Tesco Bank emailed me saying they are Migrating to Barclays

friolento

sheramber said:

friolento said:

bery_451 said:

Peter999_2 said:

It certainly sounds legit as Tesco Bank now run by Barclays : 

Tesco Bank to be sold to Barclays – here's what's happening (moneysavingexpert.com)

Okay cheers for the reassurance. However does Tesco Clubcard Pay+ bank account support direct debits as I like to set 1 up?

No it doesn't

I don't know when that notice was posted , but Tesco Bank  do not have any current accounts.

I also do not know when they posted it but I do know that it was on their website on the day I posted that screenshot 

bery_451

friolento said:

bery_451 said:

Otherwise which bank accounts from the list below allow Direct Debits?:

- Revolut
- Wise

I believe they both do but Wise is not a bank and the payee might not recognise them as a valid DD provider

If Wise is not a bank then how is it allowing Direct Debits and is providing UK account numbers & sort codes? And what makes a DD provider valid, is it the bank account must have FSCS protection or must be FCA registered? 

booneruk

bery_451 said:

If Wise is not a bank then how is it allowing Direct Debits and is providing UK account numbers & sort codes? And what makes a DD provider valid, is it the bank account must have FSCS protection or must be FCA registered? 

It might feel like a matter of semantics, but Wise themselves state this

bery_451

GeoffTF said:

"Is this a genuine email? Want to make sure it is not a scam. Email says migrating to Barclays on the 1st November 2024."
Yes.
"I have a Tesco Clubcard Pay+ bank account that has a account number & sort code. Can I setup Direct Debits or Standing Orders from this account?"
No.
"If I cannot setup DD's or SO's then will I be able to after the 1st Nov?"
No.
"After 1st Nov the Tesco Bank app no longer work and the only way to access my bank account is through Barclays app and will I receive a new Barclays debit card to replace the Tesco Clubcard Pay+ debit card?"
The Tesco Bank app will continue to work and so will the Tesco combined Clubcard and debit card.

So to confirm, the Tesco Branding will remain & will not change to Barclays even though Barclays is running it? And it will be the exact same bank account meaning no DD support even under Barclays take over?

GeoffTF

bery_451 said:

GeoffTF said:

"Is this a genuine email? Want to make sure it is not a scam. Email says migrating to Barclays on the 1st November 2024."
Yes.
"I have a Tesco Clubcard Pay+ bank account that has a account number & sort code. Can I setup Direct Debits or Standing Orders from this account?"
No.
"If I cannot setup DD's or SO's then will I be able to after the 1st Nov?"
No.
"After 1st Nov the Tesco Bank app no longer work and the only way to access my bank account is through Barclays app and will I receive a new Barclays debit card to replace the Tesco Clubcard Pay+ debit card?"
The Tesco Bank app will continue to work and so will the Tesco combined Clubcard and debit card.

So to confirm, the Tesco Branding will remain & will not change to Barclays even though Barclays is running it? And it will be the exact same bank account meaning no DD support even under Barclays take over?

Yes, that is right. The Tesco branding will remain. The Tesco Bank IT system is part of the deal, so nothing will change in November. Barclays have said that they will be able to improve the loyalty scheme, but have not given any details or timescales, as far as I know. It is not impossible that Barclays will add extra banking features at some time in the more distant future, but there have been no promises on that.

bery_451

GeoffTF said:

bery_451 said:

GeoffTF said:

"Is this a genuine email? Want to make sure it is not a scam. Email says migrating to Barclays on the 1st November 2024."
Yes.
"I have a Tesco Clubcard Pay+ bank account that has a account number & sort code. Can I setup Direct Debits or Standing Orders from this account?"
No.
"If I cannot setup DD's or SO's then will I be able to after the 1st Nov?"
No.
"After 1st Nov the Tesco Bank app no longer work and the only way to access my bank account is through Barclays app and will I receive a new Barclays debit card to replace the Tesco Clubcard Pay+ debit card?"
The Tesco Bank app will continue to work and so will the Tesco combined Clubcard and debit card.

So to confirm, the Tesco Branding will remain & will not change to Barclays even though Barclays is running it? And it will be the exact same bank account meaning no DD support even under Barclays take over?

Yes, that is right. The Tesco branding will remain. The Tesco Bank IT system is part of the deal, so nothing will change in November. Barclays have said that they will be able to improve the loyalty scheme, but have not given any details or timescales, as far as I know. It is not impossible that Barclays will add extra banking features at some time in the more distant future, but there have been no promises on that.

To confirm the Tesco branding will remain indefinitely meaning it wont be a Barclays account but still remain the Tesco account? For example Coca Cola owning Costa Coffee?

molerat

bery_451 said:

To confirm the Tesco branding will remain indefinitely meaning it wont be a Barclays account but still remain the Tesco account? For example Coca Cola owning Costa Coffee?

