Tesco offering targeted 24,000 Avios for opening their bank account …. general offer on the way?

Love Clubcard, don’t collect Avios?  You should be reading our sister site, Shopper Points (www.shopperpoints.co.uk), which covers the latest Clubcard and Nectar offers without any distracting frequent flyer talk!  Why not check it out now?

When Tesco Bank launched its current account last year, it was done very quietly.  They wanted to make sure that their systems worked and did not want to attract a huge rush of business on Day One.

The problem with this strategy is that it has made the account uncompetitive.  Marks & Spencer is offering £100 if you switch your current account to them.  First Direct is also offering £100.  Tesco is offering nothing.

I have written a few times on HFP that I expected a 10,000 Clubcard points offer to materialise eventuallyIt has now arrived – but only for targeted customers.

10,000 Clubcard points, of course, will convert into 24,000 Avios points or 25,000 Virgin Flying Club miles.

Tesco Bank 10,000

Tesco Bank emailed some existing customers yesterday with an offer of 10,000 Clubcard points if you open a Tesco current account and move your banking across.  It appears (thanks to those who commented below) that you do NOT need to agree to your existing current account being closed to qualify.

This offer is targeted.  The email sends you to the standard website for Tesco Bank where this offer is NOT mentioned – Tesco will presumably work out manually who qualifies and who does not.

Whilst you can never guarantee that this offer will eventually be made generally available, it would not surprise me.  10,000 Clubcard points simply matches the £100 offers from M&S and First Direct.  You’ll hear about it here first if and when it happens.

Love Clubcard, don’t collect Avios?  You should be reading our sister site, Shopper Points (www.shopperpoints.co.uk), which covers the latest Clubcard and Nectar offers without any distracting frequent flyer talk!  Why not check it out now?

£5 for a £10 Tesco gift card and a '3,000 Avios for £60 Tesco grocery spend' code
Bits: 10% off lastminute.com hotels TODAY only, elites DO get a free bag with Finnair HBO, 100 free Nectar points from Expedia
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Comments

  1. Col A-B says:

    I received an email offering 5000 points if I switched. I hold a Tesco Clubcard credit card. I wonder how they work out who to target.

    Can’t decide now whether to switch on this offer or hold out for 10000! Greedy?

    • I think they started with 10k then pulled it as anyone who got the email applied immediately. They may have realised they were being too generous! Then dropped it to 5k by that evening. Just my theory fwiw.

  2. Imbruce says:

    Just be aware that under the new banking code of practice rules you can now only have 1 current account and 1 joint current account. So if you are going to switch you have to close all other accounts. It is to make sure you are not money laundering.

    • This is completely incorrect. At the moment I have 20 current accounts, Yorkshire Bank paid me £1500 to switch 10 accounts (this was before they realised that their T&Cs did not limit it to 1 per customer) and my remaining accounts all earn 3% interest at least.

      • (Sadly, this means that I opened my Tesco account when it first launched. I’ll probably ring them up and complain and see if they’ll give me £100/10K points for switching if the offer becomes open to all.)

    • Yep – you are wrong, Imbruce.

      Never read such billysollox.

    • Dee Jay says:

      Uninformed hearsay

    • How is that ever going to work with the £85k maximum banking guarantee?

    • Adding my weight to this scrum – I have around 15 current accounts holding my hefty 1st London property deposit until I’m ready to use it.

      Playing this game destroys any other easy access saving method (and I easily beat all cash isa rates even @ 40% tax….

      Its a lot of admin to set it all up but satisfying watching the money fly around in a circle and snowball :)

  3. Imbruce – where did you get the information that you can’t have more than 1 current account and 1 joint account? I haven’t read that anywhere, nor can I find it anywhere. Please do tell!

    Worzel, Frenske was missing the point as they said the following: “Got 5000 points offered. Not enough to entice me away from Nationwide Flexplus and note that I am paying £10pm for that account. The interest and raft of insurances makes it all up for it.” Raffles wasn’t suggesting that anyone necessarily switches an account they’re happy with. Frenske could keep the Nationwide account and switch a different account if they had one. That could well be worth the 5,000 points.

    • Nationwide is offering £100 to switch an account too, but under the guise of “refer your husband/wife for £50 each”

    • Peter, your polite comments noted, thank you.

    • Frenske says:

      Don’t get me wrong I like getting £100 or more for nothing. The other account we have is a Santander household account which gives 3% interest. In our case that is generating more than £100 even after tax year after year and not one off.

      I have no qualms with churning credit cards, but I draw the line at churning current accounts. :)

    • Peter – Im assuming Imbruce was looking at 1 bank account’s limits for 1 solo and 1 joint? I have 4 with tsb as I joined before they realised that no one is going to use 2 solo and 2 joint for anything other than savings…..

  4. TrollBasher says:

    Well that’s just charming.

    Two life policies, dental policy, 4 pet policies, 15,000 points amassed every quarter, 2 instant access saver accounts and what email or offer did I get..?

    50% of bugger all.

    • I haven’t got anything either :(( and I have an old RBS account with £2 in it I could switch over! Fingers crossed something comes in soon!

    • We didn’t either and I’ve had a Tesco credit card for 10 years+ as well as other products on and off. If they think you might sign up for it anyway I guess there’s less incentive to offer an incentive…

  5. Chewbacca says:

    I got the one for £100 and unless you deposit £750 a month there is a £5 charge! How enticing (Not)

    • And how difficult is it to send £750 back and forth every month? Takes less 2 minutes and would take less if only logging into Tesco Bank’s website wasn’t so annoying!

      • Very easy. I have a TSB account earning 5% interest so long as I credit a set amount (£500 or £750?) per month. One standing order for that amount from my main current account to TSB and an equal and opposite standing order on the same day means no need to worry and a nifty bit of interest.

  6. I got 5000 point offer. Feeling a bit miffed now. I spend a fortune shopping with them and also have a credit card.

  7. Corrine says:

    I have a Tesco Credit Card and got nothing :-( shame I would be more than happy to switch !

  8. Karl Ransom says:

    I was emailed about this offer but was only offered 5,000 club card points.

  9. Peter Hart says:

    JQ, you don’t even have to move the £750 back and forth every month. That’s what standing orders are for.
    The money goes in one day and back I to the account it came from the next day.

    Frenske out of interest why do you draw the line at churning current accounts? This offer is open for a while so you could easily set up a new current account and then switch it to Tesco

  10. pat butcher says:

    Anyone know a good offer than doesn’t require switching? Could do with opening an account to have in case a good switch offer is e-mailed to me.

  11. Can you only buy 1 voucher?

    • Frenske says:

      Well my wife bought one too. It is limited to 1 voucher per customer, but if you want to take your changes than you could open more accounts.

  12. XXFHML 1250 points on £60

  13. Peter K says:

    Anyone else wonder if the various offers being sent out are to test the waters as to which is the lowest they can offer people that would entice them to take out a Tesco account? What better way than to send out cheap emails before a big (expensive) national campaign?

    (P.S. Hi Peter, thank I’m going to have to use the above moniker from now on to differentiate!)

  14. What's the Point says:

    Just used the code on an active account.
    Thanks for posting!