I have just opened a 1 year fixed rate saver account, can I make more than one initial deposit or do i have to transfer the full amount in one transaction?
I am asking because the tesco bank account cannot be verified by my bank and I would like to make a small initial deposit before transferring the remainder.
Also i can't find where to download the terms & conditions, forgot to save them when opening the account.#
Thanks
@Pleaseanswerme Hey there, thanks for getting in touch. You can only make one deposit (min £2k). Anything under this amount will automatically be rejected and returned back to its original source. If the account can't be verified yet, it sounds like the account hasn't been activated yet.
Hi
Thanks for the reply
I opened the account online but haven't received any paperwork yet, my account status doesn't say anything about not activated, just £0 balance no transactions.
So do I have to wait for this paperwork to use the account?
Then can I only make one single transaction of the full amount and will it definitely show as a verified account considering I can't make a "test" transaction first?
Have you been given the account details yet (sort code/account number)? These are typically generated during the application process and outlined on-screen. If so, you should be able to transfer the funds now. Is your bank unable to locate the account?
Yes I have my account details, the bank is however unable to verify the account and shows this message.
"We can't verify the details you entered because the bank or account you want to pay isn't part of the payee checking service."
That's why I wanted to transfer a smaller amount first as a test but I understand that's not possible.
I'd have to visit the bank to transfer the money in one go as its over the limit for online transactions.
@Pleaseanswerme Okay. In that case it's best to call so the Savings team can look into this. You can reach them on 0345 678 5678 (Mon - Fri: 8am - 8pm, Sat - Sun: 9am - 3pm) and they'll be happy to help. I hope you get it all sorted.
Just checked with the savings team and they say its normal for all Tesco accounts as they are not part of the verification scheme.
As long as my sort code and account numbers are ok it should be fine.
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ChristopherP
