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  • FIRST POST
    • OceanSound
    • By OceanSound 10th Aug 18, 7:41 AM
    • 506Posts
    • 93Thanks
    OceanSound
    TescoBank - opened saver account now all accounts blocked
    • #1
    • 10th Aug 18, 7:41 AM
    TescoBank - opened saver account now all accounts blocked 10th Aug 18 at 7:41 AM
    I already have two current accounts and two saver accounts with tesco. Saw that they have a new saver account offering 1.34%.(Higher interest than the 1.30% saver), so applied on 05 August.

    Couple of days later, the spanking new saver appears on the app. I also receive an sms message to say it's opened. However, about the same time, I notice on the app that all transferring money within tesco accounts and to external accounts are not there.

    When I logged in to tesco bank through the website yesterday, it gets to the point of 'fetching accounts' and gives a nondescript error. At least today, it's showing all the accounts. But when I attempt to transfer money to linked Halifax account (which I've done many times before), it say's 'try again'. I rinse and repeat. Same result.

    Spoke to TescoBank support two times yesterday. Both calls lasting over 10 minutes. THey've not been able to get to the bottom of it. The last call I was told the relevant department has been emailed.

    Today when I called, support staff said the savings team is only open from 8am onwards, so call back after this time. I don't know why I wasn't put through to this team or a suggestion made to be put through to this team yesterday when I called.

    Actually, I seem to recall similar thing happened when I opened previous savings account. transfers out gets locked for 2-3 days. When I called in, support staff was clueless about it. 2 days later, everything was normal.

    Seems it's the same story this time. I've had to use my overdraft at another bank to pay credit card because of this, and I think paying out of all Direct debits are also locked. I have a DD setup for a credit card with payable date 18 August. If this continues it's probably not gonna be paid in time. SO I have to think about a manual payment.

    I would never have applied for the 1.34% saver account if I knew this was gonna happen.
Page 1
    • DCFC79
    • By DCFC79 10th Aug 18, 8:28 AM
    • 33,115 Posts
    • 20,856 Thanks
    DCFC79
    • #2
    • 10th Aug 18, 8:28 AM
    • #2
    • 10th Aug 18, 8:28 AM
    This is why you should have a portion of money in another bank account.
    • Hattie625
    • By Hattie625 10th Aug 18, 8:55 AM
    • 804 Posts
    • 691 Thanks
    Hattie625
    • #3
    • 10th Aug 18, 8:55 AM
    • #3
    • 10th Aug 18, 8:55 AM
    I already have two current accounts and two saver accounts with tesco. Saw that they have a new saver account offering 1.34%.(Higher interest than the 1.30% saver), so applied on 05 August.

    Couple of days later, the spanking new saver appears on the app. I also receive an sms message to say it's opened. However, about the same time, I notice on the app that all transferring money within tesco accounts and to external accounts are not there.

    When I logged in to tesco bank through the website yesterday, it gets to the point of 'fetching accounts' and gives a nondescript error. At least today, it's showing all the accounts. But when I attempt to transfer money to linked Halifax account (which I've done many times before), it say's 'try again'. I rinse and repeat. Same result.

    Spoke to TescoBank support two times yesterday. Both calls lasting over 10 minutes. THey've not been able to get to the bottom of it. The last call I was told the relevant department has been emailed.

    Today when I called, support staff said the savings team is only open from 8am onwards, so call back after this time. I don't know why I wasn't put through to this team or a suggestion made to be put through to this team yesterday when I called.

    Actually, I seem to recall similar thing happened when I opened previous savings account. transfers out gets locked for 2-3 days. When I called in, support staff was clueless about it. 2 days later, everything was normal.

    Seems it's the same story this time. I've had to use my overdraft at another bank to pay credit card because of this, and I think paying out of all Direct debits are also locked. I have a DD setup for a credit card with payable date 18 August. If this continues it's probably not gonna be paid in time. SO I have to think about a manual payment.

    I would never have applied for the 1.34% saver account if I knew this was gonna happen.
    Originally posted by OceanSound
    Sympathies. It's awful when something like this happens. Hope it gets sorted out for you soon. My experience of Tesco Bank is that their IT isn't the most reliable although it usually gets sorted quite quickly. I have reduced my Tesco accounts to the two 3% current accounts and ditched all the saver accounts when the DD facility was withdrawn in April. Not worth exposing yourself to the risk of this sort of thing for an extra 0.04% interest.
    Last edited by Hattie625; 10-08-2018 at 8:59 AM.
    • colsten
    • By colsten 10th Aug 18, 9:23 AM
    • 9,434 Posts
    • 8,391 Thanks
    colsten
    • #4
    • 10th Aug 18, 9:23 AM
    • #4
    • 10th Aug 18, 9:23 AM
    I trust you have raised a formal complaint?

