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

KxMx

jimjames said:

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

I use it as a short term treat pot where I save up for things that don't come out of my monthly budget.

The amount I have in there isn't worth worrying about lost interest.

It also serves as a back up current account.

I have another main current account and main long term savings with Marcus. 

WillPS

KxMx said:

jimjames said:

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

I use it as a short term treat pot where I save up for things that don't come out of my monthly budget.

The amount I have in there isn't worth worrying about lost interest.

It also serves as a back up current account.

I have another main current account and main long term savings with Marcus. 

I guess you could open a Clubcard Pay account and use it in exactly the same way?

KxMx

Yes I was thinking of Clubcard Pay, or something like Monzo/Starling if I decide the extra Clubcard points aren't worth it, I shop across several SM's so not always Tesco. 

savetilibleed

jackieblack said:

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

There's a one line mention over the page of it.

colsten

KxMx said:

Yes I was thinking of Clubcard Pay, or something like Monzo/Starling if I decide the extra Clubcard points aren't worth it, I shop across several SM's so not always Tesco. 

You can use the Clubcard Pay card anywhere you like. It's a normal debit card. Tesco even give you a small number of Clubcard points for using it outside Tesco.

goldieandblackie

I have just switched my Tesco current account over to First Direct who are giving £100 to anyone switching accounts before 5pm on Wed 28th July 2021.

Worth it for the free £100 and bank is highly rated, maybe of use to someone.

bob_a_builder

Yes - I just tried First Direct too 
Got rejected due to "Credit Check" ?
I have never had credit - other than a mortgage, now paid off - and pay of cards "In Full" every month

Edit:
Must be some 'other' underlying reason they didn't want me
Just checked my credit score of the 1st time ever using MSE credit club
Got 999 out of 999 from Experian + "good" for CC and loan affordability

colsten

bob_a_builder said:

Yes - I just tried First Direct too 
Got rejected due to "Credit Check" ?
I have never had credit - other than a mortgage, now paid off - and pay of cards "In Full" every month

Edit:
Must be some 'other' underlying reason they didn't want me
Just checked my credit score of the 1st time ever using MSE credit club
Got 999 out of 999 from Experian + "good" for CC and loan affordability

Banks do not take the credit score from the CRAs into account when assessing your application.

First Direct are known to be very picky, as are HSBC (their parent). Plenty of other fish in the pond, though you can't get a switch bonus everywhere.

bob_a_builder

Unfortunately didn't capture the rejection screen and they don't email the rejection to you - but pretty sure "credit score" was the term used - of course I have no idea where they might get it from, and of CRA's is my only access have to that sort of info
No doubt they can dress it up anyway they wish if they don't want you - and they were probably right since I was only doing it for the bonus !

kaMelo

bob_a_builder said:

Unfortunately didn't capture the rejection screen and they don't email the rejection to you - but pretty sure "credit score" was the term used - of course I have no idea where they might get it from, and of CRA's is my only access have to that sort of info
No doubt they can dress it up anyway they wish if they don't want you - and they were probably right since I was only doing it for the bonus !

It probably was used however they will be referring to their own internal credit scoring algorithm rather than any of the made up numbers credit scores supplied by the credit reference agencies.

The bottom line is exactly as you suggest, if they don't want you then you're not getting in.