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

colsten

They’ll probably migrate you to the Clubcard Pay account, though you’ll have to find a different current account for any SOs and DDs you may have.

PRAISETHESUN

tempus_fugit said:

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?

Your points are completely separate from your current account so it's unlikely anything will happen to them. You should be able to request a replacement club card when your debit card is no longer valid. Worst case if you grab a new club card next time you're in Tesco, you can call up club card customer services and ask them to link the new card to your existing account and it'll work just fine.

PRAISETHESUN

Sea_Shell said:

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.

I closed my old savings accounts years ago by writing them a letter - not sure if it can be done online.

molerat

tempus_fugit said:

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?

We have 4 x debit cards, 1 x credit card, 2 x club cards linked to our two clubcard accounts which are linked together.  Both of us can see the total points but can only see our own points allocation.  Vouchers come jointly to Mr & Mrs.

Will mess up my 2 points per £ in Tesco & Tesco fuel   Will have to revert to the Tesco CC for 5 points per £4 instead of 8.

https://uk.finance.yahoo.com/news/tesco-bank-close-current-accounts-151944141.html

About 213,000 accounts remain open, however it estimates that only about 12% of these accounts are being used as a primary current account

Rich2808

No big surprise - most people only held them for the 3% then 1.5% interest - no reason to keep a Tesco current account open now beyond the clubcard points if you shop at Tescos for your food on your debit card.

hgt

One thing I'll miss of the Tesco Current Account is they will pay an outgoing Standing order even if the date falls on a weekend. At most banks if the date falls on a non-banking day, they don't send the SO until the next working day. 

Does anyone know of any other banks who process SO's on a weekend? I know certainly none of the mainstream banks do. 

DCFC79

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?

In my experience yes they do close accounts not used for a set amount of time.

ZeroSum

Not surprising since they sold off their mortgages & stopped new applications for the current account a while back.

Free clubcard points from cash recycling was nice while it lasted.

1 less current account to maintain I suppose 

molerat

Consumerist said:

I wish it would close unused savings accounts too.

The good old fashioned writing them a letter worked for me.

DCFC79

Not really surprised, 1 less account to maintain.