Tesco Bank 3% guarantee

[chas49]

I suspect some people on this board will have seen Martin Lewis' newsletter which mentions Tesco's current account interest at 3% guaranteed to April 2019 on balances up to £3000 (per account, you can have two).

Unsurprisingly this has overloaded Tesco and they have suspended new applications until further notice

Need a home for the funds that are earning less and less in other accounts... grrr.

[kempiejon]

chas49,
HSBC, M&S, Nationwide and first direct all offer regular savers at 5% if you have the right current accounts. I have both HSBC and FD. Rather annoyingly both have cut their rates in the past couple of years down from I think 8% Unsurprisingly Martin Lewis has the details http://www.moneysavingexpert.com/saving ... s-accounts

[chas49]

Thanks - may have to go down the regular saver route if Tesco don't re-open applications. Obviously those rates are variable and may go down so the Tesco offer is quite attractive

[kempiejon]

Thanks - may have to go down the regular saver route if Tesco don't re-open applications. Obviously those rates are variable and may go down so the Tesco offer is quite attractive

The HSBC and FD I have are fixed for the term, but as it's a monthly saver there are monthly limits and you can't stick the full cash sum in all at once.

[chas49]

Thanks - may have to go down the regular saver route if Tesco don't re-open applications. Obviously those rates are variable and may go down so the Tesco offer is quite attractive

The HSBC and FD I have are fixed for the term, but as it's a monthly saver there are monthly limits and you can't stick the full cash sum in all at once.

The fix helps - but the effective rate is less than Tesco so I'll hold on for that first

[Slarti]

I suspect some people on this board will have seen Martin Lewis' newsletter which mentions Tesco's current account interest at 3% guaranteed to April 2019 on balances up to £3000 (per account, you can have two).

Unsurprisingly this has overloaded Tesco and they have suspended new applications until further notice

Need a home for the funds that are earning less and less in other accounts... grrr.

Just heard today about https://www.bankofscotland.co.uk/bankaccounts/classic/ that pays 3% AER on balances between £3k and £5k
You have to pay in £1k/month and have 2 DDs paid out of it.

By my reckoning, for a standard rate tax payer, that is better than cash ISAs, isn't it?

Slarti

[chas49]

I suspect some people on this board will have seen Martin Lewis' newsletter which mentions Tesco's current account interest at 3% guaranteed to April 2019 on balances up to £3000 (per account, you can have two).

Unsurprisingly this has overloaded Tesco and they have suspended new applications until further notice

Need a home for the funds that are earning less and less in other accounts... grrr.

Just heard today about https://www.bankofscotland.co.uk/bankaccounts/classic/ that pays 3% AER on balances between £3k and £5k
You have to pay in £1k/month and have 2 DDs paid out of it.

By my reckoning, for a standard rate tax payer, that is better than cash ISAs, isn't it?

Slarti

Agreed it's better than cash ISA's though it is BoS (had a poor experience with them in the past) and more juggling of transfers and DDs. May just have to bite the bullet I guess

[mc2fool]

Just heard today about https://www.bankofscotland.co.uk/bankaccounts/classic/ that pays 3% AER on balances between £3k and £5k

What's more, you can have three of them, so that's £15K @ 3%

(Note, you have to add Vantage, https://www.bankofscotland.co.uk/bankaccounts/vantage/)