Tesco Bank to close all current accounts from end of November

Money, investing, mutuals etc
expressman33
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Tesco Bank to close all current accounts from end of November

Post by expressman33 » Mon Jul 26 2021 6:05pm

Tesco Bank has said it will close all of its current accounts because most customers are no longer using them.
The bank has estimated only 12% of its current accounts are being used by customers as their primary account.
It said most had "limited activity" and others were being used for "other purposes, such as a savings pot".

https://www.bbc.co.uk/news/business-57973960

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Re: Tesco Bank to close all current accounts from end of November

Post by parchedpeas » Mon Jul 26 2021 11:35pm

Not too much time left to roll those NSI payments in and out for Clubcard points then.
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Re: Tesco Bank to close all current accounts from end of November

Post by Sarah » Tue Jul 27 2021 9:58am

parchedpeas wrote:
Mon Jul 26 2021 11:35pm
Not too much time left to roll those NSI payments in and out for Clubcard points then.
Oh, never did that... is it worthwhile? Think the only experiments that I did with Tesco debit card payments fell under their financial transaction exclusion, as I never noticed any points being generated.
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Re: Tesco Bank to close all current accounts from end of November

Post by parchedpeas » Tue Jul 27 2021 10:10am

It's intensive to do as the turnaround on NSI in and out is about 8 days, so you need a pretty good float to make it worthwhile, but £800 in nets you 100 points which are worth £3 if you trade them up with Tesco partners.

If you want to further max it out (but it is a faff, I'll warn you!), then you can subscribe to Tesco Delivery Saver using x3 points, and they'll refund you with a Tesco voucher if you spend more on delivery saver sub than you did on deliveries. We use 50p click and collect spaces a lot, so there's always a voucher back by the end of the month which comes off next months shopping.

Alternatively, good Tesco partners are Pizza Express 3x value or Railcards (£30 annual railcard for £10 of points which is just £8k of churned NSI > Tesco > NSI cash)
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Re: Tesco Bank to close all current accounts from end of November

Post by Sarah » Tue Jul 27 2021 10:31am

Thanks. I could be tempted to do £800 transactions for 100 points, especially with interest rates at current low levels, but closed all my Tesco current accounts some years ago, so no longer an option.

I've mostly redeemed points for Tesco Direct, Red Spotted Hanky and Nationwide/Halfords Autocentre, however with all those partners gone, I'm now struggling to spend them efficiently. I once sold a Merlin pass on ebay, but not too keen on faffing about like that. Prezzo is the only remaining partner that I've used in 2020-21.
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Re: Tesco Bank to close all current accounts from end of November

Post by planteria » Tue Jul 27 2021 10:46am

interesting that Tesco follow M&S out of the current account market.
Sarah wrote:
Tue Jul 27 2021 10:31am
..closed all my Tesco current accounts some years ago, so no longer an option.
me too. just use the card as a clubcard for fuel, as that still doubles up.
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Re: Tesco Bank to close all current accounts from end of November

Post by Richard Frost » Tue Jul 27 2021 12:22pm

£175m loss in April, compared with a £193m profit in the previous 12 months.

How they managed to go from such a vast profit to such a massive loss in just one year beggars belief.

But the closure and inconvenience to those customers who have an account could perhaps have been foreseen. The lesson to be learnt is never use a company that jumps on the band waggon when they can see a profit to be made. Better for the company to stick to its core business and try to do that well.
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Re: Tesco Bank to close all current accounts from end of November

Post by blythburgh » Wed Jul 28 2021 9:14am

Sarah wrote:
Tue Jul 27 2021 10:31am
Thanks. I could be tempted to do £800 transactions for 100 points, especially with interest rates at current low levels, but closed all my Tesco current accounts some years ago, so no longer an option.

I've mostly redeemed points for Tesco Direct, Red Spotted Hanky and Nationwide/Halfords Autocentre, however with all those partners gone, I'm now struggling to spend them efficiently. I once sold a Merlin pass on ebay, but not too keen on faffing about like that. Prezzo is the only remaining partner that I've used in 2020-21.
We used to it to book a hotel room for a weekend but covid has stopped us doing that. Somehow a holiday home seems a little safer.

We use points to book a holiday home in Britain and get £100 off at a cost of £30 worth of points. Could spend them on shopping at Tesco so we end up saving £70. Do feel guilty about holidaying in a home that could be rented to or bought by local people. But due to health anything other than a home is out of the question.
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

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Re: Tesco Bank to close all current accounts from end of November

Post by planteria » Wed Jul 28 2021 1:00pm

i broadly agree with that Richard… for all their faults, HSBC, Lloyds, Barclays and NatWest are all providing banking facilities as part of their core business, generally do a good job of doing so and are set to continue with minimal disruption.
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Re: Tesco Bank to close all current accounts from end of November

Post by Sarah » Tue Aug 03 2021 10:28am

Disney+ now available as a Tesco Clubcard reward for both new and existing customers - 3 months membership costs £8 of vouchers:
https://secure.tesco.com/clubcard/vouch ... 010043.prd

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