should I close my Tesco bank accounts?

chocomonsta

Hi

I have 2 Tesco current accounts opened around 2016. I am thinking of closing them any reason why I shouldn't? Any perks that I have forgotten about!

Thanks in advance

molerat

The only real perk is the extra clubcard points for using the debit card in Tesco and Tesco filling stations, that is all I use mine for now.

badger09

chocomonsta wrote: »

Hi

I have 2 Tesco current accounts opened around 2016. I am thinking of closing them any reason why I shouldn't? Any perks that I have forgotten about!

Thanks in advance

No perks that I'm aware of, but rather than close them, why don't you switch each of them to somewhere which offers a switch incentive?

Advantages to that:
1 free money :beer:
2 if by any chance any random payments are directed to the Tesco accounts, they will automatically be forwarded to the new account:)

chocomonsta

badger09 wrote: »

No perks that I'm aware of, but rather than close them, why don't you switch each of them to somewhere which offers a switch incentive?

Advantages to that:
1 free money :beer:
2 if by any chance any random payments are directed to the Tesco accounts, they will automatically be forwarded to the new account:)

I have got accounts with all the other banks that are offering switches! Just trying to tidy up and reduce all the accounts now that FD IBP no longer available and interest rates are rubbish. I think I will do a switch like you say, incase any random money comes through...…...I wish :rotfl:

Rich2808

This thread title had me worried!

How about calling it 'should I close my Tesco bank accounts' - Tesco aren't closing accounts!

You can 1% interest on balances up to £3k with clubcard points on debit payments and easy access to move money via the app. Not the best account but not bad either.

YorkshireBoy

chocomonsta wrote: »

I have got accounts with all the other banks that are offering switches!

They should probably have been switched to Santander earlier this summer when they were paying £50 each (in Amazon vouchers).

chocomonsta

YorkshireBoy wrote: »

They should probably have been switched to Santander earlier this summer when they were paying £50 each (in Amazon vouchers).

I don't know how ..…….but I missed that opportunity

Zero_Sum

Switch one for perks if you can.
Keep one for clubcard points (there are ways to get free ones from cash recycling)

Tharweb

I've just used one to switch to RBS for the £150 switch incentive, no DD requirement or regular deposit, but no good if you've already taken advantage of that.

chocomonsta

Marvellous, just switched. Thanks

Bobblehat

I wondered about closing my two Tesco CA's back in June, but hedged my bets and shifted the money out for better interest, and left them sitting with a few quid in them. Then along came Barclay's Double Blue Rewards switch (ending 30th Nov 2019) …. so one of the Tesco's was used to get a net £10pm for a year. Nice and easy for me as I already had the Barclay's CA set up for Blue Rewards and the DD's were already there, so no DD's needed to be switched.

Have a look and see if it suits you, but the thing is, you never know who will offer switch rewards or when, so I keep a few sleeping CA's "just in case". Nationwide FlexDirect will be the next sleeper for me, when their current Regular Saver finishes there will be no new Regular Saver, so no (ok little) benefit for me to use the CA except for a potential switch.