Tesco Bank has announced it will discontinue its Clubcard Pay+ prepaid card and accompanying savings accounts effective Sunday, April 26. This move forms part of the bank’s strategy to refocus on other account offerings and exit the prepaid card market.
Customers currently using the Clubcard Pay+ service are being urged to act promptly to avoid losing access to their funds. After the deadline, both the prepaid card and linked savings accounts will become inactive.
To secure their money, users should use the Clubcard Pay+ mobile app to transfer their balances to any UK bank account under their name. For those utilizing the round-up savings feature, it is essential first to move those funds into the main Pay+ account prior to transferring them elsewhere.
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Tesco Bank has committed to returning any remaining funds left in accounts after closure, though this process may take longer than transferring the funds independently. Customers will receive formal communication from Tesco Bank detailing the next steps.
Money Saving Expert, led by Martin Lewis, advises customers to withdraw their money as soon as possible to avoid delays or complications.