Tesco Savings Account Reviews

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Internet Savings Accounts with Tesco??? A complete nightmare and one not worth the extra few pence you may earn in interest.

The most serious problem with these savings accounts is the enormous difficulty you will encounter when trying to withdraw money. You need a user name, security number, PIN number, card reader, password and another PIN number for the card reader. I didn't get past whatever the card reader was meant to do! I have no idea what its purpose is....it just kept telling me I'd entered the wrong PIN and the number of opportunities I had left to use it was reducing.

In the end, fearing I'd never get access to my money, I finally found a number to call. The people who answer the phone are not Tesco employees, during my first call I was told I needed to speak with Tesco!! Basically the calls are dealt with by a call centre. Polite and helpful but the information is inconsistent.

I told one person I wanted to close my account because of the difficulty in withdrawing money.... I was told I had to put this request in writing. I rang again and this time the person was very helpful. She said if I left £1 in the account she could transfer the rest to my main current account and send me a letter confirming my wish to close the account. The transfer of monies was completed within minutes and I had full access to my money in my non-Tesco current account. I had previously transferred money over the phone but subsequently told that since it was an internet account it wasn't possible to do this.

I asked the assistant to relay why I was closing my account to the powers that be.... she confirmed that she would and told me that I was not the only person wanting to close a savings account...... and all were for the same reason of finding it impossible to withdraw money.

Tesco's is NOT somewhere anyone should deposit money for savings. The firm is a nightmare and one to be avoided..... they should stick to selling spuds and other assorted groceries. The places to save money are called Banks and can be found on many High Streets.

If Tesco were really confident in the service they provide surely they would have an email address to contact??

Tom

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I have had money fraudulently taken out of my account and the customer service was disgusting. The staff seemed to be friendly but did not do anything to help in such a stressful situation, they were full of promises but let me down, I can't even withdraw my money now, they sent another atm card but said it can't be used with a pin number, they sent statements of the account but from February, not the recent ones for August. I have to contact the police but can't until they send recent stateme ...

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Terrible customer service. A nightmare to withdraw money. Don't bother is not worth the stress! Was told by a customer service representative that they, 'Weren't a bank', too right he was! Put your money in a proper bank!

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As with other reviewers, I cannot believe the laborious process required to get an Internet Saver account up and running with forms, letters, pincodes and card readers all being sent one at a time through the post. I attempted to open an account on 10th March and on 29th March I am still waiting for a card reader so that I can withdraw my own money if required. Also, withdrawals are not actioned for 3 working days and then take another 3 to reach the destination account. The other irritation is ...

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First you have to sort out the security. I thought they'd come round with a load of burning hoops! The process was so lengthy and time consuming. I'm sure it's set up this way to lock people's money in. The card reader, in fairness, is a good security feature - but there's just too many codes to remember. And if you forget ANY of them, it takes weeks to get a new passcode/registration number/card reader pin/reminder of user ID and user number etc etc etc. Put it under the matress. Oh - an ...

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I agree with everything previously written! keep away from Tesco Banking. Their systems and service are impossible to cope with. I have lost track of the phone calls to their Telephone Banking, Internet Banking and Customer Services. I started opening an Easy Access Account (that's a laugh!) in October 2009... still cannot get access. There is nothing "EASY" about Tesco Banking. It's a pity they don't rename Easy Access to Impossible Access... at least you would know what you were getting in to.

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WARNING! Don't take out an internet saver account with Tesco. You cannot get your money out without a pin reader... it takes weeks to close the account and only by writing to their office address!!

Much better service from Sainsbury's internet saver. You can close the account on-line and you get the money in your bank account within a couple of days... My recommendation is to go with Sainsbury's...

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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 an ...

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I have opened a Tesco Internet Saver Account. While the interest rate is fine, the whole process to open the account is the most long winded I have ever experienced. I have several online accounts with various banks / building societies and this is by far the worst. The whole process to open an account takes several weeks and includes several paper based steps.

The online service (when you can eventually log into it) is poorly designed and illogical. Oh and forget 24/7 access, the online servic ...

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I opened this account when interest rates were 2.5% (including first year bonus). By the time the account was opened I received a letter saying the rate had reduced to 2.25%.
Other institutions are increasing their rates - and in fact have moved savings to Coventry Building Society at 3.3%.

I still had a feeling of goodwill towards Tesco, and wrote to the Managing Director, explaining this - and pointing out the direction interest rates on savings are moving.
I received a phone call from someo ...

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opened Tesco Savings Account in jan. No problems transferring money in. Then tried to transfer money out. I was unable to I phoned telephone banking and they said had to use my card reader. Whats that I said. 1 st time I had ever heard about it. They ordered me one and finally after ordering one three times it arrived 4 months after opening account.
This is the most annoying internet account ever.

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same problems as other customers - I have had to wait weeks for a card reader from Tesco Savings Account although if you phone they will transfer money in and out of accounts for you. Just received card reader and now site has gone down. I am giving up on this account and sticking with Barclays.

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tesco savings account does not operate like a normal bank account. They cannot make normal BACS(4 day transfer ) or CHAPS(same day) payments and getting your money out will take a lot more time than normal banks.

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Tesco Savings Account has good interest rates. Infuriating process designed not to pay out your money. Ridiculous initial set up and password reset process

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Tesco Savings Account has a protracted account opening process I have ever encountered. So far it has taken about 6 weeks and I still cannot transfer money into and out of the account. To start with you have to apply online, then mail in a check, then wait for a package to arrive in the mail, then complete the registration process on line. Think you are finished? Not so fast. To transfer money in, you have to set up a direct debit by mail, which takes about 2 weeks. Think you are finished now? H ...

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Why do Tesco need a 'signed form' to enable users to access online accounts? Seems like a last minute hurdle to stop people accessing their accounts. Why? Website possibly wouldn't cope with amount of customers, with it's interest rate & 1.5% bonus.
Don't close your account! Keep your initial investment in there as they'll have ot pay interest on it, which is what they don't seem to want to have to do for the next 12 months....
Can't make use of interest rate as unable to access account.

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Struggle to get in touch by phone unless prepared to hold on for ages. Not told that a card reader plus card is required to withdraw money on opening account. After finally opening an account with Tesco which took weeks I still cannot withdraw money because after requesting a card reader and card they still have not provided the card after 6 weeks.

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Tesco Savings Account Customer service are often engaged when I phone. If I do manage to get a ringing tone they will not answer and you will get cut off after six and half minutes. I cannot withdraw my money as I need a special gadget called a pin sentry which they send to you but I am still waiting for mine three weeks later so I have not been able to withdraw any money over this time.

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Where do I start? Only accept cheques to open account as already stated, would not qualify why! 45 minute wait today to speak to customer services, still cannot access my account online after one month! Now website is not accessible.
I sent a cheque for £2,500 at the start of December 08, still have not had account details, passwords etc despite the fact that my cheque was presented weeks ago!

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I wanted to open an internet savings account by online transfer of £1 from my existing current account (Asda and other providers allow you to do this). Tesco will only accept cheques sent by post. As I have a bank account without chequebooks I would have had to go to my bank (nearest branch is 6 miles away and it costs a fortune to park) and obtain a cheque - which would have cost me £5 - a probable total of £12 to obtain the cheque, much more than the £1 required t ...