    There is no reason for them to block your current accounts when you open a savings account.
    • surreysaver
    • By surreysaver 10th Aug 18, 11:03 AM
    • 2,601 Posts
    • 1,501 Thanks
    surreysaver
    • #5
    • 10th Aug 18, 11:03 AM
    • #5
    • 10th Aug 18, 11:03 AM
    I've noticed in the past the new Tesco account I've opened seems to restrict payments, although you can still deposit. They made an error with one and I couldn't withdraw money from it and I rang them after two weeks and they managed to sort out whatever the issue was. This didn't affect my other accounts with them, though.
    I have updated the app on my phone the other day, and have noticed that on a number of occasions it sort of 'hangs' and I have to close it and start again. They've also updated their online banking website, and things don't seem to work as well as they did previously. Must be some sort of TSB IT type issue, but on a smaller scale.
    I consider myself to be a male feminist. Is that allowed?
    • 18cc
    • By 18cc 10th Aug 18, 12:03 PM
    • 897 Posts
    • 604 Thanks
    18cc
    • #6
    • 10th Aug 18, 12:03 PM
    • #6
    • 10th Aug 18, 12:03 PM
    Hi I am not sure if I understand everything right apologies if I have got it incorrect but when you open a new Tesco saverings account you can pay money into it of course but you cannot take any money out for the first 48 hours I believe it maybe 3 days so that might explain why you can't transfer from your new savings account

    it should not affect any transfer ability from your current account of course or indeed any other savings accounts you hold with them
    • OceanSound
    • By OceanSound 10th Aug 18, 2:52 PM
    • 506 Posts
    • 93 Thanks
    OceanSound
    • #7
    • 10th Aug 18, 2:52 PM
    • #7
    • 10th Aug 18, 2:52 PM
    I trust you have raised a formal complaint?

    There is no reason for them to block your current accounts when you open a savings account.
    Originally posted by colsten
    Hi I am not sure if I understand everything right apologies if I have got it incorrect but when you open a new Tesco saverings account you can pay money into it of course but you cannot take any money out for the first 48 hours I believe it maybe 3 days so that might explain why you can't transfer from your new savings account

    it should not affect any transfer ability from your current account of course or indeed any other savings accounts you hold with them
    Originally posted by 18cc
    I haven't' deposited any money to the new (1.34%) savings account yet. All I want to do is move 200 from either of my Tesco current accounts to pay overdraft. There is 3000 pounds each in the two tesco current accounts. When i called support staff yesterday, they said they need to put me through to the correct department, but the call dropped before they could put me through. When I called this morning, she said I need to speak to the 'savings team' but they are closed.

    After a lot of talking, and persisting that I want to make a complaint, she finally opened a complaint and gave me a reference number. I asked her to read back what she had written on the complaint. She'd pretty much covered the jist of it. However, I've not received any acknowledgment by email or sms. They probably will send it via post.

    I've tried many times to transfer out 200 from:

    a) Tesco current account1 to Halifax Current account
    b) Tesco current account2 to Halifax Current account
    c) Tesco Savings account (1.30%) to halifax current account

    Everytime this is what comes up:
    We've been unable to complete your transaction. Please try again.
    Clearly there is some issue, so it should really tell me to call Tesco Bank support (for what it's worth), but does it say that? Not a chance.

    edit: soon after typing this tried a). and now it works!. Message says:
    Your transfer should reach your account immediately
    • 18cc
    • By 18cc 10th Aug 18, 3:02 PM
    • 897 Posts
    • 604 Thanks
    18cc
    • #8
    • 10th Aug 18, 3:02 PM
    • #8
    • 10th Aug 18, 3:02 PM
    excellent news, and to quote a well known phrase or saying, all you need now is some wonga in compensation
    • Westie983
    • By Westie983 11th Aug 18, 3:40 PM
    • 4,633 Posts
    • 15,167 Thanks
    Westie983
    • #9
    • 11th Aug 18, 3:40 PM
    • #9
    • 11th Aug 18, 3:40 PM
    Glad this is sorted,

    I have just logged in to check my accounts as I too opened the 1.34% account and closed my three that were at 0.40% and transfer went through and linked accounts are showing, carried across from previous accounts which is good, I didn't have to set these up on the new savings account.

    Westie983
    Save 12k in 2019 #10 Total (16000)+0/12000 = 0.0%
    Sealed Pot Challenge ~ 12 #97 Total (450)+1/500 = 0.20% ( x 11)
    Xmas 2018 1 a Day #2 Total (165)+0/365 = 0.00%
    Virtual Sealed Pot #1 Total (1300)+0/1000 = 0.00%
    2 Savers Club 2018 #16 Total (1030)+0/2000 = 0.0%

    Total 1.00/15865 = 2.00%
    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • OceanSound
    • By OceanSound 12th Aug 18, 6:09 AM
    • 506 Posts
    • 93 Thanks
    OceanSound
    ... when you open a new Tesco saverings account you can pay money into it of course but you cannot take any money out for the first 48 hours I believe it maybe 3 days so that might explain why you can't transfer from your new savings account...
    Originally posted by 18cc
    I had this particular problem back in June. That time it was, like you say, specific to the savings account just opened (or in the process of being opened - 1.30% account). So I had transferred money in to it without any awareness that money could not be withdrawn for the next 48 Hours (or sometimes longer). My other accounts were fine.

    Just came across a post of the tescobank forums. THat customer had to wait well over three days and was given varying excuses:
    This whole episode has been quite abysmal. If I was told at the outset what the time frame would be, I could have made alternative arrangements. As it happens, I needed the funds urgently for Monday at the very latest. It's totally unacceptable to be given assurances and varying excuses every time I was in contact with yourselves. I have never experienced anything like this before.
    There just doesn't seem to be any warning about the 48 hour (or sometimes longer) withdrawal restriction. If only they warn us at the time of account opening, we can wait till the checks are complete then deposit money.
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