For the immediate future yes but who knows in the longer term.  Unless having the Tesco brand is going to bring them some sort of premium I expect hey will eventually just absorb the customer base into Barclays products.

GeoffTF

bery_451 said:

GeoffTF said:

bery_451 said:

GeoffTF said:

"Is this a genuine email? Want to make sure it is not a scam. Email says migrating to Barclays on the 1st November 2024."
Yes.
"I have a Tesco Clubcard Pay+ bank account that has a account number & sort code. Can I setup Direct Debits or Standing Orders from this account?"
No.
"If I cannot setup DD's or SO's then will I be able to after the 1st Nov?"
No.
"After 1st Nov the Tesco Bank app no longer work and the only way to access my bank account is through Barclays app and will I receive a new Barclays debit card to replace the Tesco Clubcard Pay+ debit card?"
The Tesco Bank app will continue to work and so will the Tesco combined Clubcard and debit card.

So to confirm, the Tesco Branding will remain & will not change to Barclays even though Barclays is running it? And it will be the exact same bank account meaning no DD support even under Barclays take over?

Yes, that is right. The Tesco branding will remain. The Tesco Bank IT system is part of the deal, so nothing will change in November. Barclays have said that they will be able to improve the loyalty scheme, but have not given any details or timescales, as far as I know. It is not impossible that Barclays will add extra banking features at some time in the more distant future, but there have been no promises on that.

To confirm the Tesco branding will remain indefinitely meaning it wont be a Barclays account but still remain the Tesco account? For example Coca Cola owning Costa Coffee?

That is part of Tesco's agreement with Barclays. Tesco considers Tesco Clubcard Pay+ to be an important part of its loyalty scheme. The whole purpose of the accounts is to encourage people to spend money at Tesco. Calling the accounts Barclays Clubcard Pay+ would not do that very well. The card that comes with the account serves as both a Tesco Clubcard and a standard Visa debit card. It pretty much has to have Tesco written on it in big letters.

TheBanker

Pure speculation but I'd be surprised if Barclays scrapped any of the Tesco Bank branded products, and may even look to increase the range by 'white labelling' some of their own products as Tesco. We might even see the current account re-launched. The cost of running the products would be negligible if they sit on Barclays existing systems but the opportunity for Barclays to market products to Tesco customers (including tie-ins with Clubcard) is huge.

And there are benefits to a bank operating under more than one brand - look at Lloyds Banking Group, or more recently how Santander have been launching savings accounts using their old Cahoot brand. 

Even more speculation - over time we will start to see Barclays replacing some of their expensive high street branches with a 'kiosk' in the local Tesco store. Barclays get to close a branch without the negative publicity, and can sell the move based on convenience (do your banking when you shop, free car parking, potentially more convenient opening hours). Tesco get to rent out a bit of space in one of their over-sized stores, and get a bit of extra footfall.

wmb194

bery_451 said:

GeoffTF said:

bery_451 said:

GeoffTF said:

"Is this a genuine email? Want to make sure it is not a scam. Email says migrating to Barclays on the 1st November 2024."
Yes.
"I have a Tesco Clubcard Pay+ bank account that has a account number & sort code. Can I setup Direct Debits or Standing Orders from this account?"
No.
"If I cannot setup DD's or SO's then will I be able to after the 1st Nov?"
No.
"After 1st Nov the Tesco Bank app no longer work and the only way to access my bank account is through Barclays app and will I receive a new Barclays debit card to replace the Tesco Clubcard Pay+ debit card?"
The Tesco Bank app will continue to work and so will the Tesco combined Clubcard and debit card.

So to confirm, the Tesco Branding will remain & will not change to Barclays even though Barclays is running it? And it will be the exact same bank account meaning no DD support even under Barclays take over?

Yes, that is right. The Tesco branding will remain. The Tesco Bank IT system is part of the deal, so nothing will change in November. Barclays have said that they will be able to improve the loyalty scheme, but have not given any details or timescales, as far as I know. It is not impossible that Barclays will add extra banking features at some time in the more distant future, but there have been no promises on that.

To confirm the Tesco branding will remain indefinitely meaning it wont be a Barclays account but still remain the Tesco account? For example Coca Cola owning Costa Coffee?

Initially for 10 years. Coca-Cola owns the Costa brand whilst Barclays would probably have to pay Tesco fees to use its brand so long term it'll depend on how the Tesco branded accounts and cards fare.

https://home.barclays/content/dam/home-barclays/documents/investor-relations/IRNewsPresentations/2024News/20240209-Acquisition-of-Tesco%E2%80%99s-retail-banking-business-and-long-term%2520strategic-partnership-with-Tesco.pdf