Tesco 3% Interest - when is it paid?

mikeyp231987
mikeyp231987 Posts: 44 Forumite
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in Budgeting & bank accounts
I've met the criteria for 3% interest on my current account. In May I paid in £750 and paid out 3 DDs yet I haven't received interest yet this month.

When should I expect to receive it?
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Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    edited 6 June 2017 at 10:39PM
    mikeyp231987 wrote: »
    I've met the criteria for 3% interest on my current account. In May I paid in £750 and paid out 3 DDs yet I haven't received interest yet this month.

    When should I expect to receive it?
    On the same day of the month you opened the account, ie your statement date.


    https://www.tescobank.com/assets/sections/current-accounts/pdf/tesco-current-accounts-april-2017-rates-and-fees.pdf?_=cachebuster04042017 (page 3)
  • binaryuniverse
    binaryuniverse Posts: 906 Forumite
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    mxhoward84 wrote: »
    Have had the tesco current account for a few years and recently opened a second one after the new stipulations were brought in. Am i correct in thinking that my old account doesn't need the 3 direct debits a month as it was opened before the new rules were brought in.

    Thank you.

    Unless they inform you otherwise in future, this is correct.
  • wiseonesomeofthetime
    wiseonesomeofthetime Posts: 2,073 Forumite
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    Have you selected Paperless Statements for your new account?

    I assumed that it was already active as I hold a savings account with TSB, but alas not and lost first months interest.
  • badger09
    badger09 Posts: 11,201 Forumite
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    wiseonesomeofthetime wrote: »
    Have you selected Paperless Statements for your new account?

    I assumed that it was already active as I hold a savings account with TSB, but alas not and lost first months interest.


    This thread is about Tesco current accounts. I wasn't aware of any requirement for paperless statements.
  • Pizza_Man
    Pizza_Man Posts: 24 Forumite
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    I opened two Tesco accounts recently. Paying in 750 and then transferring it out again to my HSBC account. Also have a couple of 123 accounts.

    What's the easiest way to set up DD. Can I set up 1 pound DD from Tesco to HSBC and each of my 123 accounts? I'm looking for the simplest way to qualify for the 3% interest. I don't have enough bill payments of any sort to have monthly payments from the Tesco accounts (they are already on the 123 accounts).

    Thanks folks
  • TheGardener
    TheGardener Posts: 3,303 Forumite
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    ^^ same question for me.

    Also - am I being dim - but is a regular payment set up from my Tesco account to a savings account with another bank classed as a DD for the purpose of meeting the criteria for the 3% interest?
  • ceredigion
    ceredigion Posts: 3,709 Forumite
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    Pizza_Man wrote: »
    I opened two Tesco accounts recently. Paying in 750 and then transferring it out again to my HSBC account. Also have a couple of 123 accounts.

    What's the easiest way to set up DD. Can I set up 1 pound DD from Tesco to HSBC and each of my 123 accounts? I'm looking for the simplest way to qualify for the 3% interest. I don't have enough bill payments of any sort to have monthly payments from the Tesco accounts (they are already on the 123 accounts).

    Thanks folks



    Simple anwser is no
  • ceredigion
    ceredigion Posts: 3,709 Forumite
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    TheGardener wrote: »
    ^^ same question for me.

    Also - am I being dim - but is a regular payment set up from my Tesco account to a savings account with another bank classed as a DD for the purpose of meeting the criteria for the 3% interest?



    Is the transfer of £ a DD or a standing order ?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    TheGardener wrote: »
    Also - am I being dim - but is a regular payment set up from my Tesco account to a savings account with another bank classed as a DD for the purpose of meeting the criteria for the 3% interest?
    Yes, provided it's initiated by the savings account provider, not Tesco.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Pizza_Man wrote: »
    I opened two Tesco accounts recently. Paying in 750 and then transferring it out again to my HSBC account. Also have a couple of 123 accounts.

    What's the easiest way to set up DD. Can I set up 1 pound DD from Tesco to HSBC and each of my 123 accounts? I'm looking for the simplest way to qualify for the 3% interest. I don't have enough bill payments of any sort to have monthly payments from the Tesco accounts (they are already on the 123 accounts).

    Thanks folks
    The "simplest" will be charity donations. Each account will pay circa £7.50 a month interest so for each account maybe £1.50 each to 3 of them and keep the remaining £3 for yourself?
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