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Tesco Bank to Close All Its Current Accounts - Will This Lead to Banking Fees ?

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I was really surprised to see this, the reason given was that only about 12% of account are primary bank accounts.

Do you think that if Tesco aren't making a profit, that other banks may start charging for banking ?

beccatavender
2 months ago
What do you think of this?
Sugarbabe
Sugarbabe2 months ago

I'm about to close my joint and single accounts as my saving account has matured last month. I also have to find a new bank to transfer my M&S bank account which will close on the 31st of August. Image

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Grannyclock
Grannyclock2 months ago

I still have a Tesco current account but I only use it when I shop at Tesco so that I get extra reward points. They used to give good interest on up to £2000 I think it was. I also had an M&S one because they gave you money to open one.

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beccatavender
beccatavender
Original Poster
2 months ago

I wasn't aware of M&S bank closing, I remember considering open one there but as I don't really shop there decided not to. I went to 1st Direct instead 🙂

I think now the government have called overdraft fees etc. Banking isn't as profitable. Hopefully they don't introduce fees.

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BonzoBanana
BonzoBanana2 months ago

If you just run your current account in credit and don't pay any fees etc it isn't very profitable for the banks and they can't charge much interest either at the moment.

I like Tesco supermarkets but always found Tesco bank an absolutely awful company to deal with, horrific customer service the complete opposite of the main Tesco's. Personally I wouldn't touch them with a barge pole. They seem to be retreating from some of their past core businesses which I'm not surprised by. It wouldn't surprise me if they were taken over at some point and their branding just disappears.

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