We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Tesco Bank Account Security

Hi, I'm thinking of opening a Tesco account which pays 3% if you pay in £750 and have 3 direct debits per month.
Has anyone with this account got any gripes or problems they've found?
What is the online banking procedure, ccardreader, pin number etc ?
Is it straightforward and secure or have there been any breaches ?
I just want to be cautious before I go for it.
Thanks
«1

Comments

  • I’ve had no problems with either of my accounts. Online banking is pretty straightforward, once you get used to their way of doing things, and they are no more or less secure than any other bank.
    I came into this world with nothing and I've got most of it left.
  • One of my 2 Tesco current accounts was "hacked" in November 2016 in an operation affecting thousands of accounts. I didn't lose any money, my account was never debited but there was a pending transaction of £800 which reduced my available balance. It was sorted out in less than 48 hours (from memory) and I was compensated for complaining, not about the hack but the inability to get through on the phone on the Saturday night when it happened. It hasn't put me off Tesco Bank, though, and I still have two current accounts with £3K in each earning 3%.
  • 18cc
    18cc Posts: 2,120 Forumite
    In my opinion Tesco are somewhat more secure for online banking logon anyway than other banks for example a lot of Banks require you to input a username password and possibly some memorable information Tesco require a username password PIN and also will text you a one time code before you can log on if it is a computer they don't recognise
  • singhini
    singhini Posts: 1,016 Forumite
    Tenth Anniversary 500 Posts Name Dropper Combo Breaker
    18cc wrote: »
    In my opinion Tesco are somewhat more secure for online banking logon anyway than other banks for example a lot of Banks require you to input a username password and possibly some memorable information Tesco require a username password PIN and also will text you a one time code before you can log on if it is a computer they don't recognise



    Ditto - I feel they have a more secure online banking log-in process (as outlined above).


    I am a little confused about the OP's first post which talks about £750 and 3 DD's (have I missed something? I opened 2 accounts with £3,000 and don't have anything set up and ive just checked my accounts and I'm being paid the correct 3% interest monthly?)
    I have a tendency to mute most posts so if your expecting me to respond you might be waiting along time!
  • northwalesd
    northwalesd Posts: 1,330 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    singhini wrote: »
    I am a little confused about the OP's first post which talks about £750 and 3 DD's (have I missed something? I opened 2 accounts with £3,000 and don't have anything set up and ive just checked my accounts and I'm being paid the correct 3% interest monthly?)

    The requirements to receive interest were updated earlier this year, when Tesco Bank suspended applications for new accounts then later reinstated it. Accounts opened before these changes were not affected.
  • singhini
    singhini Posts: 1,016 Forumite
    Tenth Anniversary 500 Posts Name Dropper Combo Breaker
    The requirements to receive interest were updated earlier this year, when Tesco Bank suspended applications for new accounts then later reinstated it. Accounts opened before these changes were not affected.

    Thanks for the update (I just googled Tesco bank accounts and indeed it does now mention the £750 and 3 DD's but I could not find anywhere that existing bank accounts were not effected).


    Thanks once again
    I have a tendency to mute most posts so if your expecting me to respond you might be waiting along time!
  • Husband and self have four current accounts and an internet saver between us.

    We’ve had no problems with the current accounts and although we did experience a problem withdrawing funds from the internet saver at first, it was eventually sorted (after I made a fuss! ;) :cool: )

    All in all I’m quite satisfied with the bank. :)
    A cunning plan, Baldrick? Whatever it was, it's got to be better than pretending to be mad; after all, who'd notice another mad person around here?.......Edmund Blackadder.
  • Katiehound
    Katiehound Posts: 8,131 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Yes, one of my accounts was also hacked in the big hacking event 'tho no money actually left the account. Strangely it was the account where I had activated the debit card. The second a/c continues to have an unactivated debit card.

    You log in with a user name , a photo and a phrase that you chose.
    2 digits from a 6 digit security number and password.
    I also have security questions listed but I can't actually remember being asked any of them.
    No card reader.

    They set cookies on your computer to recognise it.
    Being polite and pleasant doesn't cost anything!
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24bags,43dogcoats, 2scrunchies, 10mitts, 6 bootees, 8spec cases, 2 A6notebooks, 59cards, 6 lav bags,36 angels,9 bones,1 blanket, 1 lined bag,3 owls, 88 pyramids = total 420total spend £5.Total for 'Dogs for Good' £546.82

    2024:Sewn:59Doggy ds,52pyramids,18 bags,6spec cases,6lav.bags.
    Knits:6covers,4hats,10mitts,2 bootees.
    Crotchet:61angels, 229cards=453 £158.55profit!!!
    2025 3dduvets
  • Pound
    Pound Posts: 2,784 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Katiehound wrote: »
    You log in with a user name , a photo and a phrase that you chose.

    I don't know what the point of the photo and passphrase is. It's supposed to be so when you're presented the Tesco Bank login page you know it's the real deal because it's the photo you picked. But anyone could put your email address in and see what your picture and phrase is and use it to trick you.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    10,000 Posts Combo Breaker
    Pound wrote: »
    But anyone could put your email address in and see what your picture and phrase is and use it to trick you.

    Not if you don't use your email address as your online banking username. Having a username which is not obvious is one of the first steps to online banking security.

    Another is not to use your true mother's maiden name, or place of birth.

    I'd even go as far as making up the name of your first pet :)
    "In the future, everyone will be rich for 15 minutes"
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.