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. My wife got the £100 offer. Her previous mailing was 1 month ago, so maybe next month we get the 10,000 point offer.

  2. Mycity68 says:

    Got mine yesterday, 10,000 points, will be taking this up

  3. Peter Hart says:

    Frenske is missing the point. You don’t have to close an account you don’t like. Just one you don’t use. Like the Yorkshire bank account I recently opened for £150 cash. Or the M&S one for the £100 voucher….

    • Worzel says:

      There’s nothing in Frenske’s comment to suggest a missing of the point.

  4. Yesterday I receieived invite for £100 – I currently have no tesco bank products but have had life insurance and credit card in past.

    Partner received invite also yesterday but for 10,000pts – currently holding tesco credit card and pet insurance, but never had their life insurance. So that’s 2 tesco bank products currently holding – wonder if that’s the difference between 5k and 10k points?

  5. Does it say that the points will post before the imminent quarter end?

  6. Howard says:

    good points above. I have an old dormant Santander account.

  7. Dave B says:

    There is also 1 club card point for every £8 spent on the tesco debit card. Would have been handy for a recent car purchase.

  8. Wife got a £30 Tesco gift card offer for taking out home insurance – they knew the date so presumably this was prompted by a previous 100 point take up by telling them date. Not good enough.

    But interestingly, a little box at the end says ‘Not ready to renew? Get 100 Clubcard points by telling us your car, home or pet insurance renewal dates by 5th May.’

    Which implies you definitely CAN get the 100 points twice.

    See http://www.renewals.tescobank.com

  9. Marco Pierre says:

    Ahhh, I just opened my account two days ago for the 3% interest…nomemail from Tesco, just the usual grocery spam they semd me despite having unsubscribed twice.

  10. 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.

  11. 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 🙂

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