Tesco Bank to cut current account interest from 3% to 1% - MSE News

Options
1…1112131416

Comments

  • knack92
    knack92 Posts: 464 Forumite
    First Anniversary First Post Combo Breaker
    Options
    My first interest payment since the reduction was paid yesterday and has been calculated based on the new rate. Anyone else received an incorrect payment?
  • BigBucket
    BigBucket Posts: 27 Forumite
    Combo Breaker First Post First Anniversary
    Options
    I got the correct payment £7.29 for the first of my two accounts.
  • tg99
    tg99 Posts: 1,199 Forumite
    First Anniversary First Post Name Dropper
    Options
    I also received my interest payment today based on the new lower rate (£2.xx instead of £7.xx).

    Knack92 - have you queried this with Tesco at all since your post?
  • BigBlueSky
    BigBlueSky Posts: 615 Forumite
    First Anniversary First Post Name Dropper
    Options
    tg99 wrote: »
    I also received my interest payment today based on the new lower rate (£2.xx instead of £7.xx).

    Knack92 - have you queried this with Tesco at all since your post?

    Same here - Just received my statement. Shows £2.13 interest instead of the usual £7.29.
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    Options
    Those only getting the £2ish, the rate only dropped last week, so even if the interest was paid today you should still get about £6.
  • tg99
    tg99 Posts: 1,199 Forumite
    First Anniversary First Post Name Dropper
    edited 24 June 2019 at 5:43PM
    Options
    tg99 wrote: »
    I also received my interest payment today based on the new lower rate (£2.xx instead of £7.xx).

    Knack92 - have you queried this with Tesco at all since your post?

    Update: it is a system error at Tesco Bank, they are aware of it but it is apparently only affecting a small number of customers. (Not sure if they are automatically correcting the problem or if those customers affected need to contact them directly.)
  • IanManc
    IanManc Posts: 2,086 Forumite
    First Anniversary First Post Combo Breaker Name Dropper
    Options
    tg99 wrote: »
    Update: it is a system error at Tesco Bank, they are aware of it but it is apparently only affecting a small number of customers. (Not sure if they are automatically correcting the problem or if those customers affected need to contact them directly.)

    That's pathetic to be honest. :(
  • bundoran
    bundoran Posts: 174 Forumite
    First Post First Anniversary Name Dropper
    Options
    I was lured back to Tesco Bank after the security breach by the interest rate on the current account.

    It wouldn't take much to make me lose faith in the bank again though, and this time it would be for good.

    Interest is supposed to be calculated daily and added once a month. It is a pretty basic feature of any interest bearing account to be able to calculate and add the interest correctly. It isn't asking a lot of the bank, is it? :think:
  • badger09
    badger09 Posts: 11,211 Forumite
    First Post First Anniversary Name Dropper
    Options
    Zero_Sum wrote: »
    Those only getting the £2ish, the rate only dropped last week, so even if the interest was paid today you should still get about £6.

    June 18th for me £6.51 & £6.56. 1st account had lower (by £700) balance for 1 day
  • knack92
    knack92 Posts: 464 Forumite
    First Anniversary First Post Combo Breaker
    Options
    BigBucket wrote: »
    I got the correct payment £7.29 for the first of my two accounts.
    BigBlueSky wrote: »
    Same here - Just received my statement. Shows £2.13 interest instead of the usual £7.29.
    tg99 wrote: »
    Update: it is a system error at Tesco Bank, they are aware of it but it is apparently only affecting a small number of customers. (Not sure if they are automatically correcting the problem or if those customers affected need to contact them directly.)

    Sorry for delayed reply. I decided to wait and see what interest was received on my second account though that's still to be paid.

    Thanks for contacting them tg99. I now see that an adjustment transaction has been credited with the same value date of the original interest payment.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards