... A new generation of high-interest accounts is taking over, and Tesco will need to improve its once heralded financial service, if it is to effectively compete.
I joined Tesco Personal Finance within weeks of its creation, just a few years ago. At the time, as reflected by the other, now ... Read review
Advantages: Can pay for your shopping out of account, can pay money into account at cash register, I\'m struggling... Disadvantages: Uncompetitive interest rate, awful on-line facilities, simply not as good as its competitors
...accounts is taking over, and Tesco will need to improve its once heralded financial service, if it is to effectively compete.
I joined Tesco Personal Finance within weeks of its creation, just a few years ago. At the time, as reflected by the other, now out-dated opinions, it was the best savings account on offer. Its interest rates were way above anything its rivals could offer, and it seemed such a straightforward new way of banking. ... .../>
Firstly, and most importantly, Tesco have for so long prided themselves on their high, \"unbeatable\" rates of interest. Contrary to what they would have you believe, this is no longer the case. My most recent correspondence with Tesco revealed that they were reducing their rate of interest to just 4.1%. It didn\'t take much research on my part to discover that this was far less than I could get elsewhere. Indeed, I found at least eleven ... more
A once great savings account has had its time. A new generation of high-interest accounts is taking over, and Tesco will need to improve its once heralded financial service, if it is to effectively compete.
I joined Tesco Personal Finance within weeks of its creation, just a few years ago. At the time, as reflected by the other, now out-dated opinions, it was the best savings account on offer. Its interest rates were way above anything its rivals could offer, and it seemed such a straightforward new way of banking. But, as I shall explain, a variety of factors have prompted me to switch alleigances to Tesco\'s latest rival, Intelligent Finance, and I see no reason to change my mind.
Firstly, and most importantly, Tesco have for so long prided themselves on their high, \"unbeatable\" rates of interest. Contrary to what they would have you believe, this is no longer the case. My most recent correspondence with Tesco revealed that they were reducing their rate of interest to just 4.1%. It didn\'t take much research on my part to discover that this was far less than I could get elsewhere. Indeed, I found at least eleven other companies that could offer me more, with IF being the best at 5.3%.
Secondly, I wanted to be able to access my finances on-line. Having requested this facility with Tesco, I finally got the required details posted to me 6 weeks after asking for them! However, after waiting so long for the information to arrive, imagine my disdain when I found that not only would I be restricted to using the Internet facility on a single computer only, but that my computer was not, in any case, capable of running the program, given that I am a subscriber to the world\'s number 1 ISP, i.e. AOL! Tesco Personal Finance had just lost a customer.
In defence of Tesco, the account has proven useful in a few minor areas. For instance, you can pay money into your account whilst doing your weekly shop, and you can pay for your Tesco shopping straight from your Tesco account. But, when these are the main advantages of your main savings account, you know that it is time for a change.
I could go on .... you don\'t get a chequebook; direct debits are impossible; electronic transfers to other bank accounts are not possible .... but this would merely compound an already well-established fact: Tesco Personal Finance no longer offers anything as good as its rivals.
Advantages: Allows budgeting for shopping, double clubcard points, freephone automated balance check, free overdraft equal to the monthly direct debit going into the account, competitve interest rate on credit balances Disadvantages: In store staff lack awareness about product, ard purchases can only be made at tesco
...when it's Tescos!
Currently Tesco Personal Finance offer a range of 'white labelled' products such as loans, savings, investment ISAs and even mortgages! So why should you look to Tesco rather than the usual high street outlets for these products? Well, I can only think of one thing - Clubcard points!
The Tesco Clubcard Plus account is the closest thing they offer to a 'proper' bank account. With it you'll get a cash card, an overdraft equal to ... ...can only be made at Tesco stores or on the Tesco.com website. Purchases made with your card receive two Clubcard points per £1 spent that will add up if you do all your shopping using the card. Cash withdrawals can be made through any LINK cash machine or at the till in store. Deposits can be made using a paying in book at your own bank (supplied), by sending a cheque, through direct debit or in store at the Customer Service desk.
I do not feel ...
Will 02.02.2001 (03.02.2001)
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Ciao members have rated this review on average: very helpful Review of Tesco Accounts
Advantages: High interest rates and good service Disadvantages: Nowt
The Tesco and Royal Bank of Scotland seems excellent and I haven't got a bad word to say about the service. Their technical support and manner of service are excellent and the Internet Banking support is also very easy to use. The interest rates in relation to other equivalent accounts are also very good, see the website at www.tesco.co.uk/finance for more details. I wouldn't call myself a banking expert and therefore cannot, and will not go on all ...
mas12779 25.09.2000
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Ciao members have rated this review on average: helpful Review of Tesco Accounts
Advantages: 24 hrs access / good interest rate Disadvantages: None
...cannot go wrong with a Tesco Savings Account. The Interest rate at this moment is 5.25%. This is very good and well above average for instant access savings accounts. Money can be paid in and withdrawn at any Royal Bank of Scotland branch or at any Tesco store and that in most cases means 24hours a day.
