Hi @autolycus, thanks for contacting us. This would depend on when you opened your account at which rate is set. If your account is currently at 1.11% then this would raise to 1.26% on 01/01/2017. However, we now offer an internet saver at a higher bonus rate that you've mentioned above you’re able to open this account at any point at the advertised rate. Should you wish to discuss your Savings Account in further detail you can contact our Customers Service Team on 0345 678 5678 and lines are open Mon - Fri: 8am - 10pm and Sat - Sun: 9am - 5pm.
_m wrote:
- hope Ross helped explain this for you? Would you mind accepting the solution please so that it can be stored for other customers? ThanksSure - many thanks Ross. Two different rates for 'different' accounts with the same name!? I suppose that was the only logical answer but hard to believe. At least the rate is clearly shown on the page (unlike many other providers) which should hopefully alert other savers who may mistakenly believe that they are getting more interest than they actually are. So... rates are not automatically raised when they go up; you have to open a new account. I wonder what the procedure is when they go down... Anyway, I've applied for a 'new' interest saver and will transfer the funds in a couple of weeks when i get the paperwork.
Thanks for getting back to us @autolycus. When you apply for the Internet Saver, the fixed rate bonus will stay in place for one year, but the rate of the bonus can change throughout the year for new applicants. If, for example, you applied and had the bonus rate of 0.65% for the year, that would be fixed for you. If the next day the rate was to drop to 0.60%, your rate wouldn't be changed, but any new applications would get the lower rate. This also applies if the rates increase, and our customers are free to apply for a new account at any time.
Well, i thought it was solved.I opened that new Internet Saver (still in progress) expecting a rate of 1.35 (from last Friday). But the paperwork shows a rate of 1.2 % and that is the rate that is now shown on the Tesco Website. Am i right in assuming that this is yet another Internet Saver you are now offering - at 1.2% - and that the rate on my paperwork (dated 29 November) is effectively out of date and that i will receive 1.35% when the account is actually set up?I would repeat my earlier observaion that this is an extremely opaque system that needs sorting out.
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Former Community ManagerVerified AnswerHi @autolycus, thanks for contacting us. This would depend on when you opened your account at which rate is set. If your account is currently at 1.11% then this would raise to 1.26% on 01/01/2017. However, we now offer an internet saver at a higher bonus rate that you've mentioned above you’re able to open this account at any point at the advertised rate. Should you wish to discuss your Savings Account in further detail you can contact our Customers Service Team on 0345 678 5678 and lines are open Mon - Fri: 8am - 10pm and Sat - Sun: 9am - 5pm.
30-11-17 12:19_m wrote:
RossM
ScottW
