Watch the dates on your Direct Debits - the one I set up for my Gas and Electricity came out 1 day after my first month's statement date and I lost the interest on my account for the month - not nice! Should be OK going forward unless statement dates get changed to split up my 3 DDs into separate months again.
We've had our current account open over a month now, over three direct debits per month, paid in more than £750 and have received no interest. When does the interest get paid?
Hi @Pearlpoppy, thanks for getting in touch. The interest on a current account should be paid on the day your statement is produced. This is also the date your account was opened. If nothing is showing on the account after a month or more, call our team on 0345 835 3353, available 24/7, and they can help :-)
Hi @Pearlpoppy, were 3 of your dd's actually paid out in your first statement month (rather than just set up and remembering that your statement month runs from the day of the month your account was opened)?
My statement month commenced on 9th May when I only opened the account on 30th May. So I have lost interest on money already? Not impressed
??? Your statement month usually runs from the day you apply/get accepted/receive the welcome letter. I can't see how you can have a statement date BEFORE you applied for the account. Was the 30th May really when you applied for the account rather than when you first started using it?
Once opened it can take a couple of weeks before you get all the documents to allow you to access the account. Setting up direct debits then takes another couple of weeks and the direct debits will then be taken some time later. Consequently, it's very unlikely that you are able to qualify to earn any interest in the first statement month after opening a new account.
In my case I applied/got accepted/received welcome email on 5th April. By the time I got the documentation then set up the direct debits I was 1 day too late to get the DDs taken on 16th May so the first time they would be paid out was 16th June. My first statement month started 5th April and the next on 5th May but I knew I would not get any interest in either of these months so only put the £3000 in on 5th June. Interest was paid on 5th July as expected.
Sorry, no. The account opened on 9th May, but it took forever to transfer our account to Tesco, and it didn't transfer the direct debits automatically either (something that has never happened before). I manually transferred the money from our old account on 30th May and set up our direct debits. So, it looks as if we have lost out on interest for 9th May to 9th June. Obviously missed out on the small print that specified the interest commenced from statement date - naively thought that the money would attract interest as soon as it hit the account.
If you had met the conditions of the account then you would have received interest for 9th May to 9th June but I cannot see how this would have been possible. Direct debits take 10 working days (2 weeks) to become active so if you set them up on 30th May then they would not be active until 13th June yet alone having paid out.
Remember that with Tesco the dd's have to have paid out in the statement period and not just be regarded as active...
"To earn interest, each statement month you must pay in at least £750 and have at least three direct debits paid from your account (excluding direct debits to a Tesco Bank savings account)".
When were 3 of your dd's actually paid out? If they have not been by 9th July then you won't get any interest for 9th June to 9th July.