Tesco Savings Account Review

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0.8 stars
Average rating for this product is: 0.8 out of 5

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Guest's Review of Tesco Savings Account

26th Sep 2009

Overall Rating

1 stars
  • Value for money
    1 stars
  • Type Of Account
    Easy Access

Definitely the worst savings account around!!!

Opened the account online. Printed the paperwork and sent it off with a cheque.

3 weeks later, received confirmation that the account was opened and visited the website where I then had to print off a letter, sign it and send it off to them. Another week later, I started receiving letters with PIN numbers and cards which came with more slips to sign and return to them. I received a code to give me further access to the website but was unable to anything further as I needed a card reader which took another two weeks.

I tried to set up a link with my bank account so I can pay money in. Unfortunately, the form which I had to sign and return to them to set this up jammed up in my printer and the system would not let me reset the order or reprint the form. Called Tesco yesterday who were not helpful and simply stated that this was their policy and this is what had to be done. I now have to wait up to 2 weeks for them to send me yet another form to sign and then upto 3weeks after returning it for them to actually set up for me to pay money into the account as they do not recommend paying by transfer direct from your bank for some reason. I can take money out but cannot put money in....ridiculous!!!!

I am today going to transfer the money form the account and then write them a nice letter complete with signature (which they appear to like so much) and close the account.

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LenderAccountDescriptionInterestAEROverdraft  
Overdraft RateOverdraft Limit
NatWeste-ISAAvailable to existing Natwest Customers Only. The longer you save the more you can earn, save up to £3,600 in a tax year. See site for details.Monthly2.00%N/A
AbbeyDirect ISASave from just £1 to receive 2.00 AER (variable) tax free.Annually2.00%N/A
NatWestCash ISAAvailable to existing Natwest customers only. Transfer your previous years ISA's into this great cash ISA. Earn up to 2.0% AER tax free.Monthly2.00%N/A