Hi, I opened an internet saver on 1st May 2017 at 1.01% including the annual bonus. I see that the rate increased to 1.05% on 5th May. Will I get the higher rate on my account now or do I need to open a new account?
Having searched the internet and my Tesco terms and conditions I have found that my account will only receive 1.01%. The base rate of 0.40% is variable but the bonus of 0.61% is fixed for one year. For accounts opened on or after 5th May the base remains at 0.40% but the bonus is now 0.66%. Incidentally, the 0.40% interest is paid annually in March and the bonus is paid on the anniversary of opening the account. However, to put things in perspective, if I put in £10,000 on day one the difference will only be £5.00. I probably wont bother closing the first one as 1.01% is still a good rate for occasional surplus funds.
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07-05-17 19:07Having searched the internet and my Tesco terms and conditions I have found that my account will only receive 1.01%. The base rate of 0.40% is variable but the bonus of 0.61% is fixed for one year. For accounts opened on or after 5th May the base remains at 0.40% but the bonus is now 0.66%. Incidentally, the 0.40% interest is paid annually in March and the bonus is paid on the anniversary of opening the account. However, to put things in perspective, if I put in £10,000 on day one the difference will only be £5.00. I probably wont bother closing the first one as 1.01% is still a good rate for occasional surplus funds.
RossM
