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

colsten

EarthBoy said:

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. 

Starlind does not https://help.starlingbank.com/personal/topics/payments/can-i-set-up-a-standing-order-or-direct-debit-on-my-euro-account/

Not sure about Monzo

lesleyvhalifax

Rachfarn said:

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

try nationwide flexbasic

jimjames

KxMx said:

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

I don't understand this, the account pays 0% interest so what use it is for savings?

One of the reasons I switched away was the lack of interest but I could also see the writing on the wall and as they weren't bothered about fixing technical issues with the account it made the decision for me

General_Grant

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. 

Even if Bank "A" processes SOs on a weekend (at least show the money debited from your account that day), does it matter whether the receiver (Bank "B") also need to process on weekends?  (I realise that if the SO is sent to an account with the same institution (Bank "A)" then there isn't a conflict.)

[Edited because an emoticon appeared in place of the B I typed without the quote marks.]

colsten

General_Grant said:

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. 

Even if Bank A processes SOs on a weekend (at least show the money debited from your account that day), does it matter whether the receiver (Bank also need to process on weekends?  (I realise that if the SO is sent to an account with the same institution (Bank A) then there isn't a conflict.)

Yes it does matter whether the receiving bank processes payment at weekends. If the receiving account is a current account or a prepaid card, the money gets credited on the same day (usually early in the morning) but if it is a savings account, it may not get credited until the next working day.

In any case, it will be very, very rare that anyone will benefit from SOs at the weekend. If it is vital, though, that a payment does arrive on a non-banking day, a Faster Payment with a future payment date should do the trick, as I believe these will get processed on the scheduled day. Albeit not all banks do allow you to set a future date on a non-banking day.............

Money_Saving_Bloke

colsten said:

EarthBoy said:

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. 

Starlind does not https://help.starlingbank.com/personal/topics/payments/can-i-set-up-a-standing-order-or-direct-debit-on-my-euro-account/

Not sure about Monzo

Starling definitely do, just not on the euro account. I have one set up with them for my Nationwide savings account, it’s sent and credited the same day even on weekends.

jackieblack

Letter arrived today...
I’m surprised that no information on Clubcard Pay was enclosed 🤷🏻‍♀️

colsten

jackieblack said:

Letter arrived today...
I’m surprised that no information on Clubcard Pay was enclosed 🤷🏻‍♀️

It is mentioned on the Tesco announcement page.

colsten

Money_Saving_Bloke said:

colsten said:

EarthBoy said:

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. 

Starlind does not https://help.starlingbank.com/personal/topics/payments/can-i-set-up-a-standing-order-or-direct-debit-on-my-euro-account/

Not sure about Monzo

Starling definitely do, just not on the euro account. I have one set up with them for my Nationwide savings account, it’s sent and credited the same day even on weekends.

Oh sorry, didn't realise I was quoting the help for their Euro account

jackieblack

colsten said:

jackieblack said:

Letter arrived today...
I’m surprised that no information on Clubcard Pay was enclosed 🤷🏻‍♀️

It is mentioned on the Tesco announcement page.

Yes, but I was expecting them to include details (as an alternative option for use when shopping at Tesco) in with the letter - feels like a missed opportunity 🤷🏻‍♀️