[LynnW]

@savermum
Yes I have opened yet another account today 14 August. Having now opened numerous accounts, the option to transfer from another Tesco account only appears (right hand side panel) after selecting deposit from bank account. However trying to close the old accounts is not easy!!

[Tarian]

Well done SaverMum for starting this thread.

Having just noticed the latest incremental rise to 1.58%, I was mentally drafting my rant.
But you've said pretty much all.

IIRC, I opened a Tesco account paying 0.86% - then another at 1.11%.
I missed the 1.21%(?) - going elsewhere.
I opened a 1.31%.
But not the 1.38% or the 1.43%
Was there a 1.48% before the latest 1.58% ?

Aside from the extra paper (while sometimes sneekily setting Statements to "paperless").....

Tesco seems to object to more than 3 or 4 accounts at one time - requiring old ones to be closed....
....by a tedious process of downloading a form, scanning and emailing....
...a process that takes a few days.

So instead, most of my Savings are currently at:
Ford Money 1.55% - with a "rate guarantee" that has raised from the opening rate of 1.30%

SAGA Savings 1.50% - also raised rates a couple of times since opened at 1.00%

Coventry BS also raised rates - from 1.25% to 1.35% - and from 1st Sep to 1.55%

In the interest of balance.....
Those 3 banks limit pay-ins and pay-outs to a Linked Account.
While Tesco Bank allows pay-ins from anywhere - and pay-outs to any account in the Customer's name.


Presumably someone at Tesco thinks the profit from Customer inertia is worth it.
But how does Tesco measure "reputation" as Customers, one-by-one start to notice - even if only mildly miffed?
Surely "trust" becomes an issue ?

Although I am a bit of a "rate-chaser", any slight delay by Ford or SAGA in rate-raising has seemed minor versus the hassle of frequent rate-checking and account-opening here,

Sort it out Tesco ! (Please)

[GaryB008]

Just noticed another rate increase.

[savermum]

The poor trees! All that wasted paper......again, and again, and...

[savermum]

...the tedious system for closing old incarnations of these accounts remains.

[LynnW]

Thanks GaryB, yes opened & transferred into another new account today at 1.71%. I did try unsuccessfully to close 3 old empty 0 accounts by completing the closure form & sending a screenshot by email, so I'll try by phone or their reply envelope. Good luck everyone keeping up with the rate changes!

[GaryB008]

Just had an email saying that the savings rate has gone up by 0.1%. Sure enough, my account now says 1.81% (even though the rates page on their website still says 1.71%). Maybe they've been listening? If so, well done. Hopefully it will increase again if the base rate is increased as expected next week.

[savermum]

Originally Posted by GaryB008

Just had an email saying that the savings rate has gone up by 0.1%. Sure enough, my account now says 1.81% (even though the rates page on their website still says 1.71%). Maybe they've been listening? If so, well done. Hopefully it will increase again if the base rate is increased as expected next week.

We can but hope, although they also did it automatically back in January and then continued thereafter with the more usual need to open a new account for each increase. Time will no doubt tell....unless we get any feedback from our feedback to Tesco, to say they have taken the feedback on board. Maybe @RobbieT can confirm either way?

[savermum]

Is there still no indication if the recent automatic uplift of interest for existing account holders will be the way of doing it going forwards too, rather than the rigmarole it usually is?

Meanwhile, despite happily spending money on lots of paperwork each time a customer has little option than to open a 'replacement' account, the cost of which (obviously amongst many other things), is perhaps contributing to the fact they are apparently telling staff jobs are at risk, it seems money can still be found to engahe a 'laughologist':

https://www.dailyrecord.co.uk/news/s...staff-28105940

[savermum]

And........here we go again.....having given existing customers an automatic rate increase recently....it has already been overtaken today by a better rate on their newest account offering:

https://www.tescobank.com/savings/fl...nternet-saver/