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Tesco are closing down their Current accounts

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Darka
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Tesco are closing down their Current accounts

#430567

Postby Darka » July 26th, 2021, 8:12 pm

A bit annoying, but not unexpected.

https://www.tescobank.com/current-accounts/

swill453
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Re: Tesco are closing down their Current accounts

#430751

Postby swill453 » July 27th, 2021, 4:39 pm

I worked on the implementation of this, when Tesco Bank took control of their current accounts from RBS. A lot of money and effort went into doing it.

And now, 10 years later, it's gone. Strange times.

Scott.

Dod101
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Re: Tesco are closing down their Current accounts

#430762

Postby Dod101 » July 27th, 2021, 5:04 pm

swill453 wrote:I worked on the implementation of this, when Tesco Bank took control of their current accounts from RBS. A lot of money and effort went into doing it.

And now, 10 years later, it's gone. Strange times.

Scott.


According to Google Tesco Bank was founded in 1997, right in the middle of Leahy's reign. The strange times were then not now, when Leahy had delusions that Tesco could take over the world. This is presumably about the last bit of dismantling of Leahy's ideas.

Dod

swill453
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Re: Tesco are closing down their Current accounts

#430768

Postby swill453 » July 27th, 2021, 5:32 pm

Dod101 wrote:According to Google Tesco Bank was founded in 1997, right in the middle of Leahy's reign. The strange times were then not now, when Leahy had delusions that Tesco could take over the world. This is presumably about the last bit of dismantling of Leahy's ideas.

For a long time the accounts were just a Tesco label on RBS products. The full Tesco Bank product line didn't launch until after Leahy had gone.

The idea was cross-selling of everything - insurance, savings, current accounts, mortgages, credit cards along with Clubcard and your weekly groceries.

Didn't work out, obviously.

Scott.

Darka
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Re: Tesco are closing down their Current accounts

#430788

Postby Darka » July 27th, 2021, 7:30 pm

The account itself was ok, nothing special but I did like the extra Clubcard points.

Each year we would save them up and buy 4-5 really nice bottles of gin with it for Christmas :D

richlist
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Re: Tesco are closing down their Current accounts

#430799

Postby richlist » July 27th, 2021, 8:48 pm

Its nothing special, they aren't offering anything out of the ordinary. What's to miss ? Goodbye Tesco current account.

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Re: Tesco are closing down their Current accounts

#430803

Postby Mike88 » July 27th, 2021, 9:01 pm

I recall a time when Zurich closed down their current account and we were then compensated to the tune of around £200 for the inconvenience. No such luck with Tesco it seems.

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Re: Tesco are closing down their Current accounts

#431003

Postby stevensfo » July 28th, 2021, 5:05 pm

With so many banks around, we're probably on the race to the bottom at which point there will be an almighty crash and only the most devious will survive.

I still remember when banks had real 'uman bein's inside that knew what they were doing and were honest and helpful.

Until recently, my favourite bricks and mortar bank was Nationwide, but a recent visit was very upsetting when I realised that the two nice ladies who served me were probably 'resting' extras from 'The Walking Dead' or part of the Borg in the latest Picard Star Trek series. They told me a pack of lies and didn't have a clue.

My favourite accounts so far are Smile (online Co-Op) and Monzo, both of which have apps that are more intelligent than the bank employees!

Steve

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Re: Tesco are closing down their Current accounts

#431006

Postby genou » July 28th, 2021, 5:39 pm

stevensfo wrote:My favourite accounts so far are Smile (online Co-Op)
Steve


I still haven't worked out how a bunch of hedge funds are allowed to keep calling themselves the Co-Op bank.

stevensfo
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Re: Tesco are closing down their Current accounts

#431014

Postby stevensfo » July 28th, 2021, 6:10 pm

genou wrote:
stevensfo wrote:My favourite accounts so far are Smile (online Co-Op)
Steve


I still haven't worked out how a bunch of hedge funds are allowed to keep calling themselves the Co-Op bank.



Why do you say 'a bunch of hedge funds are allowed to keep calling themselves the Co-Op bank'?

They have their own names and have controlling interests in the bank.

https://saveourbank.coop/who-owns-the-c ... -bank-2021

As far as I'm concerned, those fund managers are welcome to take over as much as possible, starting with the UK tabloids. Apart from those whose owners actually live in the UK, but there aren't many are there? 8-)

Steve

genou
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Re: Tesco are closing down their Current accounts

#431018

Postby genou » July 28th, 2021, 6:21 pm

stevensfo wrote:
genou wrote:
stevensfo wrote:My favourite accounts so far are Smile (online Co-Op)
Steve


I still haven't worked out how a bunch of hedge funds are allowed to keep calling themselves the Co-Op bank.



