Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MSE Megan F
    • By MSE Megan F 27th Feb 19, 2:39 PM
    • 403Posts
    • 200Thanks
    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 havenít already, join the forum to reply.
    Read the latest MSE News
    Flag up a news story: news@moneysavingexpert.com
    Get the Free Martin's Money Tips E-mail
Page 8
    • bristolleedsfan
    • By bristolleedsfan 14th Jun 19, 10:46 AM
    • 7,892 Posts
    • 9,901 Thanks
    bristolleedsfan
    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



    Some people will have switched out early for Amazon Vouchers 50.00 x 2 then opened another 2 accounts and switched them out for Amazon Vouchers 50.00 x 2 and then opened another 1 or 2 accounts and switched them out for 50.00 Amazon Voucher(s)
    • BigBlueSky
    • By BigBlueSky 15th Jun 19, 12:01 AM
    • 129 Posts
    • 23 Thanks
    BigBlueSky
    Some people will have switched out early for Amazon Vouchers 50.00 x 2 then opened another 2 accounts and switched them out for Amazon Vouchers 50.00 x 2 and then opened another 1 or 2 accounts and switched them out for 50.00 Amazon Voucher(s)
    Originally posted by bristolleedsfan
    What is this Amazon voucher switch you are referring to please ??

    Thanks
    • bristolleedsfan
    • By bristolleedsfan 15th Jun 19, 12:05 AM
    • 7,892 Posts
    • 9,901 Thanks
    bristolleedsfan
    What is this Amazon voucher switch you are referring to please ??

    Thanks
    Originally posted by BigBlueSky



    Santander refer a friend, ends on 18th June
    • BigBlueSky
    • By BigBlueSky 15th Jun 19, 10:01 AM
    • 129 Posts
    • 23 Thanks
    BigBlueSky
    I have 2 x Tesco current accounts. Both in my sole name. Does that mean I could do the Santander switch on both of them for £100 Amazon vouchers ?
    • prowla
    • By prowla 15th Jun 19, 10:10 AM
    • 10,654 Posts
    • 9,539 Thanks
    prowla
    I had their savings account some years ago; they cut the interest to virtually nothing, so I stopped using it.
    • bristolleedsfan
    • By bristolleedsfan 15th Jun 19, 10:20 AM
    • 7,892 Posts
    • 9,901 Thanks
    bristolleedsfan
    I have 2 x Tesco current accounts. Both in my sole name. Does that mean I could do the Santander switch on both of them for £100 Amazon vouchers ?
    Originally posted by BigBlueSky

    Is now too late to start a switch to Santander for its RAF Amazon voucher offer being as that finishes on 18th June,

    Someone earlier seemed to imply their would be masses of people switching out of Tesco when rate drops to 1%, what I highlighted was many people will have already switched out for incentive elsewhere and in some cases after switching out opened 2 new Tesco accounts and switched them out for another incentive, having done that some people will have repeated process again which beat hanging around till the end for 1.5% interest per year xtra than could be gained compared with best Instant access rate elsewhere.
    Last edited by bristolleedsfan; 15-06-2019 at 5:46 PM.
    • colsten
    • By colsten 15th Jun 19, 5:55 PM
    • 11,068 Posts
    • 10,358 Thanks
    colsten
    I have 2 x Tesco current accounts. Both in my sole name. Does that mean I could do the Santander switch on both of them for £100 Amazon vouchers ?
    Originally posted by BigBlueSky
    You missed the boat on that offer but you might be able to do RBS or Natwest with one of the accounts? Nationwide, HSBC, FD and M&S also have switch offers. If none of those suits, keep the accounts dormant for potential future offers. Move the balance to an account with better interest, and cancel any direct debits and SOs.
    • Katiehound
    • By Katiehound 15th Jun 19, 8:43 PM
    • 4,965 Posts
    • 39,844 Thanks
    Katiehound
    You missed the boat on that offer but you might be able to do RBS or Natwest with one of the accounts? Nationwide, HSBC, FD and M&S also have switch offers. If none of those suits, keep the accounts dormant for potential future offers. Move the balance to an account with better interest, and cancel any direct debits and SOs.
    Originally posted by colsten
    Actually you might not want to cancel the DDs if they are small sums simply because most of the switching deals require you to have some either inplace or after switch. If they are all ready set up and working then the account can be switched there and then. Just a thought.

