If anyone from Tesco is reading this, can you PLEASE let us know if you will be applying the very small increase in your savings rate to existing accounts? If not, then I'll have to go through the whole rigmarole of opening yet another one. I wouldn't normally bother for 0.1%, but with the amount I have in there, it's a significant difference.
@GaryB008 Hey, if there is any changes to the rates then we would let our customers know. I don't think anyone could have foreseen the frequency of interest rate changes this year and we are working to try to make things easier for customers. However, any further changes to rates will require a new account being set up.
I've just received yet another wad of paperwork for the new account I opened to take advantage of the 0.1% increase in the interest rate. I selected the "paper free" option, but you still send this out. It's a waste of your money and not exactly environmentally friendly. If you have to send that info out for new accounts, a PDF would do me fine.
Edited to add, the opening process still asks that opening deposit be made by cheque or by transfer from another bank, and never gives option to make deposit by transfer from an existing Tesco account....something else unhelpful.
I think it's because Tesco uses rather antiquated software. it doesn't seem very tweakable - or they don't have programmers with the ability to tweak it. It's a shame as the basic systems are fine, and rates are competitive. It all just needs a tweak.
...and so it continues, the ridiculous issuing of yet more 'new account' paperwork, especially so close on the heels of the recent October rise, when it would be so much simpler to just increase the rate for existing account holders to match that of the newest incarnation of the account.
@savermum
Yes, here we go again & have opened another new account today at 2.21%. No doubt there will be another rate increase following the BoE rate increase on Thursday!
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05-10-22 10:44If anyone from Tesco is reading this, can you PLEASE let us know if you will be applying the very small increase in your savings rate to existing accounts? If not, then I'll have to go through the whole rigmarole of opening yet another one. I wouldn't normally bother for 0.1%, but with the amount I have in there, it's a significant difference.
Former Community Manager@GaryB008 Hey, if there is any changes to the rates then we would let our customers know. I don't think anyone could have foreseen the frequency of interest rate changes this year and we are working to try to make things easier for customers. However, any further changes to rates will require a new account being set up.
25-10-22 18:22...and so it continues, the ridiculous issuing of yet more 'new account' paperwork, especially so close on the heels of the recent October rise, when it would be so much simpler to just increase the rate for existing account holders to match that of the newest incarnation of the account.
RossM
KeiganM