Why do you say 'a bunch of hedge funds are allowed to keep calling themselves the Co-Op bank'?

They have their own names and have controlling interests in the bank.

https://saveourbank.coop/who-owns-the-c ... -bank-2021

As far as I'm concerned, those fund managers are welcome to take over as much as possible, starting with the UK tabloids. Apart from those whose owners actually live in the UK, but there aren't many are there? 8-)

Steve


I'm not protesting who they are or whether they are a good thing. Until relatively recently, you had to actually be a Cooperative to use that word in a company name. Which seems not unreasonable to me. But they binned that requirement, wrongly in my view.

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Re: Tesco are closing down their Current accounts

#431035

Postby stevensfo » July 28th, 2021, 7:42 pm

genou wrote:
stevensfo wrote:
genou wrote:
I still haven't worked out how a bunch of hedge funds are allowed to keep calling themselves the Co-Op bank.



Why do you say 'a bunch of hedge funds are allowed to keep calling themselves the Co-Op bank'?

They have their own names and have controlling interests in the bank.

https://saveourbank.coop/who-owns-the-c ... -bank-2021

As far as I'm concerned, those fund managers are welcome to take over as much as possible, starting with the UK tabloids. Apart from those whose owners actually live in the UK, but there aren't many are there? 8-)

Steve


I'm not protesting who they are or whether they are a good thing. Until relatively recently, you had to actually be a Cooperative to use that word in a company name. Which seems not unreasonable to me. But they binned that requirement, wrongly in my view.


I totally agree. The crazy world we live in!

Steve

torata
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Re: Tesco are closing down their Current accounts

#431803

Postby torata » August 1st, 2021, 9:05 am

richlist wrote:Its nothing special, they aren't offering anything out of the ordinary. What's to miss ? Goodbye Tesco current account.


It seems the savings accounts are going to be kept open. Received a letter dated 27 July with updated T&Cs.

torata

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Re: Tesco are closing down their Current accounts

#432902

Postby steelman99 » August 6th, 2021, 1:20 pm

just recived the letter saying te account will close and I need to reduce the balance to zero.
went on line to find i had a balance of 89p, so went to transfer it to another account. - all I get is an error that payments have to be between £1 and £10,000 , ie you cant transfer anything less that £1.

Have just had to transfer £1 in so i can transfer £1.89 back out again - wonder how much tesco bank will make from people who cant be bothered with a few pennys in their account

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Re: Tesco are closing down their Current accounts

#432986

Postby bungeejumper » August 6th, 2021, 6:33 pm

steelman99 wrote:just recived the letter saying te account will close and I need to reduce the balance to zero.
went on line to find i had a balance of 89p, so went to transfer it to another account. - all I get is an error that payments have to be between £1 and £10,000 , ie you cant transfer anything less that £1.

Conversely, I recently had my Amex card account withdrawn because I hadn't used it in the last five years. And they asked where I would like to have the (positive) balance of £1.36 transferred to? Could I phone them please?

Somehow I always had better things to do with my time, and Amex wrote to me three times before finally giving up. I hope that they've given my £1.36 to charity, although they didn't say that that was their intention, so maybe they couldn't do it? It's probably going to sit in a silo of unclaimed deposits till doomsday. That works for me. ;)

BJ

swill453
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Re: Tesco are closing down their Current accounts

#432988

Postby swill453 » August 6th, 2021, 6:44 pm

steelman99 wrote:just recived the letter saying te account will close and I need to reduce the balance to zero.
went on line to find i had a balance of 89p, so went to transfer it to another account. - all I get is an error that payments have to be between £1 and £10,000 , ie you cant transfer anything less that £1.

Have just had to transfer £1 in so i can transfer £1.89 back out again - wonder how much tesco bank will make from people who cant be bothered with a few pennys in their account

They probably have to have it available on request for eternity, so they probably prefer it off their hands.

Scott.

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Re: Tesco are closing down their Current accounts

#432996

Postby richlist » August 6th, 2021, 6:58 pm

Just email or write a normal letter to them asking for a cheque for the closing balance.
They normally provide postage paid envelopes.


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