Both my wife and myself have instant savings accounts with Tesco and find the service very good.
The only drawback is that you cannot have you ...
jimgib 05.08.2000
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Ciao members have rated this review on average: helpful Review of Tesco Accounts
Advantages: High interest rate, no cashpoint charges Disadvantages: No highstreet branches
...I went to my nearest tesco and opened an account. The savings account is quite similar to many other savings accounts, the only inconvenience being that you obviously can't just go and paymoney into the bank in the high street. I also don't find it particularly appealing paying money in at the supermarket, so I tend to just send them cheques from my current account. However, on the positive side, the telephone banking service is incredibly efficient, ... ...in by cheque through a freepost address, and they send me a statement whenever I want one. The main advantage though is the cash-card. I can use this in any link cashpoint without being charged, which saves me a fortune as there are loads of cashpoints which charge me to use my halifax current account card. This combined with the high interest rate (4.5% I think) makes the account a winner by my standards. However, it is obviously a matter of personal ...
NATI 19.01.2001
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Ciao members have rated this review on average: helpful Review of Tesco Accounts
Advantages: 24/7 banking pay in and withdraw at all tills Disadvantages: MAD paperwork have to jump though hoops.
when joining tesco for a savings account was pleased with the overall product, easy access at tills and cash machines. could pay in at any till in tesco, use of internet services and total control of how much i could withdraw, and when. however although the product was good actually getting hold of it was incredibly hard. once i had applied for it from a very nice gentleman it went down hill. a complecated letter came asking for all sorts of information ... ...in form after form. why i had to proove who i was and my address once i had already given my clubcard details and would of happily shown the man some id, is beyond me! then after sorting out all of the mess of paperwork i finally recieved my card nearly 2 months later and had to activate it, fair enough. called the number, can't do it over the phone because have no customer number! can't get a customer number over the phone although i have already ...
briggss3 26.09.2009
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Ciao members have rated this review on average: helpful Review of Tesco Accounts
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Advantages: None Disadvantages: Security, call centre staff, connection time, server outages
A disaster from start to finish.
Apart from losing my initial application for a savings account claiming their servers were 'on the blink again' as they put it (!) when my account did finally go live they:
1. returned a payment to the sender for no reason
and
2. Lost £230 after their servers went on the 'blink' again & denied
the money was even there in the first place! Only after I showed them a paper statement & threatened them with the FSA did they return the cash (with no apology)
My advice, especially in these days of bad banks & the credit crunch, is to steer well clear. I have now closed my account & opened up a Tescosaccount who I read have better servers & an IT dept. who know what their doing.
If you insist on an egg account I would not deposit any more than you can afford to lose! ...
tenko77 30.09.2008
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Ciao members have rated this review on average: helpful Review of Egg
Advantages: low interest rates, earn clubcard points Disadvantages: the interest is gradually creeping up
I first opened my Tesco credit card account two years ago as they offered very low interest rates. Although the rates have been gradually creeping up they are still very competitive. The added bonus with this card is that you get club card points for every purchase you put on the card. You get 1 point for every £2 so if you use your card alot, this will really mount up.
They also have an automated phone service so you can ring and get your balance or transfer money, or make a payment onto your account. I found this service very easy to use and alot quicker than actually speaking to one of the operators (although you can still do this if you wish).
I have never had any problems what so ever with this credit card and I find the staff to be very helpful. ...
flossy 04.09.2000
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Ciao members have rated this review on average: very helpful Review of Tescos Visa
Advantages: You earn Tesco loyalty points wherever you shop Disadvantages: You could be encouraged to spend more than normal
I have had a Tesco Visa card for over a year now. It is a great way of having a credit card and saving tesco loyalty points. Instead of the usual rubbish you get offered by credit card companies for every £2.00 you spend in any shop you get 1 Tesco loyalty point, For every £1.00 you spend in Tesco you get 1 loyalty point. It is a lovely surprise when you get your quarterly loyalty card account, to see how many more points you have earned just for using your credit card. These points can then go towards your weekly shopping or towards outings in Tesco's special offer booklet. Also, if you have a Delta or Switch card you can telephone Tesco personal finance to make a payment to your visa card. This is an automated service, you just type in all the relevant account numbers and the amount you wish to pay and Tesco credit your account ...
Stella.Dave 20.08.2000
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Ciao members have rated this review on average: helpful Review of Tescos Visa
