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    • mikeyp231987
    • By mikeyp231987 6th Feb 18, 5:45 PM
    • 32Posts
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    mikeyp231987
    Tesco - no interest paid in January
    • #1
    • 6th Feb 18, 5:45 PM
    Tesco - no interest paid in January 6th Feb 18 at 5:45 PM
    Does anyone bank with Tesco and did they have this issue? I have 2 accounts, one of them paid interest as normal but the other didn't. They're both setup identically (3 DDs and a 750 deposit in each month) and I've had no issue in the previous months.
Page 1
    • buyhighselllow
    • By buyhighselllow 6th Feb 18, 6:42 PM
    • 102 Posts
    • 47 Thanks
    buyhighselllow
    • #2
    • 6th Feb 18, 6:42 PM
    • #2
    • 6th Feb 18, 6:42 PM
    I've just noticed I've had no interest paid on my Tesco internet saver accounts for 3 months since opening...just noticed T and C's

    Interest is calculated daily. Standard rate interest is paid to you annually in March and bonus interest is paid to you at the end of the bonus period.



    My current account has paid out Mikeyp
    Last edited by buyhighselllow; 06-02-2018 at 6:44 PM.
    • YorkshireBoy
    • By YorkshireBoy 6th Feb 18, 6:48 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    • #3
    • 6th Feb 18, 6:48 PM
    • #3
    • 6th Feb 18, 6:48 PM
    Does anyone bank with Tesco and did they have this issue? I have 2 accounts, one of them paid interest as normal but the other didn't. They're both setup identically (3 DDs and a 750 deposit in each month) and I've had no issue in the previous months.
    Originally posted by mikeyp231987
    Did the DDs pay out?...in either the calendar or statement month, whichever applies.
    • mikeyp231987
    • By mikeyp231987 6th Feb 18, 7:09 PM
    • 32 Posts
    • 2 Thanks
    mikeyp231987
    • #4
    • 6th Feb 18, 7:09 PM
    • #4
    • 6th Feb 18, 7:09 PM
    The DDs all went out on their usual dates within the calendar month. I've messaged them on their Twitter help account to try to get some answers.
    • Shakin Steve
    • By Shakin Steve 6th Feb 18, 7:14 PM
    • 1,456 Posts
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    Shakin Steve
    • #5
    • 6th Feb 18, 7:14 PM
    • #5
    • 6th Feb 18, 7:14 PM
    Both of my accounts paid interest as usual.
    I came into this world with nothing and I've got most of it left.
    • YorkshireBoy
    • By YorkshireBoy 6th Feb 18, 7:20 PM
    • 30,157 Posts
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    YorkshireBoy
    • #6
    • 6th Feb 18, 7:20 PM
    • #6
    • 6th Feb 18, 7:20 PM
    The DDs all went out on their usual dates within the calendar month.
    Originally posted by mikeyp231987
    I gave you a clue in my first reply. The T&Cs state...
    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
    So, whilst they may have paid out during the calendar month, did they pay out in the "statement" month?
    • mikeyp231987
    • By mikeyp231987 6th Feb 18, 7:22 PM
    • 32 Posts
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    mikeyp231987
    • #7
    • 6th Feb 18, 7:22 PM
    • #7
    • 6th Feb 18, 7:22 PM
    Ah, I see what has happened. The DDs have to go out within the 'statement period' which in my case runs from the 19th each month (when i opened the account). I only paid out 2 DDs in that period for January as one of them is linked to my paypal which i didn't use .
    • mikeyp231987
    • By mikeyp231987 6th Feb 18, 7:24 PM
    • 32 Posts
    • 2 Thanks
    mikeyp231987
    • #8
    • 6th Feb 18, 7:24 PM
    • #8
    • 6th Feb 18, 7:24 PM
    I gave you a clue in my first reply. The T&Cs state...So, whilst they may have paid out during the calendar month, did they pay out in the "statement" month?
    Originally posted by YorkshireBoy
    Yeah that was the issue. I'll have to be more careful in future. Off the top of your head do you know any other banks that use these T&Cs?
    • YorkshireBoy
    • By YorkshireBoy 6th Feb 18, 7:31 PM
    • 30,157 Posts
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    YorkshireBoy
    • #9
    • 6th Feb 18, 7:31 PM
    • #9
    • 6th Feb 18, 7:31 PM
    Off the top of your head do you know any other banks that use these T&Cs?
    Originally posted by mikeyp231987
    No I don't. I'd need to go check them.


