MSE News: Tesco Bank launches its first current account – is it any good?

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  • Pincher
    Pincher Posts: 6,552 Forumite
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    Just use it for the 3% interest, who cares about paying in?
  • System
    System Posts: 178,094 Community Admin
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    Co-op have a poor branch network but Nationwide and Santander both have reasonable branch networks .

    Deleted_User wrote: »
    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.
  • Zanderman
    Zanderman Posts: 4,683 Forumite
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    MSE_Helen wrote: »
    Tesco Bank launches its first current account – is it any good?

    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
    jimjames Posts: 17,621 Forumite
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    MSE_Helen wrote: »
    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?
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    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

    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
    MartinRosen Posts: 11 Forumite
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    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 :p
  • SurfKing
    SurfKing Posts: 83 Forumite
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    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
    dumpyboy Posts: 379 Forumite
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    suebgriseum wrote: »
    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!!

    I know the feeling never no light at the end of the tunnel
  • M0ney
    M0ney Posts: 494 Forumite
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    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
    davethorp Posts: 1,577 Forumite
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    M0ney wrote: »
    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...?

    I got the same message and was declined. You never know may be different for you though
  • M0ney
    M0ney Posts: 494 Forumite
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    davethorp wrote: »
    I got the same message and was declined. You never know may be different for you though

    Thanks, if you don't mind me asking - How long did they take to let you know and how were you told i.e letter, email, call, text?
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