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Thread: Tesco savings

  1. #1
    Member orac
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    Tesco savings

    Tesco internet savings

    This account pays 5.1% gross as of 8th January 2009

    The rate shown includes 1.5% bonus interest on balances up to £100,000 for 12 months when you open an Internet Saver Account.

    Could this be to good to be true in this low interest rate enviroment.

    More to the point is it safe?

  2. #2
    Enthusiast carpetmuncher will become famous soon enough
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    I opened an account and this is indeed a good rate.
    I believe the supermarket is safer than the banks.
    Watch out for withdrawing money. Apply for the chip reading device as soon as you join as you can end up unexpectantly waiting 6 weeks to withdraw your money.

  3. #3
    Moderator Sarah is just really nice Sarah is just really nice Sarah is just really nice Sarah is just really nice Sarah is just really nice
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    The 5.1% rate appears to have been withdrawn now. Applications up to 7th January will still receive the bonus however the new rates from today seem to be tiered up to only 3.60% Gross / AER (no mention of a bonus).

  4. #4
    Legend & Competitions Guru RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute RudeKev has a reputation beyond repute
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    Has the bonus always been paid I open an account way back in the summer for the cashback
    And was thinking about closing it but I might pay a lump sum in and hang on
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  5. #5
    Contributor BrianStanier
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    As I understand it existing accounts continue to have the bonus on new deposits. With the base rate drop this account is very valuable - don't close it. At least until the bonus expires.

  6. #6
    Contributor BrianStanier
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    Not sure when the bonus was introduced though. Late summer?

  7. #7
    Enthusiast wbafcben
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    Dropped to 2.5% today (so 4% with bonus right?) - see here. Time to look around again I reckon - ICICI looks the best bet at 4.3% on £1000+ balances for 6, 12, 24 or 36 months, but apparently 'there are questions over stability' according to MSE...

  8. #8
    Moderator Sarah is just really nice Sarah is just really nice Sarah is just really nice Sarah is just really nice Sarah is just really nice
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    Quote Originally Posted by BrianStanier
    Not sure when the bonus was introduced though. Late summer?
    It was 0.5% for accounts opened between 17 October 2007 and 28 May 2008 then increased to 1.5% for accounts opened from 29 May 2008 onwards. The 0.5% bonus was for only 6 months and the 1.5% bonus lasts for 12 months, i.e. the 0.5% bonus has now finished for everyone who received it whilst all accounts qualifying for the 1.5% bonus will still have it until at least 28 May 2009.

  9. #9
    j7
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    Quote Originally Posted by carpetmuncher
    ...
    Watch out for withdrawing money. Apply for the chip reading device as soon as you join as you can end up unexpectantly waiting 6 weeks to withdraw your money.
    I just want to reitterate carpetmuncher's helpful point above. I ordered the pin device a few weeks ago and indeed nothing's turned up so far. I just called them and was told it will be a further 21-28 days before it's sent out!

    You would think, having a table-topping rate, that they would have expected high demand!

  10. #10
    Contributor BrianStanier
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    Even when you get the reader you may have to wait for a card and a PIN. Its taken over two months in my case to get a complete set. (UKMail took three weeks to deliver the PIN!).


 

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