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

colsten

hgt said:

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

ThinkMoney does, but their accounts come with a pretty extortionate monthly charge.

Rachfarn

What will happen with people like myself who are bankrupt so unable to get another account ? 

KxMx

I'm one of the people who use it as a savings pot, and a way to get extra Clubcard points.

I'll definitely need a replacement current account, I'm thinking of going fully digital. 

I already have my main current account with HSBC & main savings with Marcus. 

colsten

Rachfarn said:

What will happen with people like myself who are bankrupt so unable to get another account ? 

If you are unable to get a Basic account, you'd have to use one of the prepaid card accounts. Tesco might even offer you their Clubcard Pay account.

eastcorkram

KxMx said:

I'm one of the people who use it as a savings pot, and a way to get extra Clubcard points.

I'll definitely need a replacement current account, I'm thinking of going fully digital. 

I already have my main current account with HSBC & main savings with Marcus. 

Same for me. I only have two current accounts and debit cards. HSBC and Tesco. I'd better find another one as a back up for when a card doesn't work etc. 

GaleSF63

hgt said:

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. 

Nationwide don't - my standing orders definitely go next working day. 

colsten

Tesco announcement: https://www.tescobank.com/current-accounts/

EarthBoy

hgt said:

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

I've been told that Monzo and Starling do, but I can't vouch for it personally as I don't have any Standing Orders with them. 

pbartlett

You can close any internet savers that you don't want by calling them

binaryuniverse

Bit of a bummer. I've kept both my accounts open, in the hope interest rates ever came back (I was on the old terms that didn't need a minimum pay in, direct debits etc). But they were also very useful for being a holding account, when cycling money through various accounts, due to being able to pay standing orders on weekends. Going to require a major rethink of my strategy.

As for the savers, If they don't want to provide an easy way to close them, then that's their problem. It's not going to affect me one way or the other.