    But it seems you want exactly the opposite doesn't it?...ie you want T&Cs that say DDs must be paid in the calendar month, not statement month?
    • mikeyp231987
    • By mikeyp231987 6th Feb 18, 7:32 PM
    • 32 Posts
    • 2 Thanks
    mikeyp231987
    I would prefer it to be the calendar month yeah. That's the easier one to keep track of wouldn't you say?

    Edit - So it does only seem to be Tesco that do this. I also bank with TSB and Bank of Scotland which only require the DDs to go out in the calendar month.
    Last edited by mikeyp231987; 06-02-2018 at 7:39 PM.
    • YorkshireBoy
    • By YorkshireBoy 6th Feb 18, 7:38 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    I would prefer it to be the calendar month yeah. That's the easier one to keep track of wouldn't you say?
    Originally posted by mikeyp231987
    I would. But all is not lost. You can use savings accounts (I do), but you can also use credit cards and utilities...just ask the originator to change your statement date and bill collection date respectively.


    Better to have an auto collect rather than something you have to initiate manually such as PayPal.
    • surreysaver
    • By surreysaver 6th Feb 18, 7:44 PM
    • 2,468 Posts
    • 1,376 Thanks
    surreysaver
    Yeah that was the issue. I'll have to be more careful in future. Off the top of your head do you know any other banks that use these T&Cs?
    Originally posted by mikeyp231987
    Santander use statement months
    I consider myself to be a male feminist. Is that allowed?
    • YorkshireBoy
    • By YorkshireBoy 6th Feb 18, 7:49 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    Santander use statement months
    Originally posted by surreysaver
    But they don't need DDs to pay out each month for interest.
    • surreysaver
    • By surreysaver 6th Feb 18, 10:31 PM
    • 2,468 Posts
    • 1,376 Thanks
    surreysaver
    But they don't need DDs to pay out each month for interest.
    Originally posted by YorkshireBoy
    They do for the cashback, though.
    I consider myself to be a male feminist. Is that allowed?
    • savetilibleed
    • By savetilibleed 6th Feb 18, 11:33 PM
    • 1,342 Posts
    • 323 Thanks
    savetilibleed
    Better to have an auto collect rather than something you have to initiate manually such as PayPal.
    Originally posted by YorkshireBoy
    As far as I can see you can no longer do a manual DD pull from a bank account to Paypal. The instructions now are to transfer money to PayPal by going to your bank's site to set up payment instructions just as in a normal faster payment. In fact I just transferred 1 as a trial and it does indeed show as a faster payment, even though there is a DD set up some years ago which gets used if I make a paypal payment.
    • rosieraspberry
    • By rosieraspberry 7th Feb 18, 7:41 AM
    • 35 Posts
    • 15 Thanks
    rosieraspberry
    I would. But all is not lost. You can use savings accounts (I do), but you can also use credit cards and utilities...just ask the originator to change your statement date and bill collection date respectively.


    Better to have an auto collect rather than something you have to initiate manually such as PayPal.
    Originally posted by YorkshireBoy
    I didn't think you could set up a DD to your savings account. Anyone know how you do this? Is it not classed as a standing order?
    • Zanderman
    • By Zanderman 7th Feb 18, 7:56 AM
    • 1,617 Posts
    • 4,166 Thanks
    Zanderman
    I didn't think you could set up a DD to your savings account. Anyone know how you do this? Is it not classed as a standing order?
    Originally posted by rosieraspberry
    Some savings accounts can draw by DD, but they are relatively uncommon and getting rarer. Lots of discussion on this (primarily regarding satisfying various current account conditions) around the forum if you're curious.
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