Barclays and Tesco Bank

[Panamax]

"On 1 November 2024, Tesco Bank's banking business successfully transferred to Barclays."

I've been expecting interest rates on former Tesco savings accounts to be slashed to Barclays rock-bottom rates as soon as current guarantees expire.

Received an email from Tesco (Barclays) today saying,

"You may have extra needs to do with:
• Sight, speech or hearing
• Mental health
• Life events

"Share your support needs in 3 simple steps:
1. Create a free Experian Support Hub account.
2. Complete your support needs.
3. Choose to share your information just with us, or with other organisations too.

Looks to me like like they're getting ready to shaft former Tesco savers and trying to nip any negative PR in the bud when the elderly and disabled realise in a few months time that their interest has been slashed. They want to share any harvested information as well. Lovely people.

[davek_964]

I think you're joining dots that aren't there.

I'm not sure how you can jump from "If you have some accessibility needs, please let us know" to "we're going to make it harder for you to complain when we slash interest rates".

They may well do so, but I'm not sure what you posted has any relevance to that at all.

[Dimebars]

Think Tesco need to send you more tinfoil

[Panamax]

Heh, heh. We'll see which way things go,

Unrestricted "Tesco" accounts currently pay 4.2%

Unrestricted "Barclays" accounts currently pay 1.1%

[davek_964]

Panamax said:

Heh, heh. We'll see which way things go,

Unrestricted "Tesco" accounts currently pay 4.2%

Unrestricted "Barclays" accounts currently pay 1.1%

I'm not debating that they might cut interest rates.

I'm debating that it's got absolutely zero correlation with the letter you quoted

[The_Doc]

Gosh and darn that there isn't a single other place to invest your money, now we're down from 2 to 1.

[Panamax]

Watch this space!

[alscar]

I think sending that email would have the opposite affect on their PR in terms of it would make it only the start of additional issues - once rates reduced ( and agree I’m sure they will be ) and once that email timing is seen , media will love it !
And not in a good way.
As such unless they are somewhat naive I doubt the timing of it is anything to do with it.
I’ve warned my wife to be aware of such an email but she only has a FRB so perhaps they think she’s not special.