MSE News: Tesco Bank to close ALL existing current accounts - what it means for customers

MSE_Petar

Tesco Bank has announced it will close all existing current accounts on 30 November, with around 213,000 customers affected.

Note: this is a breaking story and we'll be updating it with more info shortly.

Read the full story:
'Tesco Bank to close all existing current accounts in November – here's what it means for its 213,000 customers'

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Consumerist

I wish it would close unused savings accounts too.

jackieblack

Oh that’s very annoying 😠
Although when I saw their advertising for Clubcard Pay I did wonder...
https://www.tesco.com/zones/clubcardpay

jimjames

I'm not surprised. I saw it coming and switched what was my main current account away from Tesco a few months ago (I must have been one of the few in the 12%!). Any provider that stops taking new applications is likely to be heading the same way.

badger09

Writing has been on the wall for some time now. I switched my last Tesco current account in December, having closed all the redundant savings accounts a while before. One fewer institution to notify of my new address & contact details

Sea_Shell

I have two old Tesco CCs that have been zero balance for months and have never got round to officially cancelling.

Do you think these might follow?

Do providers routinely cancel unused CCs?

sheramber

They have just increased their savings accounts interest rates . 

mab3000

Sea_Shell said:

I have two old Tesco CCs that have been zero balance for months and have never got round to officially cancelling.

Do you think these might follow?

Do providers routinely cancel unused CCs?

I would say it’s unlikely that they would withdraw their credit card offering completely. They started offering credit cards way before their current account was introduced. And they are still offering credit cards as products to new customers. 

EarthBoy

Sea_Shell said:

Do providers routinely cancel unused CCs?

Some banks do.  In the past I've had credit cards from Yorkshire Bank, HSBC, Halifax, and Nationwide closed because I'd stopped using them. Typically, they write to you and say that they've noticed you've stopped using your credit card, and if you don't use it by such and such a date they will close it.  If you do use it by the specified date it will stay open.

Sea_Shell

I've logged on and along with the 2 credit cards, I've got 2 old internet saver accounts, one with the grand sum of 1p in it!!

I don't suppose there is a quick work around for closing on-line, like we recently discovered with TSB?

Apparently they eventually write and tell you the accounts will be marked as "dormant" but it doesn't appear that they actually close them.

tempus_fugit

I guess those of us that use our debit card as a Club Card will have to get a separate Club Card to use for the future. I wonder what happens to the points on the old one in that case?