In the last 2 weeks on 3 different occasions, I found out by chance that there were new versions of Tesco Bank accounts I already have but with higher interest rates. I have had to open 3 new accounts to take advantage of these rises.
For the non ISA accounts you can do an internal transfer but for an ISA, you have to ring up and a member of staff will take phone instructions. Even after you have done the internal transfer for an Internet Saver account, you are supposed to fill in a pdf form to get the old one closed and the interest transferred.
This is all crazy! Of course I am pleased to get more interest but can't you alert me to the changes rather than me finding out by accident? Other banks manage to tell me and then just apply the new rate to my existing account rather than make me go through all these hoops!!
It seems a terrible way to treat existing customers if you want to retain them :(
@JoeC Thanks Joe. I cant seem to find an email address to make a proper logged complaint about this. Can you provide one?
Also I forgot to make the point that as well as being irritated that I have to keep going through all this opening & closing stuff, every time I have to open a new a/c to get the better rate, your system posts me a 'welcome pack' although I always click the 'paperless' option. Such a waste of paper! And because interest rates are in such a state of flux at the moment, I am getting multiple WPs!!
I would echo this. I've had to open 4 accounts so far as you keep moving the rates and don't apply them to existing accounts. I'm sure Tesco does it to keep interest payments as low as possible, but it's very poor customer service. I have a couple of accounts that have a few pennies in them so I can't close them, but your system won't let me pay some money into them, so I can then take money out to get the balance to zero so I can close them. It's a catch 22.
Hi there. I read your post and the responses - yes you wrote very similar stuff to me! I followed the link I was given above to complainbut have yet to receive a proper reply. Hope these posts will also provide some food for thought to those with power to change things. One day last week I got 3 pieces of post from tesco re these new accounts in one delivery!!
ps I just checked and the interest rates have gone up again so once more have had to make 2 new applications to make sure I get the increases. That means more phone calls to Tesco tomorrow and loads more letters/pamphlets in the post :(
Poor communication seems to be a feature of Tesco on-line banking. I have the stewardship of a Junior Isa for my grandson who turns 18 in a couple of days time. About 2 weeks ago I logged in to fund the Isa with his birthday money and found the account had disappeared. No notice, no warning, nothing - just disappeared. My immediate fear was that I had been a victim of fraud. When I contacted Customer Services they were quite blase about it and simply said "it's standard procedure". The maturity of the Isa and the passing of the money to my grandson is proving to be a nightmare.
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How we collect and use your personal data
Tesco Personal Finance plc, trading as Tesco Bank as part of the Tesco Group take the security of your data seriously. We want you to be confident that your data is safe and secure with us and understand how we use it.
We collect data when you browse our website (e.g. your IP address) and register for the Community. To find out more about how we use your data, our legal basis for processing your data and your rights under data protection laws please view our Privacy Policy.
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Tesco Bank Community Terms of Service v 1.0
The Tesco Bank online community ('Your Community') is for Tesco Bank customers, staff, contributors and supporters to discuss products, services, issues and matters of general interest. Your Community content may be viewed by both members and non-members.
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We reserve the right, in our sole discretion, to modify these Terms of Service at any time without notice. Modified Terms of Service are effective as soon as they are posted. We also reserve the right to waive or modify any of these Terms of Service as they apply to a specific posting, communication or user without affecting the application of these Terms of Service to all other postings, communications and users. Your continued use of Your Community, or any content or services accessible through it, after modified Terms of Service are posted means you accept the modifications. We may also make any changes to the look and feel of Your Community at any time without notice.
JoeC