    My Tesco a/cs pre-date the DDs rule so I would have to find yet more DDs.....and I am fast running out of new places to go come to that!!
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks


    • BigBlueSky
    • By BigBlueSky 15th Jun 19, 10:50 PM
    • 129 Posts
    • 23 Thanks
    BigBlueSky
    My Tesco a/cs pre-date the DDs rule so I would have to find yet more DDs.....and I am fast running out of new places to go come to that!!
    Originally posted by Katiehound
    Mine do too. I'm struggling to find any switching deals that don't need DD's - Anyone any ideas ?

    Thanks
    • YorkshireBoy
    • By YorkshireBoy 15th Jun 19, 11:01 PM
    • 30,977 Posts
    • 18,989 Thanks
    YorkshireBoy
    Mine do too. I'm struggling to find any switching deals that don't need DD's - Anyone any ideas ?

    Thanks
    Originally posted by BigBlueSky
    Off the top of my head, Halifax, Natwest, RBS, FD, HSBC, and Santander are some that are, or have been, taking switches without DDs recently.

    So in what way are you struggling? Perhaps you've done them all already?
    • BigBlueSky
    • By BigBlueSky 15th Jun 19, 11:23 PM
    • 129 Posts
    • 23 Thanks
    BigBlueSky
    Off the top of my head, Halifax, Natwest, RBS, FD, HSBC, and Santander are some that are, or have been, taking switches without DDs recently.

    So in what way are you struggling? Perhaps you've done them all already?
    Originally posted by YorkshireBoy
    I've missed the deadline for the Santander refer a friend bonus for signing up. Already have a FD. Didn't know Halifax, Natwest, RBS and HSBC offered sign up bonuses for switching without any DD requirements. I'll take a look - Thanks.
    • knack92
    • By knack92 17th Jun 19, 1:05 AM
    • 455 Posts
    • 210 Thanks
    knack92
    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
    • By BigBucket 17th Jun 19, 7:52 AM
    • 18 Posts
    • 5 Thanks
    BigBucket
    I got the correct payment £7.29 for the first of my two accounts.
    • tg99
    • By tg99 18th Jun 19, 10:20 AM
    • 775 Posts
    • 290 Thanks
    tg99
    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
    • By BigBlueSky 24th Jun 19, 11:39 AM
    • 129 Posts
    • 23 Thanks
    BigBlueSky
    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?
    Originally posted by tg99
    Same here - Just received my statement. Shows £2.13 interest instead of the usual £7.29.
    • Zero Sum
    • By Zero Sum 24th Jun 19, 4:37 PM
    • 1,310 Posts
    • 1,022 Thanks
    Zero Sum
    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
    • By tg99 24th Jun 19, 4:42 PM
    • 775 Posts
    • 290 Thanks
    tg99
    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?
    Originally posted by tg99
    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.)
    Last edited by tg99; 24-06-2019 at 4:43 PM. Reason: Addition
    • IanManc
    • By IanManc 24th Jun 19, 4:57 PM
    • 909 Posts
    • 1,687 Thanks
    IanManc
    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.)
    Originally posted by tg99
    That's pathetic to be honest.
    • bundoran
    • By bundoran 24th Jun 19, 8:25 PM
    • 41 Posts
    • 48 Thanks
    bundoran
    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?
    • badger09
    • By badger09 25th Jun 19, 5:26 PM
    • 7,432 Posts
    • 6,958 Thanks
    badger09
    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.
    Originally posted by Zero Sum
    June 18th for me £6.51 & £6.56. 1st account had lower (by £700) balance for 1 day
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

187Posts Today

2,026Users online

Martin's Twitter