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  • FIRST POST
    • steveksullivan
    • By steveksullivan 13th Jun 19, 11:36 AM
    • 238Posts
    • 55Thanks
    steveksullivan
    Tesco Interest rate
    • #1
    • 13th Jun 19, 11:36 AM
    Tesco Interest rate 13th Jun 19 at 11:36 AM
    I realise its only worth peanuts, but does any one know if the Tesco rate decrease on 14th June means that today is the last day at the old rate - or is tomorrow the last day? (i.e. when to move money out.....)
Page 1
    • wildfirejc
    • By wildfirejc 13th Jun 19, 11:46 AM
    • 19 Posts
    • 20 Thanks
    wildfirejc
    • #2
    • 13th Jun 19, 11:46 AM
    • #2
    • 13th Jun 19, 11:46 AM
    Today is the last day for earning the 3%. Tomorrow it goes down to 1%.
    If you need to milk it to the last drop, I guess wait until tomorrow morning and then transfer everything somewhere else.
    However, I phoned them today and they are expecting an onslaught of accounts closure tomorrow - which you need to do over the phone by the way. No online closure facilities.
    • eskbanker
    • By eskbanker 13th Jun 19, 11:53 AM
    • 11,342 Posts
    • 14,032 Thanks
    eskbanker
    • #3
    • 13th Jun 19, 11:53 AM
    • #3
    • 13th Jun 19, 11:53 AM
    I phoned them today and they are expecting an onslaught of accounts closure tomorrow - which you need to do over the phone by the way. No online closure facilities.
    Originally posted by wildfirejc
    While simply contacting Tesco to close these accounts is undoubtedly an option, I imagine that many who've been using them as 3% savings accounts will be savvy enough to use them as donor accounts for incentivised switches where possible - of course the truly savvy will already have exhausted all options on that front though!
    • N1ckS
    • By N1ckS 13th Jun 19, 1:19 PM
    • 229 Posts
    • 158 Thanks
    N1ckS
    • #4
    • 13th Jun 19, 1:19 PM
    • #4
    • 13th Jun 19, 1:19 PM
    Presumably Tesco settle any outstanding interest when closing the account and transferring funds?
    • Arthurian
    • By Arthurian 13th Jun 19, 1:24 PM
    • 678 Posts
    • 630 Thanks
    Arthurian
    • #5
    • 13th Jun 19, 1:24 PM
    • #5
    • 13th Jun 19, 1:24 PM
    This morning I transferred all money out of my Tesco current accounts by faster payments, so the balance showed zero, and later phoned them to close the accounts. They asked me for a bank account number and sort code to send the remaining interest to. By the way, I recall seeing a notice online to the effect that Tesco are having a planned maintenance shutdown. Think it was Saturday 9am until late evening, but of course now I can't get back online to check this.
    • stevec59
    • By stevec59 13th Jun 19, 1:42 PM
    • 253 Posts
    • 19 Thanks
    stevec59
    • #6
    • 13th Jun 19, 1:42 PM
    • #6
    • 13th Jun 19, 1:42 PM
    I phoned them today as I need Interest statements for Tax purposes and I asked them if the drop to 1% was a temporary thing or if it was likely to go up, the person I spoke to didn't know.
    1% isn't bad, but there are better rates out there.
    I guess I don't want to close the account because I applied for it and got it before you needed DD's, so I'm kinda thinking do I keep it for a for a while? If I left it a year ( I certainly wouldn't wait that long), then I guess I'd loose @ £15 PA per account
    • Herbalus
    • By Herbalus 13th Jun 19, 1:55 PM
    • 2,373 Posts
    • 2,082 Thanks
    Herbalus
    • #7
    • 13th Jun 19, 1:55 PM
    • #7
    • 13th Jun 19, 1:55 PM
    The maintenance is going to catch some people out.

    I’ve set up automatic transfers to move the funds out of the account to a Tesco savings account paying close to 1.5%. Next best thing and it won’t lead to a run on Tesco

    I’ll keep the accounts open with DDs running. Might come in handy and there will be new switching opportunities coming round.
    • soulsaver
    • By soulsaver 13th Jun 19, 1:57 PM
    • 2,468 Posts
    • 1,226 Thanks
    soulsaver
    • #8
    • 13th Jun 19, 1:57 PM
    • #8
    • 13th Jun 19, 1:57 PM
    I phoned them today as I need Interest statements for Tax purposes and I asked them if the drop to 1% was a temporary thing or if it was likely to go up, the person I spoke to didn't know.
    1% isn't bad, but there are better rates out there.
    I guess I don't want to close the account because I applied for it and got it before you needed DD's, so I'm kinda thinking do I keep it for a for a while? If I left it a year ( I certainly wouldn't wait that long), then I guess I'd loose @ £15 PA per account
    Originally posted by stevec59
    Eh? Just shift the funds into a higher interest account and leave the Tesco cas open with a few pence, if you must...
    • eskbanker
    • By eskbanker 13th Jun 19, 2:07 PM
    • 11,342 Posts
    • 14,032 Thanks
    eskbanker
    • #9
    • 13th Jun 19, 2:07 PM
    • #9
    • 13th Jun 19, 2:07 PM
    By the way, I recall seeing a notice online to the effect that Tesco are having a planned maintenance shutdown. Think it was Saturday 9am until late evening, but of course now I can't get back online to check this.
    Originally posted by Arthurian
    Indeed, the message is:
    Planned Maintenance

