• Join Date: Jul 2021
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    Current Account linked to Savings Account
    27-07-21 , 12:30

    With the announcement that Current Accounts are to be closed later this year, what are Tesco doing to support those customers who have a Savings Account linked to their Tesco Current Account?

    I have been online (not just in recent weeks, for repeatedly over the last 18 months) to try to add a different i.e. non-Tesco current account as my "linked account", for the payment of interest from my Savings Account, and also to where the capital will be paid when I close my (fixed term) Savings Account, but it does not permit this; the only account is the one that was linked when the Savings Account was opened, which is to be automatically closed.

    I have kept the Current Account open, and funded, so that it is not closed, and is not inactive (I use it for all my purchases at Tesco, on Tesco.com, and with a few other retailers) but if it is closed, what then? I know banks can still pay money to customers who have closed accounts (usually by means of a cheque to the last known home address) but surely, in the case of customers with another account which will remain open, Tesco should keep the linked account open until the maturity of the Savings Account, as it the means by which the latter is administered and funds paid out.

    I have other accounts with other banks, but do not wish to provide these details to Tesco; so far as Tesco Bank know, I only have their accounts. Even the source of the savings (funds) is an account, and indeed a bank, which no longer exists, so the money, if paid out there, would take a long time to get to me (I am not even sure who has financial responsibility for that bank, post-collapse).
  • Join Date: May 2020
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    27-07-21 , 13:14

    Hi @Peter17833, thanks for getting in touch. I'm afraid that all Tesco Bank Current Accounts will be closing from Tuesday 30th November 2021. You have a Fixed Rate Saver with us, is that correct?
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    27-07-21 , 15:40

    Yes, that's correct.
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  • Join Date: May 2020
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    28-07-21 , 09:03

    @Peter17833 thanks for confirming that. To update your maturity options for the Fixed Rate Saver, please give our Savings team a call on 0345 678 5678 (Mon - Fri: 8am - 8pm, Sat - Sun: 9am - 3pm). They will be able to update the account your interest and funds go to but I'm afraid this will need to be another bank account once the Tesco Bank Current Account closes. I hope this helps.
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    28-07-21 , 12:04

    I am speech and hearing impaired, and live alone. Is there a solution for those of us who cannot "call" the savings team?
  • Join Date: Mar 2021
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    28-07-21 , 15:40

    @Peter17833 I'm afraid that we would need to speak to you over the phone for this. If you're not able to speak with us and have access to a smartphone, you may wish to try the Relay UK service. You can find more information on this here: https://www.relayuk.bt.com/.

    Once you’ve installed and launched Relay UK, click the icon on the top left, enter your mobile number and click ‘Link’. With the app still open, dial 0800500888 from your phone’s dialling screen and this will link the Relay UK app to your phone number. Please note, when you dial the number there will be a series of high frequency sounds. When it confirms your mobile number is linked, you can hang up.

    When you have Relay UK set up, dial 18001 then the number of the team you are trying to reach from your phone’s dialling screen. There will be another series of high frequency sounds. Going back to the Relay UK app and clicking “Join” will connect you to a Relay Assistant. The noise will stop and you’ll be able to reply to them on the app. They'll speak to us on your behalf, repeating your messages to one of my colleagues who will do all they can to help. I'm sorry again for any inconvenience caused.
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