Can't transfer or withdraw from new Tesco Internet Saver

  • Arby's Avatar
    Just looking
    I recently, 2 December, set up a new Internet Saver account and transferred in a fairly large sum. I now find that I can't make even a small tranfer to my Tesco current account or withdraw to any other account. This is more than a little inconvenient. Could someone tell me if this is normal for Tesco and if so when I'll be able to access my funds?
  • 26 Replies

  • EileenM's Avatar
    Former Your Community Expert
    Hi you should certainly be able to move your funds so I'm sorry you've been unable to so far. There could be a few things causing this so we'll need to speak with you so we can pinpoint what's happening. Can you send a private message including your name, date of birth and postcode please so we can look into this? Please leave a space between each character eg A B 1 2 C D

    Alternatively, you can call our Savings department on 0345 678 5678 and they can check this out for you.
  • jmd32's Avatar
    Window shopper
    Hi. Im having the same problem as the above poster. Please advise.
  • AshleighB's Avatar
    Please follow my colleague 's advice above and we'll do our best to help!
  • Paul50uk's Avatar
    I also have the same problem. Last month I applied firstly for a Tesco Credit Card. I have that. It works great,Shortly after I opened a current account. I have that up and running. I have my debit card. My cheque book is due to arrive soon, I'm signed up for online banking. I can see my current account, my Saver account, my credit card account. All in one place. So that's great. I transferred to my Saver just a tiny test payment of a £1 or so. I wanted to be sure before I send larger ammount it's reaching the right place. It did. So I transferred some over that I had put in my current account to my Saver, also some money from the other bank whom I have a account with. It all reached my Saver. Earlier I tried to transfer money from my tesco savings to my Tesco current account. The computer said NO("We've been unable to complete your transaction. Please try again) I tried a few times, each time it said NO. I phoned the bank, they won't do anything. A bank is a bank, so it shouldn't matter who answers. I was told, we can't access your savings only your current. YEAH SURE. I'm to call back later after 8am, Phone banking is open 24/7 So why not help me.I'm stuck now. I opened the Tesco accounts to have my eggs in more than one basket as such. I use it to keep my bill money safe. Set up direct debits etc, also transfers to companies whom I need to pay a bill to. I want to keep my bill money separate from my personal spends. Keeping it separate I believe is so important. So when my income comes into my old bank, not had time to change it yet. I then transfer funds to my Tesco account. Keeping some in the savings to make a bit of interest. Then I intend transferring a day before bills are due, what ever I need to from my savings to my current account. I'm stuck though now, as I only have a little until payday in my current account. My bill money which I need urgently to transfer to my current account, So direct debits etc can go out. But the COMPUTER SAYS NO. The stress this is causing is massive. I've carefully budgeted keeping bill money in what I thought was a safe place. Only to be denied my money.I'm on a fixed income, I have cancer. There is nobody I can turn to for help. If this isn't sorted today, I'm going to end up with penalties for being unable through no fault of mine for being late on bills. Tesco will make a fortune in direct debit fail charges, Because they will say I had insufficient funds in my current account. I wouldn't be in this situation, if they did not deny me My money, that's sat in there bank, making them money through lending it out etc.Tesco why are you doing this to me.
  • mshcah's Avatar
    I sympathise with Pa**postcode removed** having had the same experience.I have had a Tesco current and saver account for many months. At the end of November, after speaking to Tesco on the phone, I opened a new saver account to benefit from the higher interest rate that kicked in on 1 December, and transferred my savings into that account. This week i needed some of my savings for a house deposit but SIX DAYS AFTER OPENING THE ACCOUNT I CANNOT ACCESS MY MONEY. I know that the Ts&Cs small print mentions that accounts are initially blocked while checks are made. But I find six days totally unacceptable and has caused me enormous problems. I have had to borrow money elsewhere to ensure the house deal does not fall through. I have spoken to Tesco staff on a couple of occasions and been told that there is nothing they can do; that they do not guarantee how long it will take to unblock an account (so maybe a month or two would be considered reasonable?); and that there is a backlog of thousands of accounts to be checked. I have opened savings accounts at other banks where i heldcurrent accounts and none appear to block access like this. Whilst until now I have been satisfied by Tesco Bank, this i find totally unacceptable, especially since I am not a new customer. Be warned if you are thinking of opening a Saver Account. Tesco will not let you access your own money!
  • martswain's Avatar
    Absolute farce, account opened 7 days ago, transferred funds in by Faster Payments but unable to access my money because they have not sent out the identity check letter, which I need to sign and return apparently.Just called them to close the account as I need the funds and they say they need up to 5 working days to return my money due to "security issues".They have managed to set up a Direct Debit to the account where the money came from so I do not understand why they cannot close the account and send me back MY money by Faster Payments immediately.Bye bye Tesco Bank !
  • ScottW's Avatar
    I'm really sorry to read about the experiences that you've all had. To save making multiple posts, I'll reply to your issues in this one post. Overall, we are aware of delays in account checking process, caused by a high number of applications. We do have extra staff working around the clock to limit any further delays.

    I'm really sorry hear about the call you made @Paul50uk and that my colleagues were unable to help. Our Savings team aren't available 24/7, and while our Current Account team can help with general queries about savings accounts, they're not fully trained to discuss and make changes on these accounts. If you call us today on 0345 678 5678, available 8am - 10pm through the week and 9am - 5pm at the weekend and explain your issue, my colleagues will be able to help today.

    I'm sorry to read about the inconvenience these checks have caused @mshcah, and I hope that it doesn't have any further impact on your house purchase. The checks we carry out usually only take three days or so to be completed, but we have the notice in the terms and conditions to make customers aware that funds deposited when the account is opened won't be immediately available. As mentioned above, we are working to have these checks completed as quickly as possible, for both our new and existing customers.

    I'm also sorry to read that you're looking to close your account @martswain. I'm afraid that we're unable to immediately return your deposit when we're still in the process of opening your account. We have to comply with regulatory checks, and this is why we advise it can take up to five working days to return the funds back to the source. Again, the volume of applications we've recently received have caused an increase to the waiting time, and we are sorry for how it's impacted our customers.
  • martswain's Avatar
    Asked last evening for the account to be closed, even though the FAQs say this can be done immediately, apparently because the account in not fully open it cannot be done, what a load of c***Still not received any postal correspondence with a request for a signature, account opened 29 Nov.You closed my Clubcard Plus account 2 months ago, I have a credit card with you for more than 10 years, you have managed to set up a direct debit at the account from which I sent you the funds, I have been on the electoral register at this address for more than 25 years but still need to confirm my identity.Ulster Bank managed to do that online via a credit reference agency, but you cannot seem to manage it even though I have an account with you !
  • RossM's Avatar
    Former Community Manager
    I'm sorry that you feel this way and will pass on your comments as feedback.