    Due to essential maintenance, Online Banking will be unavailable from 9pm Saturday 15 June until late morning on Sunday 16 June
    • polymaff
    • By polymaff 13th Jun 19, 2:43 PM
    • 2,962 Posts
    • 1,366 Thanks
    polymaff
    Indeed, the message is:

    Planned Maintenance

    Due to essential maintenance, Online Banking will be unavailable from 9pm Saturday 15 June until late morning on Sunday 16 June
    Originally posted by eskbanker
    You'd think that Tesco woud have learned from TSB

    ... and added the year to that quote...
    • stevec59
    • By stevec59 13th Jun 19, 3:50 PM
    • 253 Posts
    • 19 Thanks
    stevec59
    Eh? Just shift the funds into a higher interest account and leave the Tesco cas open with a few pence, if you must...
    Originally posted by soulsaver
    Doh! Why didnít I think of that.
    I have a standing order set up to transfer the interest to another account, so I might as well cancel that and leave £1 in 😀
    • Brewer20
    • By Brewer20 13th Jun 19, 4:08 PM
    • 175 Posts
    • 69 Thanks
    Brewer20
    I'm leaving my money in there but using it to fund a FD regular saver. I do shop at Tesco too so pick up a little extra with using the debit card, every little helps.......sorry
    • capital0ne
    • By capital0ne 13th Jun 19, 5:54 PM
    • 755 Posts
    • 373 Thanks
    capital0ne
    Eh? Just shift the funds into a higher interest account and leave the Tesco cas open with a few pence, if you must...
    Originally posted by soulsaver
    Thats what I'm doing, £10 in each account and they're the okd ones pre the DD requirement.

    In a few years time if interest rates move up I'll pile back in. No brainer
    • Voyager2002
    • By Voyager2002 13th Jun 19, 5:56 PM
    • 13,306 Posts
    • 9,167 Thanks
    Voyager2002
    I do shop at Tesco too so pick up a little extra with using the debit card, every little helps.......sorry
    Originally posted by Brewer20

    The rewards from using a good credit card such as Amex are greater than from using the Tesco debit card, even at Tesco. However, the debit card can be used to pay credit card bills, or even to put money into a share-dealing account, and that still earns Clubcard points.

    I shall be keeping my Tesco account for this reason.
    • Zola.
    • By Zola. 13th Jun 19, 6:44 PM
    • 1,520 Posts
    • 726 Thanks
    Zola.
    Every little helps Tesco, in this case...
    • Zero Sum
    • By Zero Sum 13th Jun 19, 7:23 PM
    • 1,285 Posts
    • 1,006 Thanks
    Zero Sum
    The rewards from using a good credit card such as Amex are greater than from using the Tesco debit card, even at Tesco. However, the debit card can be used to pay credit card bills, or even to put money into a share-dealing account, and that still earns Clubcard points.

    I shall be keeping my Tesco account for this reason.
    Originally posted by Voyager2002
    Which credit card? Ive tried a few of mine & dont work.
    I get points for putting money into my S&S ISA, and IFISA so ill be keeping one of my accounts for this reason also.
    • Amoux
    • By Amoux 13th Jun 19, 11:00 PM
    • 36 Posts
    • 37 Thanks
    Amoux
    I closed my Tesco account today and moved the money over to Marcus. I'm kind of glad in some ways as I think I'm done with the whole multiple current accounts, switching and moving money around fiasco.

    Theres only so much you can do before you've ran out of switching incentives and interest perks, and I've reached that point where it no longer seems worth it.
    • Voyager2002
    • By Voyager2002 13th Jun 19, 11:34 PM
    • 13,306 Posts
    • 9,167 Thanks
    Voyager2002
    Which credit card? Ive tried a few of mine & dont work.
    I get points for putting money into my S&S ISA, and IFISA so ill be keeping one of my accounts for this reason also.
    Originally posted by Zero Sum

    I have used my Tesco debit card to pay off my Amex (preferred rewards gold, I think). I may have used it to pay off Barclaycard as well: not sure.
    • Tharweb
    • By Tharweb 14th Jun 19, 6:00 AM
    • 1,071 Posts
    • 322 Thanks
    Tharweb
    Eh? Just shift the funds into a higher interest account and leave the Tesco cas open with a few pence, if you must...
    Originally posted by soulsaver
    Just done this, was going to close, but read this last night
    This site has saved me a fortune ...it's also cost me a fortune!
    © Tharweb 2006
    • steveksullivan
    • By steveksullivan 14th Jun 19, 6:21 AM
    • 238 Posts
    • 55 Thanks
    steveksullivan
    Emptied
    That's another £9K Tesco don't have anymore .....


    Just emptied mine and OHs accounts ....Money going to Marcus





    Leaving accounts open with £0.00 as I had mine from pre DD days as well.......
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