Tesco Current Bank Account

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  • xylophone
    xylophone Posts: 44,420 Forumite
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    I can't help thinking that such will be the pent up demand when Tesco open up afresh for (current account) business that they'll be "pausing" again so that they can cope.....:)
  • mgdavid
    mgdavid Posts: 6,705 Forumite
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    newuser78 wrote: »
    ........
    I did read the T&Cs but it was the wording that confused me. ..........


    which part of this confused you?

    "What will you pay me when I have money in my account?
    If you have money in your account, we’ll pay the following interest on the first £3,000 of your balance, but you won’t get interest on any part of your balance over £3,000"
    The questions that get the best answers are the questions that give most detail....
  • jimjames
    jimjames Posts: 17,621 Forumite
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    xylophone wrote: »
    I can't help thinking that such will be the pent up demand when Tesco open up afresh for (current account) business that they'll be "pausing" again so that they can cope.....:)

    Or the offer when they reopen is substantially different to before. It would make sense to me that they include DD & payment requirement as per most other banks.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • teddysmum
    teddysmum Posts: 9,471 Forumite
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    xylophone wrote: »
    I can't help thinking that such will be the pent up demand when Tesco open up afresh for (current account) business that they'll be "pausing" again so that they can cope.....:)
    The promised 'next few weeks' is already over a month.
  • Katiehound
    Katiehound Posts: 7,557 Forumite
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    jimjames wrote: »
    Or the offer when they reopen is substantially different to before. It would make sense to me that they include DD & payment requirement as per most other banks.

    When the offer first started, or at least when I joined there was indeed a minimum sum per month required........
    Being polite and pleasant doesn't cost anything! --
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  • RG2015
    RG2015 Posts: 5,904 Forumite
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    Tesco bank must already have had an influx of millions on which they pay 3% but loan out at anything from 3.4% to 17.6% (based on the loan section of their website).

    This looks like good business to me even without DDs or a minimum monthly pay in.
  • where_are_we
    where_are_we Posts: 1,001 Forumite
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    "If another account pays the same 3%, you'll get whopping extra 0.045% on £3K, i.e. ~£1.35 over a year." - Are you advocating a "Non Skiming" policy on a money saving forum? The benefit of dividend reinvestment in stocks and shares is well documented. There is an analogy between dividends and interest, in that both benefit from a compounding effect which gets better as time goes on. My OH and I skim over 20 accounts, usually on the second or third day of the month and it is also a check that "all is well" with these accounts. Of course you could set up a standing order to "skim" the interest.
    Over the years it all adds up!
  • jimjames
    jimjames Posts: 17,621 Forumite
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    RG2015 wrote: »
    Tesco bank must already have had an influx of millions on which they pay 3% but loan out at anything from 3.4% to 17.6% (based on the loan section of their website).

    This looks like good business to me even without DDs or a minimum monthly pay in.

    I think you're being a bit blinkered. Have you looked beyond that page? I get 26 months interest free credit card, 1.3% mortgage.

    That doesn't look like such good business to me and a mortgage is generally a lot bigger than a loan.
    Katiehound wrote: »
    When the offer first started, or at least when I joined there was indeed a minimum sum per month required........
    Only to avoid a fee. It wasn't a condition of getting interest as I recall.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • TheShape
    TheShape Posts: 1,779 Forumite
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    RG2015 wrote: »
    Tesco bank must already have had an influx of millions on which they pay 3% but loan out at anything from 3.4% to 17.6% (based on the loan section of their website).

    This looks like good business to me even without DDs or a minimum monthly pay in.

    And lots of extra customers to market their other products to. Credit cards, loans, mortgages, insurance, travel money.
  • RG2015
    RG2015 Posts: 5,904 Forumite
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    "And lots of extra customers to market their other products to. Credit cards, loans, mortgages, insurance, travel money."

    Not to mention loyalty to the little supermarket they also run to rack up clubcard points.
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