Tesco Current Account will pay no interest from 22/9

ZeroSum

hoc said:

WillPS said:

newlease said:

Well this is disappointing. If they want to wind down their banking operation eliminating clubcard bonus is probably next. If they do that I will most definitely switch mine and I may instead get just the credit card.

If they're winding down the banking operation entirely then the Credit Card is not long for this world either...

Unlikely. Tesco have been offering lending products like mortgages and credit cards for many years, long before launching the current account product. You don't have to look far for examples of Tesco's portfolio without current account services, the most obvious being their direct competitor Sainsbury's.

Tesco sold their mortgages off to Halifax last year.
It does seem like they're gradually getting out of the banking sector. 

[Deleted User]

ZeroSum said:

hoc said:

WillPS said:

newlease said:

Well this is disappointing. If they want to wind down their banking operation eliminating clubcard bonus is probably next. If they do that I will most definitely switch mine and I may instead get just the credit card.

If they're winding down the banking operation entirely then the Credit Card is not long for this world either... Unlikely. Tesco have been offering lending products like mortgages and credit cards for many years, long before launching the current account product. You don't have to look far for examples of Tesco's portfolio without current account services, the most obvious being their direct competitor Sainsbury's.

Tesco sold their mortgages off to Halifax last year.
It does seem like they're gradually getting out of the banking sector. 

Mortgages and Current accounts were both fairly recent additions to their range.

block10

Tesco bank also includes its Tesco Insurance offering. No sign of its Insurance arm being wound down.

[Deleted User]

block10 said:

Tesco bank also includes its Tesco Insurance offering. No sign of its Insurance arm being wound down.

Insurance is mostly White Label stuff .
Mortgages and Current Accounts clearly don't have high enough margins to make them worthwhile.

MDMD

dahj said:

block10 said:

Tesco bank also includes its Tesco Insurance offering. No sign of its Insurance arm being wound down.

Insurance is mostly White Label stuff .
Mortgages and Current Accounts clearly don't have high enough margins to make them worthwhile.

They do partially underwrite some of their own insurance, owning 49.9% of Tesco Underwriting 
https://www.tescounderwriting.com/

quirkydeptless

Better never than late, I got the email from Tesco Today 

older_wiser

ditto i'd been hoping they were going to offer interest to certain customers and i was one of the lucky ones obviously not the case its getting more and more difficult to get any rewards for saving lloyds will be next no doubt. 

i'll leave a certain amount in per month  to pay multiple DD and the rest will be sent over to marcus i can see that being another one that goes before christmas. 

jackieblack

I thought mine had arrived today, but it turned out to be about a balance transfer offer on my credit card instead, so I’m still waiting for the current account email  

[Deleted User]

MDMD said:

dahj said:

block10 said:

Tesco bank also includes its Tesco Insurance offering. No sign of its Insurance arm being wound down.

Insurance is mostly White Label stuff .
Mortgages and Current Accounts clearly don't have high enough margins to make them worthwhile.

They do partially underwrite some of their own insurance, owning 49.9% of Tesco Underwriting 
https://www.tescounderwriting.com/

So White Label with a few tassels as it's majority (50.1%) owned by Ageas

pollypenny

I've only had the email today, too. Bye bye, Tesco. I will keep a few quid there in case there'll be  a transfer bonus in the future. I can only dream.