HiMy 1 Year Fixed Rate Saver account matured on **sensitive info removed**. I had set up my maturity option which was to transfer the balance to a current account in another bank. The money has not been credited and all reference to the account including documents seem to have been deleted. Can somebody tell me what is coing on?
Hi , when the account matures and is closed you will no longer be able to access this online. We will automatically transfer the funds when the account is closed and this should take no longer that 5 - 7 working days depending on the method that you chose to complete this transfer. Please also consider the Christmas period when working out when you should see this in your account.
Firstly I thought that transfer to another bank account would be within hours rather than days - 'Faster Payments'? I don't recall ever seeing a mention of 5-7 working days to transfer the balance.I also would have expected the account transactions to remain for a period of time to show the interest credited (I've had no confirmation of the amount either) and the details of the transfer on closure. What about a statement of interest paid for completion of a tax return. There are no documents to show that I ever had a this savings account with Tesco! This does not seem to be good practice!I have two more Fixed rate savers maturing 2019 and 2020 respectively. Would it be faster to transfer to my Tesco current account and use Faster Payment to send it elsewhere?
Good morning ,What a nice person you seem to be. To merely suggest that the disappearance of your money and all of the related account records insn't good practice is rather an understatement. In fact, it is a diabolical liberty! The Nationwide Building Society used to do the same 'money & records disappearing trick' when they closed an account, but has recently upped its game, and now money transfers are done contemporaneously when an account closes. I had thought that Tesco Bank did things better. Thank you for alerting me to one of the shadier aspects of how TB treats its customers.
I have no doubt that the money will arrive eventually. I had considered re-investing with TB but NS&I are offering better rates. I also bank with Nationwide and their procedure for dealing with this sort of account is far superior. TB need to be aware of customer dissatisfaction but I was not able to find a way of sending an email. I could telephone or use 'snail-mail' which I dont believe is appropriate to what is an on-line only account! Perhaps I should post something on Twitter...
I'm sorry to read about your disappointment . When a fixed rate saver closes, the interest payment goes by faster payment, taking a maximum of 24 hours to arrive, and the principal (or deposit) is transferred by BACS and takes three working days to appear in your nominated account. This is covered during the application and reinvestment process.
While you are unable to access your account online once it has closed, we send out statements to confirm the payment amounts for your records, which should be with you in 5 - 7 working days of the account closing. All interest is paid gross, so the interest figure transferred will be suitable for your tax return.
I'm sorry if this isn't the standard of service that you're looking for, and we can pass on your comments to our Savings team. Would you like me to do that for you?
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Former Community ManagerHi , when the account matures and is closed you will no longer be able to access this online. We will automatically transfer the funds when the account is closed and this should take no longer that 5 - 7 working days depending on the method that you chose to complete this transfer. Please also consider the Christmas period when working out when you should see this in your account.
24-12-17 12:22Firstly I thought that transfer to another bank account would be within hours rather than days - 'Faster Payments'? I don't recall ever seeing a mention of 5-7 working days to transfer the balance.I also would have expected the account transactions to remain for a period of time to show the interest credited (I've had no confirmation of the amount either) and the details of the transfer on closure. What about a statement of interest paid for completion of a tax return. There are no documents to show that I ever had a this savings account with Tesco! This does not seem to be good practice!I have two more Fixed rate savers maturing 2019 and 2020 respectively. Would it be faster to transfer to my Tesco current account and use Faster Payment to send it elsewhere?
RossM
ScottW
