[clivep]

If these were the earliest dd payments then only 1 was in your 9th May to 9th June statement period hence no interest paid.

As long as the 5th June payment is a monthly dd and pays out again on 5th July you will get interest for your current statement period ending 9th July.

[Pearlpoppy]

Interest now received, thank you for your input Clive

[clivep]

No transaction fees are payable if the funds are in your account.

If there are insufficient funds then the transaction may be either accepted (putting you overdrawn) or rejected. The former is called a 'Paid Transaction Fee' and the latter an 'Unpaid Transaction Fee'. See the t's & c's...


Overdraft Control
Your account is set up so that, depending on your f inancial circumstances, we’ll sometimes allow a
payment even if this takes you into an unarranged overdraft. We charge a paid transaction fee to
do this and you’ll pay interest on the overdrawn amount. If you would prefer that we didn’t allow
payments to go through that would make you overdrawn you can use Overdraft Control.
Our Overdraft Control feature means we automatically reject payments when you don’t have enough
money in your account. We will charge you an unpaid transaction fee if we do this.
You can choose whether or not to have Overdraft Control at any time once your account is open using
Online Banking or Telephone Banking.
You can find more information about how Overdraft Control works in the terms and conditions for our
current accounts. This includes information about the types of payments we’ll reject and when we’ll
charge you fees and/or interest, plus some important information if you have more than one Tesco
Bank current account.

[Hondaboy]

I would like to ask if anyone else was in the same position as me of applying for accounts for my wife and myself before April and the site went down so I was unable to have an individual account but managed to get the joint one and my wife's before the site crashed. I therefore don't get any interest on my £3000. I feel Tesco was sneaky about slipping in the £750 monthly deposit. As I trusted them i thought i would get my interest but alas I've missed out. Should I complain to Tesco as it wasn't my 'fault' or just close my individual account and put my money where it's earning?

[clivep]

That's quite a confusing post.

As far as I'm aware, Tesco's site didn't go down or crash. They suspended accepting new current account applications and then introduced new t's & c's once taking them again (as expected).

My wife managed to set up 2 accounts under the pre-April 1st rules but I only managed 1 (as I allowed the online registration screen to time out and found I had to wait for the paper documents from my first application to arrive before I could open the 2nd and then it was too late).

When I opened my 2nd account after 1st April it was widely known that the t's & c's were different and hence I set up 3 dds and transfer £1000 each way betweed my two accounts each month to comply.

To qualify for the interest on your account just set up transfers of £750 or more each way once a month between your individual and joint accounts. As long as you also have 3 dds on the individual account paying out each month then you'll get the interest. Nothing sneaky about it.

Why isn't it your fault? If you don't comply with the t's & c's then you don't get any interest... that's not Tescos fault is it?

[jrrjardim]

Do standing orders to other banks count to comply with the 3 dds?

[clivep]

No. Why would they? Standing orders are not direct debits.

[jrrjardim]

It's not the same but they are still monthly payments. I just can't setup those monthly payments as direct debits. And mine are bigger amouamounts than the direct debits.

[clivep]

You can have as many standing orders as you like and for whatever amounts but unless you have 3 or more direct debits you will not earn any interest.

[clivep]

Were 3 direct debits paid out between 11th January and 11th February (assuming the 11th is your statement date).

Remember that the 3 direct debits must be paid out in your statement month (not calendar month). So, for example, if one normally pays out on the 10th or 11th of the month then it would be paid the next working day on the 12th February and not qualify as one of the three needed for your February interest.

What dates did your DDs actually get taken?