Tesco Bank to close all its current accounts

Not entirely surpisong considering they stopped accepting new customers.

However, I did find it surprising only 12% of people used the account as their primary account.

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I saw this article on BBC news also but I don’t know whether it’s just deja vu but I thought they already announced this was going to happen a few months ago.

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It’s a weird feeling to think that Monzo and Starling is just essentially a number on a screen - You can’t walk into a branch and withdraw say 10k in cash if you wanted, like a “Traditional bank”

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Not many, if any, traditional banks will let you walk up and withdraw £10k without first contacting them a day or two before to arrange it.

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I thinkore people used their account as primary when it offered 3% on balance. Since then many probably switched to santander123 and then to like anything else.

Once Tesco dropped interest their account became pointless.

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As of 2015, HSBC, Lloyds and NatWest/RBS will.

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I suspect a lot has changed in 6 years. I’m sure I read somewhere about NatWest asking you to tell them in advance for large amounts.

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“It’s ok, the getaway driver is outside with the engine running… did I say that out loud?”

Alright, Coutts :wink:

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I’m happy to stand corrected. My knowledge is based of my non-Monzo banks terms and conditions which limit it, Barclay’s website (the only one I could find which explicitly said it) as well as a The Guardian article from 2015. It says a few banks say it’s possible, but most say 24 or 48 hours.

Quotes in here from all UK major banks about counter withdrawals

Barclays “In the most part we are able to meet customers’ requests when withdrawing funds. We do not generally highlight what our local [cash withdrawal] limits are for security, and also to protect our customers and the bank … If a large sum of cash is required we will be able to meet a customer’s needs the following day.” It adds: “We would also advise the customer of alternative methods of withdrawing cash – banker’s draft, Chaps, electronic transfer – so they are not carrying around large sums of money.”

HSBC “There are no limits on the amount of money a customer can withdraw from their account – as long as there are sufficient funds.” It adds: “For larger withdrawals we do not require advance notice, but we are more likely to be able to meet requests for specific denominations or larger amounts if we are given prior notice. In most incidences we can meet the request the same day. Significantly large requests at smaller branches could take longer.”

Lloyds It says “there is no maximum amount” that a current account customer can withdraw in cash without notice, but that it would be dependent on ID and “collateral” presented – ie, a debit card – as well as the amount of cash held in the branch. If there is insufficient cash at the branch, the customer will need to give two days’ notice, assuming they pass the ID and verification checks. “We would add that in order to protect the customer we would promote alternative payment methods such as faster payments, Chaps or banker’s draft.”

RBS/NatWest “A customer is able to go into a branch to withdraw any amount of money without the need to give prior notice. However, for large amounts we would advise the customer that the type of notes would be subject to availability. They may want to consider contacting the branch in advance to request specific denominations.”

Nationwide The building society says its customers can withdraw up to £2,000 per account a day. “However, if they want to withdraw more than £500, it is best to pre-book the amount with the branch to ensure that it has the cash available. If customers want to withdraw more than £2,000, they would need to pre-book the money. This can be done the day before.” It adds that there is no set maximum that customers can withdraw, but if it is a large amount then it “would look to work with the customer to see if there was another solution for withdrawing their money (ie, Chaps).”

Santander The bank says the maximum amount a current account customer can withdraw in cash without notice is £5,000, “subject to availability of funds”, and assuming that he/she has the cash in their account. “For amounts in excess of £5,000 we would ask for 48 hours’ notice so we can make special arrangements to meet the customer’s request,” it adds. “Larger branches are able to fulfil customer requests more so than smaller local branches.”

Want to make a big cash withdrawal? Don’t bank on being allowed | Current accounts | The Guardian

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Yes, your déjà vu is from M&S Bank announcing their retreat from the current account market. Their customers must close their accounts by the end of August, and all their in-store branches have already closed.

It’s a similar wind-down to Tesco Bank, with them refocusing on the more profitable parts of banking (like Tesco, they also offer store-branded credit cards).

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🤦 that’s all I can say 🤦 :joy:

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But the question is, who are they all trying to switch to?!

I know ONE forumite’schoice was Santander, cos they moaned about it on one of the multiple MSE threads on the topic.

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Let’s hope they all pick Monzo, let’s get free advertising guys

There was a special MSE “extended for 14 days only” offer to switch to HSBC Advance.

Virgin Money were also still offering an incentive.

Over on MSE everybody’s annoyed that they are now likely to miss the HSBC deadline, and £140 for nothing was not to be sniffed at so I can see why.

It’s ridiculous of Tesco to decide to close down current accounts, send everyone a letter telling them they can switch and then, when they do try to switch, to cancel their switch and say “keep using your Tesco account”. It’s not like the announcement came out of the blue (to them) so they should have been prepared for it.

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Glad I got mine in last week and switched it to Barclays (secondary account)

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