Brits using a specific type of prepaid card have been urged to take their money out “now”. This service is set to close in just over a week, with experts warning you should withdraw any funds “as soon as possible”.
In an update, the team at Money Saving Expert (MSE) – the site founded by Martin Lewis – explained how Tesco’s Clubcard Pay+ prepaid card will be scrapped on April 26, alongside its linked Round Up savings account.
Customers could also round up transactions to the nearest pound, with the extra going into savings. However, Tesco Bank says it’s now closing the card and savings accounts to “focus on our range of other accounts“.
MSE said: “Use Tesco’s Clubcard Pay+ prepaid card? Take your money out now as it’s being axed next week.
“Tesco Bank will shut down its Clubcard Pay+ prepaid card – and its linked ‘round up’ savings accounts – on Sunday 26 April.
“If you use these services, you should withdraw your money as soon as possible. Here’s what’s happening.
“With Clubcard Pay+, which launched in 2022 but closed to newbies last year, you can add money to it and then collect Clubcard points when spending on it, both at Tesco and elsewhere.
“It also lets you round up transactions to the nearest pound and put the change into a linked savings account automatically.”
What to do if you have Clubcard Pay+
Ahead of April 26, MSE advised customers to:
- Withdraw your cash as soon as possible. You can use the Clubcard Pay+ mobile app to transfer the money to any UK bank account in your name
- If you have a linked ‘round up’ savings account, you’ll first need to move any funds in it to your main Pay+ account, before you can then transfer it elsewhere
- Any money left in these accounts after Sunday, April 26 will still be returned to you, though it will likely take longer than just doing it yourself. Tesco Bank says it’ll write to you to confirm the details
- Ensure your contact details are up to date. When your account closes, Tesco Bank will send you a final statement and, if you haven’t already withdrawn it, return any money owed. To help this go smoothly, check your details are correct in the app
- Update any subscriptions. If you’re using your account to pay for any services directly, make sure to provide alternative payment details to the provider
- Get another Clubcard to keep collecting points at Tesco. When using Pay+ at Tesco, you didn’t have to scan your Clubcard separately to earn points, as the two were linked. Now that Pay+ is shutting down, you can get a replacement digital Clubcard (if you need one) through the main Tesco app (which is free to download on the Apple App Store and Google Play Store) or request a plastic one
On its website, Tesco says: “Following a careful review of our products, we’ve made the decision to close our Clubcard Pay+ and Round Up accounts to focus on our range of other accounts.
“We’ll no longer be offering accounts of this kind and understand this may be disappointing. However, you can still collect points with your Clubcard as usual, and we continue to offer other savings accounts that may be right for you.”
For more information, visit the Tesco website here.