Tesco Bank customers have just hours left to benefit from bank switch bonuses worth up to £130 before their accounts are closed.
The banking arm of the supermarket confirmed it is shutting all current accounts by November 30, in an update this summer.
But customers only have until 11.59pm tonight (November 15) to start the switch process and claim free cash through the Current Account Switching Service (CASS).
CASS automatically closes your old account and moves over your money, direct debits and standing orders across to your new bank.
You can also benefit from switch bribes if you use CASS - with the top upfront cash amount being offered right now being £130 from First Direct and Santander.
Halifax is shortly behind with a £125 offer, while Nationwide and NatWest are offering £100 to customers who move to them.
Or as an alternative, Virgin Money will give you a £150 Virgin Experience voucher or 12 bottles of wine.
For any switch bribe you’re interested in, you’ll need to meet the terms and conditions before you apply - or you won’t get the cash.
This could be that you need to be a completely new customer, or pay in a certain amount of cash within a timeframe.
You should also make sure the bank account you’re switching to is right for you - don’t just move for the cash reward alone.
We’ve got a round up of all the latest bank switch bribes here.
I’m a Tesco Bank customer - what happens if I don’t switch?
If you’re a Tesco Bank customer and you don’t use CASS to switch your current account by tonight, you will need to open another current account elsewhere and manually move over your money before 11.59pm on November 29.
You'll also need to remember to update your bank account details with your employer.
If you don’t switch by November 29, your current account will be automatically closed by Tesco Bank and a cheque with your remaining balance will be posted to you.
Are you a Tesco Bank customer who is struggling to switch accounts? Let us know: mirror.money.saving@mirror.co.uk
You can ask Tesco Bank to close your account before this date, but you’ll need to have an account balance of zero and make sure your regular payments have been moved to a new bank.
Call Tesco Bank on 0345 366 8818 to arrange the closure of your account.
You will also need to clear any overdraft you have before Tesco Bank shuts down your account.
If you’re struggling to pay off your overdraft, you can call Tesco Bank on 0345 366 6468 to discuss what help it could offer you - for example, a payment plan.
What happens to my Clubcard points?
If your Tesco Clubcard is linked to your debit card, and you don't have a separate Clubcard, you will need to ask for a new one.
You can call Tesco on 0800 591 688 once your account is shut to request this.
However, you will no longer benefit from boosted points with your regular Clubcard.
Tesco Bank current account shoppers get two points for every £1 spent online and in store at Tesco - double the one point you'd normally get using a Clubcard on its own.
You also get one Clubcard point for every £8 spent elsewhere.
If you want to keep earning extra Clubcard points after your current account is closed, you'll need to take out another product with Tesco Bank.
For example, there is the Tesco Clubcard Pay prepaid card but this is more restricted than a regular current account. It doesn’t support direct debit payments and you can’t switch into it.
Tesco also has a range of credit cards that will give you bonus Clubcard points.
Other things to be aware of once your Tesco Bank current account has closed, is that your online statements will no longer be available to view online.
You will, however, be able to request your transaction history going back five years.
If you have a Tesco Fixed Rate Saver account and your savings interest is currently paid into your Tesco Bank current account, you’ll need to redirect this to another bank account.
You can call Tesco on 0345 678 5678 to arrange this.
What does Tesco Bank say?
Tesco Bank chief executive Gerry Mallon said: “With so few of our current account customers using it as their primary account we want to support them to find a suitable alternative dependent on their circumstances.
“Customers who have been using our current account as a savings pot may be better suited to one of our tailored savings products.
"And shoppers who are looking for a payment option which allows them to continue collecting Clubcard points in and out of Tesco may want to consider Tesco Clubcard Pay or a Tesco Bank credit card.”
