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  • FIRST POST
    • MSE Megan F
    • By MSE Megan F 27th Feb 19, 2:39 PM
    • 391Posts
    • 194Thanks
    MSE Megan F
    Tesco Bank to cut current account interest from 3% to 1% - MSE News
    • #1
    • 27th Feb 19, 2:39 PM
    Tesco Bank to cut current account interest from 3% to 1% - MSE News 27th Feb 19 at 2:39 PM
    Tesco Bank is cutting the interest offered on its popular current account from 3% to 1%...
    Read the full story:
    'Tesco Bank to cut current account interest from 3% to 1%'

    Click reply below to discuss. If you haven’t already, join the forum to reply.
    Read the latest MSE News
    Flag up a news story: news@moneysavingexpert.com
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Page 7
    • YorkshireBoy
    • By YorkshireBoy 1st Mar 19, 5:11 PM
    • 30,575 Posts
    • 18,576 Thanks
    YorkshireBoy
    So to get the switch and ultimately the RS with M&S I first need to get credit card and then switch my bank?
    Originally posted by Cotta
    Plus at least 3 other things.
    • greyteam1959
    • By greyteam1959 1st Mar 19, 5:11 PM
    • 2,597 Posts
    • 1,222 Thanks
    greyteam1959
    Oh well it's back to the age old way of 'saving'
    Stuffing it in the mattress !!!!
    • EachPenny
    • By EachPenny 1st Mar 19, 5:38 PM
    • 10,736 Posts
    • 31,523 Thanks
    EachPenny
    Oh right. What is the minimum income they insist on? Can't see it on their website.
    Originally posted by colsten
    From memory when I last applied it was either £7k or £8k. Income from employment or pension only (savings and investment income is ignored).
    "In the future, everyone will be rich for 15 minutes"
    • ceredigion
    • By ceredigion 1st Mar 19, 6:48 PM
    • 3,265 Posts
    • 4,555 Thanks
    ceredigion
    So to get the switch and ultimately the RS with M&S I first need to get credit card and then switch my bank?
    Originally posted by Cotta
    No.
    If you care to look , there is a £220 incentive now and no credit card required
    • DragonQ
    • By DragonQ 1st Mar 19, 7:48 PM
    • 2,026 Posts
    • 687 Thanks
    DragonQ
    If you don't shop in Tesco or buy fuel there, I agree.
    Originally posted by Nick_C
    I shop at Tesco but get discounted gift vouchers through work so wouldn't be able to take advantage of any related offers on their current accounts or credit cards.
    • greenery
    • By greenery 2nd Mar 19, 6:19 AM
    • 907 Posts
    • 404 Thanks
    greenery
    No.
    If you care to look , there is a £220 incentive now and no credit card required
    Originally posted by ceredigion
    I cant see this? any link please.

    I do have a credit card but I want to switch a joint account to M&S and the credit card is in my name only. I was trying to find out if i could do this.
    • masonic
    • By masonic 2nd Mar 19, 6:54 AM
    • 11,556 Posts
    • 9,196 Thanks
    masonic
    No.
    If you care to look , there is a £220 incentive now and no credit card required
    Originally posted by ceredigion
    https://bank.marksandspencer.com/pdf/220switchingterms.pdf
    "6. If M&S Bank identify that you are not the main cardholder holding an open M&S Credit Card and subsequently do not qualify for the £220 switch and stay offer, you will be reverted to the standard £180 switch and stay offer."
    • greenery
    • By greenery 2nd Mar 19, 12:38 PM
    • 907 Posts
    • 404 Thanks
    greenery
    https://bank.marksandspencer.com/pdf/220switchingterms.pdf
    "6. If M&S Bank identify that you are not the main cardholder holding an open M&S Credit Card and subsequently do not qualify for the £220 switch and stay offer, you will be reverted to the standard £180 switch and stay offer."
    Originally posted by masonic
    So it looks like you can't get the £220 without a credit card.
    • colsten
    • By colsten 2nd Mar 19, 12:55 PM
    • 10,142 Posts
    • 9,287 Thanks
    colsten
    You can test your likely chances for getting accepted for an M&S CC using the MSE CC eligibility checker
    • masonic
    • By masonic 2nd Mar 19, 2:56 PM
    • 11,556 Posts
    • 9,196 Thanks
    masonic
    So it looks like you can't get the £220 without a credit card.
    Originally posted by greenery
    What's intriguing is they state those without the card 'will be reverted to the standard £180 switch and stay offer'. I'm not sure they've quite closed the door firmly enough.
    • Bimbly
    • By Bimbly 4th Mar 19, 7:20 AM
    • 177 Posts
    • 166 Thanks
    Bimbly
    The only switch offer I've not grabbed is the M&S one. Was planning to apply for the credit card and then switch the Tesco account (my forth DD will be the credit card!). But I still have 3.5 months of Tesco interest to go. Hoping this offer (or a better one!) is still available in June.
    • colsten
    • By colsten 4th Mar 19, 9:52 AM
    • 10,142 Posts
    • 9,287 Thanks
    colsten
    The only switch offer I've not grabbed is the M&S one. Was planning to apply for the credit card and then switch the Tesco account (my forth DD will be the credit card!). But I still have 3.5 months of Tesco interest to go. Hoping this offer (or a better one!) is still available in June.
    Originally posted by Bimbly
    The M&S offer requires you to switch "within 3 months from the date you open the account". So, you don't have to sit out the entire 3.5 months you still get interest at Tesco, and you can get in the queue in, say, 2 - 2.5 months time.

    An alternative could be a donor account, though I appreciate it might be difficult to set up 4 active DDs (even though they don't have to pay monthly).
    • dcs34
    • By dcs34 6th Mar 19, 10:36 PM
    • 42 Posts
    • 25 Thanks
    dcs34
    I have two Tesco accounts (one pre and one post the 3DD & £750/m requirements), but have only had a letter through for one of them which is a bit odd.

    Guess I can't claim they haven't given me notice for the other account? Since technically they have of course
    • clivep
    • By clivep 7th Mar 19, 10:38 AM
    • 373 Posts
    • 195 Thanks
    clivep
    I have two Tesco accounts (one pre and one post the 3DD & £750/m requirements), but have only had a letter through for one of them which is a bit odd.

    Guess I can't claim they haven't given me notice for the other account? Since technically they have of course
    Originally posted by dcs34

    The one for the older style a/cs would appear to be sent out earlier.


    ( I know this as my wife has 2 x old style whereas I have one of each due to delays from problems applying online. 3 letters arrived one day then the other arrived a day or two later).
    • colsten
    • By colsten 7th Mar 19, 2:20 PM
    • 10,142 Posts
    • 9,287 Thanks
    colsten
    Guess I can't claim they haven't given me notice for the other account?
    Originally posted by dcs34
    I guess you could claim it if you wanted to be a royal PITA. Your obvious expectation for a compensation is, however, unfounded as Tesco aren't responsible for you actually receiving a letter, just for sending it to you.
    • Fingerbobs
    • By Fingerbobs 15th Apr 19, 10:32 PM
    • 603 Posts
    • 208 Thanks
    Fingerbobs
    I wonder if there will be a run on the bank on 14th June. I'm tempted to withdraw my £3k a few days in advance.
    • Herbalus
    • By Herbalus 16th Apr 19, 6:49 AM
    • 2,301 Posts
    • 1,993 Thanks
    Herbalus
    I wonder if there will be a run on the bank on 14th June. I'm tempted to withdraw my £3k a few days in advance.
    Originally posted by Fingerbobs
    I think you overestimate how many of us there are compared to “normal” people who just use it as a bank account and aren’t chasing interest.
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