Recently started with my online savings account but find it strange that when I ask to transfer money in from my bank account it adds several days onto the transfer so I have to keep waiting and checking that the money has gone. Why can't you do immediate transfers - both too and from accounts - when the customer needs to and not take several days to do it? Very inconvenient.
As has mentioned, the fastest way to credit your Tesco Bank account is to organise the transfer from the other banks side - this allows them to send this as a faster payment which at most will take 24 hours to go through, but is often much quicker.
The reason we set up the direct debit mandate with your nominated account is that this is the only way we can request funds from a bank outwith our own. Unfortunately, we can't request a faster payment to come into us from your other bank as we are not their customer so can't make requests of this nature - with the DD mandate in place, we can use this to request funds, but we are constrained by the direct debit timescales of 3 - 5 working days in using this method which all banks follow. Please be assured that we will only use the DD mandate that is in place when you ask us to, either by requesting a regular payment, or asking for a one off credit in this way.
I have also just started a savings account, and note that Tesco set up a Direct Debit (DD) arrangement with your "linked bank account", so that they can pull money from there into your Tesco account (whether by your order or not - that's the way DD works). I have a strong aversion to DD and asked them on the phone not to set any DD up, but was told it was inescapable, but that is by-the-by. Tesco's idea is that you deposit money into your account with them by logging into your Tesco account and ordering money to be transferred into it - "pulling" it from the linked account by DD. That sounds like what you have been trying. However, "pulling" money into your Tesco account by DD sounds bat-stuff crazy to me. For one thing, you first need to log into your linked bank account to check that the money is there*; but having done so, you might as well send it from there without having to log off from there and then log into Tesco's to do the transfer itself. Moreover, from your linked account, you can send the money on a precise day - either today, or just after payday for example. With DDs in my experience you can never be sure exactly when they will be taken and could leave you overdrawn. Anyway, I have just transferred an opening deposit from my on-line Nationwide account to my Tesco account, in the normal way by giving my Tesco account number and sort code. Being my first ever deposit to my Tesco account I logged into Tesco immediately after to check that it worked, and it was already there - in less than 2 minutes. * At least, I would consider it necessary.
I've just opened a savings account and gave my bank details from where the funds were coming from. Will I have to wait a few days for it to appear in my new Tesco Savings Account?
Hi , thanks for getting in touch. It all depends on the transfer method you selected as, if you selected 'Transfer from another bank' this will need to be done manually by yourself. To check this, you can call our Savings team on 0345 678 5678, available Monday to Friday 8am-10pm, Saturday and Sunday 9am-5pm and they will be more than happy to check the transfer method you selected.
You can log into your online banking and send the funds over to us via Faster Payment using your new Tesco Bank account details, or you can give us a call to complete. We can be contacted on 0345 678 5678, anytime between Mon-Fri: 8am-10pm and Sat-Sun: 9am-5pm. If you don't do this then we would close the account down after 30 days, and send a letter advising of this. I hope this clears things up for you.
I recently created a savings account and provided my bank information from the source of the money. For it to show up in my new Tesco Savings Account, would I have to wait several days?
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EmployeeVerified AnswerHi ,
20-10-15 12:54I have also just started a savings account, and note that Tesco set up a Direct Debit (DD) arrangement with your "linked bank account", so that they can pull money from there into your Tesco account (whether by your order or not - that's the way DD works). I have a strong aversion to DD and asked them on the phone not to set any DD up, but was told it was inescapable, but that is by-the-by. Tesco's idea is that you deposit money into your account with them by logging into your Tesco account and ordering money to be transferred into it - "pulling" it from the linked account by DD. That sounds like what you have been trying. However, "pulling" money into your Tesco account by DD sounds bat-stuff crazy to me. For one thing, you first need to log into your linked bank account to check that the money is there*; but having done so, you might as well send it from there without having to log off from there and then log into Tesco's to do the transfer itself. Moreover, from your linked account, you can send the money on a precise day - either today, or just after payday for example. With DDs in my experience you can never be sure exactly when they will be taken and could leave you overdrawn. Anyway, I have just transferred an opening deposit from my on-line Nationwide account to my Tesco account, in the normal way by giving my Tesco account number and sort code. Being my first ever deposit to my Tesco account I logged into Tesco immediately after to check that it worked, and it was already there - in less than 2 minutes. * At least, I would consider it necessary.
DanielMcS
