Property News · November 5, 2016

With Tesco offering a 3% current account, every little really does help


• Santander has halved the rate on its 123 account, so it’s time for savers to shop around for better returns• Borrowers, meanwhile, can get their hands on a cheapest-ever personal loanLooking for a better return on your savings? Here’s a tip: get yourself down to Tesco. The decision by high street banks such as Santander to slash interest rates on their current accounts means that for those people who have a few thousand pounds in savings and want easy access to their cash with no nasty shocks, signing up for a Tesco Bank current account is increasingly looking like a no-brainer.It pays an attractive 3% on balances of up to £3,000, and there are no requirements for customers to pay in a minimum amount (ie their salary or pension) every month, or even set up any direct debits. On top of that, each individual can have up to two accounts. So someone who opens both and puts £3,000 into each would receive a total of £180 interest a year. To get the same amount of interest from the Santander 123 account you would have to have £16,000 stashed away. Theoretically, a couple could open four Tesco accounts and earn 3% on £12,000 – £360. Continue reading…

Source : theguardian.com
Read more…With Tesco offering a 3% current account, every little really does help

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