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

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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
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  1. Andrew says:

    Halifax currently offer £125 for switching as well as £5 per month if you meet certain criteria.

  2. Andrew says:

    Just checked my emails I have a targeted offer of 5000 clubland points for switching to Tesco Bank current account

  3. Peter Hart says:

    I was offered £100 hard cash by Tesco yesterday for switching!! Will forward the email Rob

  4. Sideysid says:

    I got the 10,000pt offer email. I still have life insurance (from the bonus point offer last year) and home insurance with Tesco Bank, so perhaps this is one of the qualifying criteria.

  5. Frenske says:

    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.

  6. Mr(s) Entitled says:

    Wife and I both moved accounts to Halifax for £125 and we also receive £5 pcm. That’s £370 cash in yr 1. Tesco lags far behind.

  7. Geoggy says:

    My wife was offered 5,000

  8. Think you need to have a tesco bank product already. I got it, and interestingly enough, if you scroll to the end of the t and c, it actually allows you to KEEP your existing account. The transfers just don’t happen within the week, as in the government guidelines . You might want to mention that in the article. I did it and it offered me both switching options. The avios were more beneficial to me that the other sums offered out there.. My OH didn’t get anything.

    • Polly, are you sure that using the switch service which doesn’t close your old account qualifies you for this offer? I received the 5,000 points offer and my wife the £100 cash offer and both say in the terms “When you switch, your old account wil be closed…”

      • Yes you have to scroll to the very end of the switch section. You will see it explained there.i got my agreement in the mail yesterday and it clearly identified the option I chose. All it will transfer over are the dd and so.i have to make sure I transfer in enough each month to cover 5 he outgoings. It’s definitely an option.

  9. Gill A says:

    How would Tesco bank know if I’ve closed an existing current account? I could have multiple accounts dealing with different income streams.

    • If the condition is account closure and you have to use their switching service to get the incentive, they will likely include a form instructing your old bank to close your old account. If you don’t complete the form, then you won’t meet that particular condition and then wouldn’t get the incentive.

    • Think Square says:

      Google for “Current account Switch Service”. The bank you are moving to does all the legwork such as moving DDs, then close the old account. It worked very well when I used it.

      • What about people paying into the account? Guess I would have to give the new account details?

        • Paul L says:

          The old bank redirects your payments for 36 months, though for peace of mind I would give my new account details anyway.
          I don’t know about Tesco, but most banks require you to use the switching service as a condition of the move-your-account-to-us offers.

  10. Howard says:

    I had 10,000 points but I think I will pass on this.

  11. Had me scrambling for my deleted mails as I got a Tesco Bank invitation email yesterday as well. Mine was unfortunately the rubbish one!

    However, tip here is to open a spare new current a/c and maybe put a nominal DD onto it. This is the one to close to satisfy the T&Cs when the 10,000 point switch offer arrives.

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