Supermarket bank urges customers ‘withdraw money’ | Personal Finance | Finance

Tesco Bank’s planned closure of its Clubcard Pay+ prepaid card in a few days’ time has prompted an analyst to recommend users withdraw their money as soon as possible. The card is due to stop working on Sunday, April 26.

The bank announced its plan to close both its Clubcard Pay+ and Round Up accounts in November. Tesco Bank members will be able to keep any Clubcard points they have in their Clubcard account. Tesco Bank said it was closing the card and savings account to focus on other accounts within its range.

The Clubcard Pay+ account launched in 2021. It allowed members to double their points when shopping in Tesco for the first three months.

It also meant shoppers could collect the normal loyalty points for every £1 spent in Tesco and one point for every £8 spent in another store.

Shoppers were also given the option to round up their spending and save the extra money.

Money analyst Gavin Shepherd from MoneySavingExpert recommended that members withdraw their cash “as soon as possible”.

He said it was also a “good idea” to make sure users’ contact details are up to date in the app, as Tesco Bank will send a final statement and return any money owed if it has not been withdrawn already.

Mr Shepherd also recommended getting another Clubcard so you can carry on collecting points now that Pay+ is ending. Your digital Clubcard can be accessed via the Tesco app.

Tesco Bank urged anyone using their account to pay for any services, such as Netflix or Amazon, to make sure they replace their payment details with the provider.

It also said any money left in an account or due in the form of interest will be returned.

But the bank warned members that to ensure continued access to their money, they should make sure the account balance is zero before it is closed.

The lender added that, as it pays interest annually in March, anyone expecting such a payment would have had that paid into their Round Up account on March 31.