Closing Tesco Current Account

teddysmum

isasmurf wrote: »

I know many of you will find this hard to believe but sometimes there are more important factors than what pays the highest rate on credit balances when making decisions about your finances.

But why close an account that has no special requirements, needs no effort and pays interest ? It is also handy as the customer service desk provides face to face banking outside normal hours.


If other products, such as cashback on bills are required, there is no reason why you can't have multiple accounts (as many MSE members do). Other accounts do have the hassle of needing to pay in or have direct debits, but a Tesco account (not the latest product)has no such requirements.

EachPenny

teddysmum wrote: »

But why close an account that has no special requirements, needs no effort and pays interest ?

Yes, I struggled to come up with any reason why someone would want to close an old-terms account other than on ethical grounds, or if it was causing some kind of negative impact on creditworthiness (can't see how though). Let it just sit there with a £1 balance and maybe the odd pay-in and withdrawal from time to time to make sure it is kept active.