    • 14,743 Thanks
    jackieblack
    Hmm, I have one of the 'old' accounts that pays 3% without needing me to pay in any minimum or have any direct debits. I wonder if this applies to this account too? I guess I'll wait and see what letter I get...
    Originally posted by superlative
    Same here...
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur

    MFW #4 (2018 £866.89 OPd)
    2019 YTD £1073.85 (£700 offset), Oct £100.00


    Everything will be alright in the end so, if itís not yet alright, it means itís not yet the end
    • jackieblack
    • By jackieblack 27th Feb 19, 3:52 PM
    • 8,950 Posts
    • 14,743 Thanks
    jackieblack
    If i apply Tesco Bank current account today via online, am i still entitle for 3% until June 2019?
    Originally posted by alandaniel132
    Did you bother to read the article?

    Second line - “The change will come into effect for new customers from Friday 1 March, and for existing customers from 14 June.”
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur

    MFW #4 (2018 £866.89 OPd)
    2019 YTD £1073.85 (£700 offset), Oct £100.00


    Everything will be alright in the end so, if itís not yet alright, it means itís not yet the end
    • alandaniel132
    • By alandaniel132 27th Feb 19, 3:55 PM
    • 275 Posts
    • 22 Thanks
    alandaniel132
    Did you bother to read the article?

    Second line - ďThe change will come into effect for new customers from Friday 1 March, and for existing customers from 14 June.Ē
    Originally posted by jackieblack
    Yes, but today is 27th Feb
    • adindas
    • By adindas 27th Feb 19, 3:59 PM
    • 4,165 Posts
    • 2,635 Thanks
    adindas
    There's nowhere else to go just now tho, is there? With a decent interest rate?

    ��
    Originally posted by Polly05
    Well there is a few instant access saving account paying above 1%. Marcus for instance is paying 1.5%.

    Tesco internet saving was paying 1.45% (keep changing).

    People could also start putting more money into Innovative ISA, S&S ISA with manageable level of risk rather than see their cash develuate on daily basis.
    Last edited by adindas; 27-02-2019 at 4:02 PM.
    • Polly05
    • By Polly05 27th Feb 19, 4:01 PM
    • 208 Posts
    • 112 Thanks
    Polly05
    Yes, but today is 27th Feb
    Originally posted by alandaniel132
    So you'd be a new customer and would only get it til Friday...
    • Polly05
    • By Polly05 27th Feb 19, 4:02 PM
    • 208 Posts
    • 112 Thanks
    Polly05
    Well there is a few instant access saving account paying above 1%. Marcus for instance is paying 1.5%.

    Tesco internet saving was paying 1.45% (keep changing)
    Originally posted by adindas
    I'm not sure it's worth me opening another account for half a percent more... 🙄
    • adindas
    • By adindas 27th Feb 19, 4:05 PM
    • 4,165 Posts
    • 2,635 Thanks
    adindas
    I'm not sure it's worth me opening another account for half a percent more... ��
    Originally posted by Polly05
    People could also start putting more money into Innovative ISA, S&S ISA with manageable level of risk or if possible to be put into pension. Unless you want to see your cash eaten by inflation and devaluate on daily basis.
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