Tesco Interest rate

Options
steveksullivan
steveksullivan Posts: 547 Forumite
Name Dropper First Anniversary Combo Breaker First Post
in Savings & investments
I realise its only worth peanuts, but does any one know if the Tesco rate decrease on 14th June means that today is the last day at the old rate - or is tomorrow the last day? (i.e. when to move money out.....)
«1345

Comments

  • wildfirejc
    wildfirejc Posts: 24 Forumite
    First Anniversary Combo Breaker First Post
    Options
    Today is the last day for earning the 3%. Tomorrow it goes down to 1%.
    If you need to milk it to the last drop, I guess wait until tomorrow morning and then transfer everything somewhere else.
    However, I phoned them today and they are expecting an onslaught of accounts closure tomorrow - which you need to do over the phone by the way. No online closure facilities.
  • eskbanker
    eskbanker Posts: 31,034 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    wildfirejc wrote: »
    I phoned them today and they are expecting an onslaught of accounts closure tomorrow - which you need to do over the phone by the way. No online closure facilities.
    While simply contacting Tesco to close these accounts is undoubtedly an option, I imagine that many who've been using them as 3% savings accounts will be savvy enough to use them as donor accounts for incentivised switches where possible - of course the truly savvy will already have exhausted all options on that front though!
  • N1ckS
    N1ckS Posts: 251 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Presumably Tesco settle any outstanding interest when closing the account and transferring funds?
  • Arthurian
    Arthurian Posts: 798 Forumite
    First Post First Anniversary
    Options
    This morning I transferred all money out of my Tesco current accounts by faster payments, so the balance showed zero, and later phoned them to close the accounts. They asked me for a bank account number and sort code to send the remaining interest to. By the way, I recall seeing a notice online to the effect that Tesco are having a planned maintenance shutdown. Think it was Saturday 9am until late evening, but of course now I can't get back online to check this.
  • stevec59
    stevec59 Posts: 296 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    I phoned them today as I need Interest statements for Tax purposes and I asked them if the drop to 1% was a temporary thing or if it was likely to go up, the person I spoke to didn't know.
    1% isn't bad, but there are better rates out there.
    I guess I don't want to close the account because I applied for it and got it before you needed DD's, so I'm kinda thinking do I keep it for a for a while? If I left it a year ( I certainly wouldn't wait that long), then I guess I'd loose @ £15 PA per account
  • Herbalus
    Herbalus Posts: 2,634 Forumite
    First Anniversary Name Dropper First Post
    Options
    The maintenance is going to catch some people out.

    I’ve set up automatic transfers to move the funds out of the account to a Tesco savings account paying close to 1.5%. Next best thing and it won’t lead to a run on Tesco

    I’ll keep the accounts open with DDs running. Might come in handy and there will be new switching opportunities coming round.
  • soulsaver
    soulsaver Posts: 5,969 Forumite
    Name Dropper First Anniversary First Post
    Options
    stevec59 wrote: »
    I phoned them today as I need Interest statements for Tax purposes and I asked them if the drop to 1% was a temporary thing or if it was likely to go up, the person I spoke to didn't know.
    1% isn't bad, but there are better rates out there.
    I guess I don't want to close the account because I applied for it and got it before you needed DD's, so I'm kinda thinking do I keep it for a for a while? If I left it a year ( I certainly wouldn't wait that long), then I guess I'd loose @ £15 PA per account

    Eh? Just shift the funds into a higher interest account and leave the Tesco cas open with a few pence, if you must...
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • eskbanker
    eskbanker Posts: 31,034 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Arthurian wrote: »
    By the way, I recall seeing a notice online to the effect that Tesco are having a planned maintenance shutdown. Think it was Saturday 9am until late evening, but of course now I can't get back online to check this.
    Indeed, the message is:
    Planned Maintenance

    Due to essential maintenance, Online Banking will be unavailable from 9pm Saturday 15 June until late morning on Sunday 16 June
  • polymaff
    polymaff Posts: 3,904 Forumite
    First Anniversary Name Dropper First Post
    Options
    eskbanker wrote: »
    Indeed, the message is:
    Planned Maintenance

    Due to essential maintenance, Online Banking will be unavailable from 9pm Saturday 15 June until late morning on Sunday 16 June

    You'd think that Tesco woud have learned from TSB

    ... and added the year to that quote...:)
  • stevec59
    stevec59 Posts: 296 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    soulsaver wrote: »
    Eh? Just shift the funds into a higher interest account and leave the Tesco cas open with a few pence, if you must...

    Doh! Why didn’t I think of that.
    I have a standing order set up to transfer the interest to another account, so I might as well cancel that and leave £1 in 😀
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards