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

wiseonesomeofthetime

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. 

I have accounts with both Monzo and Starling, and both banks definitely do send Standing Orders on weekends. That is why I use them as I need to guarantee the funds will hit their destination banks on time, for their own SOs and DDs.

For example, money from Monzo goes to Santander to fund my Household Bills DDs. The money always arrives at least one day before the DDs are called for.

Peter17833

I am one of those with a Tesco Current account.  I use it and have money coming and going from the account every day or two, so do not have it dormant, like some others.  I have not yet been informed by Tesco that it will be closing accounts, but saw the news on MSE first.
I have asked, on the Tesco Bank forum, what will happen to my Tesco Savings Account, as it is linked to my Tesco Current Account (for payment of interest earned, and for the withdrawal of money) and have been told to call the Savings Team on a premium rate number.  As someone who is speech and hearing impaired, I am unable to do this, and have asked for an alternative, as the accounts were opened, and have been managed for years, without the need for a "call" to anyone; why can Tesco - like others banks and building societies - not have an online system that allows the updating of linked accounts, etc. without having to call and talk to someone?
I can ask a friend to make the call on my behalf, but I imagine the nightmare of going through security questions with my friend as the intermediate, will be onerous.
It is Tesco who are making the decision to close accounts - the letter they send should include a form to amend the linked account to another bank, with a pre-paid envelope to return the signed form.
If you are reading this, Tesco Bank, please can you take notice - not everyone can call a telephone number and talk to someone, and to not offer a written or online (or both) alternative is a form of discrimination.

colsten

Peter17833 said:

I am one of those with a Tesco Current account.  I use it and have money coming and going from the account every day or two, so do not have it dormant, like some others.  I have not yet been informed by Tesco that it will be closing accounts, but saw the news on MSE first.
I have asked, on the Tesco Bank forum, what will happen to my Tesco Savings Account, as it is linked to my Tesco Current Account (for payment of interest earned, and for the withdrawal of money) and have been told to call the Savings Team on a premium rate number.  As someone who is speech and hearing impaired, I am unable to do this, and have asked for an alternative, as the accounts were opened, and have been managed for years, without the need for a "call" to anyone; why can Tesco - like others banks and building societies - not have an online system that allows the updating of linked accounts, etc. without having to call and talk to someone?
I can ask a friend to make the call on my behalf, but I imagine the nightmare of going through security questions with my friend as the intermediate, will be onerous.
It is Tesco who are making the decision to close accounts - the letter they send should include a form to amend the linked account to another bank, with a pre-paid envelope to return the signed form.
If you are reading this, Tesco Bank, please can you take notice - not everyone can call a telephone number and talk to someone, and to not offer a written or online (or both) alternative is a form of discrimination.

Perhaps take this opportunity to move your savings away from Tesco Bank, as they are only paying a derisory interest rate. Check out https://moneyfacts.co.uk/savings-accounts/ for a comprehensive list of rates currently available.

dc_scotland

Peter17833 said:

 As someone who is speech and hearing impaired, I am unable to do this, and have asked for an alternative, as the accounts were opened, and have been managed for years, without the need for a "call" to anyone; why can Tesco - like others banks and building societies - not have an online system that allows the updating of linked accounts, etc. without having to call and talk to someone?

Peter,
Tescobank already have the facility to add/delete/update linked accounts in online banking. Assuming you have another non-Tesco account in your name, you can make that your linked account in just a few steps.  Go to your Tesco savings account > Manage payments > Manage linked accounts and payees > Add linked account.

eskbanker

Peter17833 said:

I have asked, on the Tesco Bank forum, what will happen to my Tesco Savings Account, as it is linked to my Tesco Current Account (for payment of interest earned, and for the withdrawal of money) and have been told to call the Savings Team on a premium rate number.  As someone who is speech and hearing impaired, I am unable to do this, and have asked for an alternative, as the accounts were opened, and have been managed for years, without the need for a "call" to anyone; why can Tesco - like others banks and building societies - not have an online system that allows the updating of linked accounts, etc. without having to call and talk to someone?

[...]

If you are reading this, Tesco Bank, please can you take notice - not everyone can call a telephone number and talk to someone, and to not offer a written or online (or both) alternative is a form of discrimination.

Are the alternatives offered at https://www.tescobank.com/help/website-accessibility/ any good?

Contacting us using Textphone or Typetalk

We have Textphone or Typetalk numbers available for each of our products. You can find these numbers by visiting the relevant product contact page.

Contact page 

The relevant contact pages are all 0345 numbers, rather than premium rate ones....

jem16

colsten said:

Peter17833 said:

I am one of those with a Tesco Current account.  I use it and have money coming and going from the account every day or two, so do not have it dormant, like some others.  I have not yet been informed by Tesco that it will be closing accounts, but saw the news on MSE first.
I have asked, on the Tesco Bank forum, what will happen to my Tesco Savings Account, as it is linked to my Tesco Current Account (for payment of interest earned, and for the withdrawal of money) and have been told to call the Savings Team on a premium rate number.  As someone who is speech and hearing impaired, I am unable to do this, and have asked for an alternative, as the accounts were opened, and have been managed for years, without the need for a "call" to anyone; why can Tesco - like others banks and building societies - not have an online system that allows the updating of linked accounts, etc. without having to call and talk to someone?
I can ask a friend to make the call on my behalf, but I imagine the nightmare of going through security questions with my friend as the intermediate, will be onerous.
It is Tesco who are making the decision to close accounts - the letter they send should include a form to amend the linked account to another bank, with a pre-paid envelope to return the signed form.
If you are reading this, Tesco Bank, please can you take notice - not everyone can call a telephone number and talk to someone, and to not offer a written or online (or both) alternative is a form of discrimination.

Perhaps take this opportunity to move your savings away from Tesco Bank, as they are only paying a derisory interest rate. Check out https://moneyfacts.co.uk/savings-accounts/ for a comprehensive list of rates currently available.

Not that derisory now. Their Internet Saver is now 0.5% which for Instant Access is not too bad.

colsten

jem16 said:

colsten said:

Peter17833 said:

I am one of those with a Tesco Current account.  I use it and have money coming and going from the account every day or two, so do not have it dormant, like some others.  I have not yet been informed by Tesco that it will be closing accounts, but saw the news on MSE first.
I have asked, on the Tesco Bank forum, what will happen to my Tesco Savings Account, as it is linked to my Tesco Current Account (for payment of interest earned, and for the withdrawal of money) and have been told to call the Savings Team on a premium rate number.  As someone who is speech and hearing impaired, I am unable to do this, and have asked for an alternative, as the accounts were opened, and have been managed for years, without the need for a "call" to anyone; why can Tesco - like others banks and building societies - not have an online system that allows the updating of linked accounts, etc. without having to call and talk to someone?
I can ask a friend to make the call on my behalf, but I imagine the nightmare of going through security questions with my friend as the intermediate, will be onerous.
It is Tesco who are making the decision to close accounts - the letter they send should include a form to amend the linked account to another bank, with a pre-paid envelope to return the signed form.
If you are reading this, Tesco Bank, please can you take notice - not everyone can call a telephone number and talk to someone, and to not offer a written or online (or both) alternative is a form of discrimination.

Perhaps take this opportunity to move your savings away from Tesco Bank, as they are only paying a derisory interest rate. Check out https://moneyfacts.co.uk/savings-accounts/ for a comprehensive list of rates currently available.

Not that derisory now. Their Internet Saver is now 0.5% which for Instant Access is not too bad.

Only on new accounts, and only in the first 12 months. Thereafter, the 0.4% bonus ceases and they pay 0.1%. 

jem16

colsten said:

jem16 said:

colsten said:

Peter17833 said:

I am one of those with a Tesco Current account.  I use it and have money coming and going from the account every day or two, so do not have it dormant, like some others.  I have not yet been informed by Tesco that it will be closing accounts, but saw the news on MSE first.
I have asked, on the Tesco Bank forum, what will happen to my Tesco Savings Account, as it is linked to my Tesco Current Account (for payment of interest earned, and for the withdrawal of money) and have been told to call the Savings Team on a premium rate number.  As someone who is speech and hearing impaired, I am unable to do this, and have asked for an alternative, as the accounts were opened, and have been managed for years, without the need for a "call" to anyone; why can Tesco - like others banks and building societies - not have an online system that allows the updating of linked accounts, etc. without having to call and talk to someone?
I can ask a friend to make the call on my behalf, but I imagine the nightmare of going through security questions with my friend as the intermediate, will be onerous.
It is Tesco who are making the decision to close accounts - the letter they send should include a form to amend the linked account to another bank, with a pre-paid envelope to return the signed form.
If you are reading this, Tesco Bank, please can you take notice - not everyone can call a telephone number and talk to someone, and to not offer a written or online (or both) alternative is a form of discrimination.

Perhaps take this opportunity to move your savings away from Tesco Bank, as they are only paying a derisory interest rate. Check out https://moneyfacts.co.uk/savings-accounts/ for a comprehensive list of rates currently available.

Not that derisory now. Their Internet Saver is now 0.5% which for Instant Access is not too bad.

Only on new accounts, and only in the first 12 months. Thereafter, the 0.4% bonus ceases and they pay 0.1%. 

Easy enough just to open a new account once that bonus ends. I've been doing that for years until recently when they dropped the bonus rate. Looks like it's back now and hopefully will continue.

colsten

jem16 said:

colsten said:

jem16 said:

colsten said:

Peter17833 said:

I am one of those with a Tesco Current account.  I use it and have money coming and going from the account every day or two, so do not have it dormant, like some others.  I have not yet been informed by Tesco that it will be closing accounts, but saw the news on MSE first.
I have asked, on the Tesco Bank forum, what will happen to my Tesco Savings Account, as it is linked to my Tesco Current Account (for payment of interest earned, and for the withdrawal of money) and have been told to call the Savings Team on a premium rate number.  As someone who is speech and hearing impaired, I am unable to do this, and have asked for an alternative, as the accounts were opened, and have been managed for years, without the need for a "call" to anyone; why can Tesco - like others banks and building societies - not have an online system that allows the updating of linked accounts, etc. without having to call and talk to someone?
I can ask a friend to make the call on my behalf, but I imagine the nightmare of going through security questions with my friend as the intermediate, will be onerous.
It is Tesco who are making the decision to close accounts - the letter they send should include a form to amend the linked account to another bank, with a pre-paid envelope to return the signed form.
If you are reading this, Tesco Bank, please can you take notice - not everyone can call a telephone number and talk to someone, and to not offer a written or online (or both) alternative is a form of discrimination.

Perhaps take this opportunity to move your savings away from Tesco Bank, as they are only paying a derisory interest rate. Check out https://moneyfacts.co.uk/savings-accounts/ for a comprehensive list of rates currently available.

Not that derisory now. Their Internet Saver is now 0.5% which for Instant Access is not too bad.

Only on new accounts, and only in the first 12 months. Thereafter, the 0.4% bonus ceases and they pay 0.1%. 

Easy enough just to open a new account once that bonus ends. I've been doing that for years until recently when they dropped the bonus rate. Looks like it's back now and hopefully will continue.

Shame you lost out on those lovely other instant access accounts which were paying way more than Tesco. For example, I still have a 1.02% account until 16/08/2021, when it drops to 0.7% - - still way above what Tesco, or others, are paying. Previously the same account was 1.15% until 21/02/2021, 1.35% until 21/08/2020 and 1.6% until 01/06/2020. There were also others that paid 1.2% until well into 2020. I had many Tesco accounts for several years and they were very useful at the time but they were sadly left in the dust at least 4 years ago.

soulsaver

colsten said:

jem16 said:

colsten said:

jem16 said:

colsten said:

Peter17833 said:

I am one of those with a Tesco Current account.  I use it and have money coming and going from the account every day or two, so do not have it dormant, like some others.  I have not yet been informed by Tesco that it will be closing accounts, but saw the news on MSE first.
I have asked, on the Tesco Bank forum, what will happen to my Tesco Savings Account, as it is linked to my Tesco Current Account (for payment of interest earned, and for the withdrawal of money) and have been told to call the Savings Team on a premium rate number.  As someone who is speech and hearing impaired, I am unable to do this, and have asked for an alternative, as the accounts were opened, and have been managed for years, without the need for a "call" to anyone; why can Tesco - like others banks and building societies - not have an online system that allows the updating of linked accounts, etc. without having to call and talk to someone?
I can ask a friend to make the call on my behalf, but I imagine the nightmare of going through security questions with my friend as the intermediate, will be onerous.
It is Tesco who are making the decision to close accounts - the letter they send should include a form to amend the linked account to another bank, with a pre-paid envelope to return the signed form.
If you are reading this, Tesco Bank, please can you take notice - not everyone can call a telephone number and talk to someone, and to not offer a written or online (or both) alternative is a form of discrimination.

Perhaps take this opportunity to move your savings away from Tesco Bank, as they are only paying a derisory interest rate. Check out https://moneyfacts.co.uk/savings-accounts/ for a comprehensive list of rates currently available.

Not that derisory now. Their Internet Saver is now 0.5% which for Instant Access is not too bad.

Only on new accounts, and only in the first 12 months. Thereafter, the 0.4% bonus ceases and they pay 0.1%. 

Easy enough just to open a new account once that bonus ends. I've been doing that for years until recently when they dropped the bonus rate. Looks like it's back now and hopefully will continue.

Shame you lost out on those lovely other instant access accounts which were paying way more than Tesco. For example, I still have a 1.02% account until 16/08/2021, when it drops to 0.7% - - still way above what Tesco, or others, are paying. Previously the same account was 1.15% until 21/02/2021, 1.35% until 21/08/2020 and 1.6% until 01/06/2020. There were also others that paid 1.2% until well into 2020. I had many Tesco accounts for several years and they were very useful at the time but they were sadly left in the dust at least 4 years ago.

You can call me Hal Al..