should I close my Tesco bank accounts?

MisterMotivated

I'm thinking about closing my Tesco account now that I've moved the money (and that in my internet saver) elsewhere. On one hand, it's a legacy account that doesn't require DD's etc, so might be worth keeping if interest rates go back up. On the other hand, even if they do, the interest is capped on £3,000 balance and will likely stay that way, so gains will be limited.



With the way the banking market is going, I don't know if I can be bothered keeping yet another zombie account. I've used up all the switching offers so doesn't even seem worth keeping it open as a donor account.

Bobblehat

MisterMotivated wrote: »

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With the way the banking market is going, I don't know if I can be bothered keeping yet another zombie account. I've used up all the switching offers so doesn't even seem worth keeping it open as a donor account.

At first I thought just as you did, having used up all the offers I thought I could, but something told me to keep the Tesco's open. I'm glad I did, it made it easy to get the Double Barclay's Blue Rewards offer (the 2nd lot I got in quick succession) … I didn't see that one coming, so who knows what else is around the next corner! Costs me nothing to have the other Tesco CA sit there with a few quid in!

tempus_fugit

I switched one of my two Tesco accounts to First Direct to get the switch reward. The other account is still open but being slowly depleted to fund a 5% saver also with First Direct. After that it will probably become another switching candidate.

It's sad to see them go but they served me well for three years with very good interest payments, and for that I thank them.

badger09

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:)

chocomonsta wrote: »

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:

chocomonsta wrote: »

Marvellous, just switched. Thanks

Thought you had them all:cool:

chocomonsta

so did I I have accounts with Bank of Scotland, glad I came on here to ask you wonderful peeps

Bobblehat

chocomonsta wrote: »

so did I I have accounts with Bank of Scotland, glad I came on here to ask you wonderful peeps

Ah! Ha! So have you got Double rewards on a Barclays CA? £10pm net for 1 year for 2 DD's, £3pm net thereafter.