Tesco Current Bank Account
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OceanSound wrote: ».....So, for example, say my account was opened on 31 May 2018. I could pay in £750 tomorrow. Then have three direct debits leave the account before 30th June (note that there is no 31st in June, so does Tesco take 30th June or the 01 of July for the end date of the statement month?)........
BTW: anyone setting-up DD's, start doing it early. I just about snuck-in with the last two DD's paid out on 28 June. It was edge of the seat stuff. Real Nail biter!. Of course, this was partly due to activating the account as late as 18 June.0 -
OceanSound wrote: »My account was actually opened on 30 May 2018. I received letter from Tesco dated next day (31 May). I was paid interest on 30 June (even though it was a Saturday!). Just out of interest, does anyone know what would have happened IF i had opened account on 31 May?, would interest have been paid on 30 June or 01 July?
Interest is paid on the day of the month you opened the account - one of my accounts also pays interest on the 30th and you'll get it whatever the day of the week it is. It'll appear on the last day of February (28th or 29th). But it won't be credited to your account until late in the day, so effectively you won't be able to withdraw the interest until the following day. You'll get an email on the day following the interest payment - I use that as the reminder to check the account and move the interest.
If you'd opened the account on the 31st, you'd receive the interest on the 30th for 30-day months. The payment would, of course, only be for 30 days.0 -
...You'll get an email on the day following the interest payment
When I checked statement, it had the following:During this statement month you have met the conditions to receive the 2.96% rate of credit interest.I use that as the reminder to check the account and move the interest0 -
OceanSound wrote: »To satisfy the pay in part of the condition, I presume we can move £750 to a Tesco online savings account, then move it back....
Yes! That'll be enough.0 -
OceanSound wrote: »I've seen on this forum that members receiving £7.50 or £7.51 per month interest. That's interest at 3.00%. If the rate is 2.96%, I'm bound to receive less than £7.50/£7.51. How come?
The interest rate is 2.96% GROSS (3%AER). If you keep £3,000 balance for the full month and meet the terms, you should be credited with £7.54 in 31-day months and £7.29 in 30-day months.0 -
The interest rate is 2.96% GROSS (3%AER). If you keep £3,000 balance for the full month and meet the terms, you should be credited with £7.54 in 31-day months and £7.29 in 30-day months.0
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Careful guys. The monthly pay-in has to be done within your statement month. Wheras the DD's done within calendar month (from what I understand).
For current account2 (opened around 06 July 2018) I nearly made the mistake of doing the pay in for August on 02 August. Of course, it wouldn''t have counted!. I just realized this now. So jimmied £750 from savings account to current account2 today. I reckon use pafpcg's trick for next time or set recurring reminder on mobile.... You'll get an email on the day following the interest payment - I use that as the reminder to check the account and move the interest...0 -
OceanSound wrote: ».... Wheras the DD's done within calendar month (from what I understand).0
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OceanSound wrote: »Actually, DD's (excluding direct debits to Tesco Bank savings accounts) also have to paid out within statement month, as mentioned on post #290
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There are no DDs to Tesco savings accounts any longer.
Although, I must say, when I checked the tesco bank website yesterday (before posting #49) it said:To earn 3% AER credit interest on balances up to £3,000 until 1 April 2019, simply pay in at least £750 and pay at least three Direct Debits each statement month (excluding Direct Debits to Tesco Bank savings accounts)
Also, when I asked a question about the DD's and the £750 pay in on the Tesco community, a community expert posted a reply saying:..at least three direct debits paid from your account per statement month (excluding direct debits to a Tesco Bank savings account) ...0
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