Tesco launches new Clubcard bank account – and you can collect loyalty points by spending in other shops09/30/2021
TESCO shoppers can collect loyalty card points by spending in other stores with the supermarket's new bank account.
Customers who sign up to Tesco's Clubcard Pay+ will also get double the points when shopping in Tesco for the first three months.
The account allows shoppers to collect the normal one loyalty point for every £1 spent in Tesco and one point for every £8 spent in a different store.
It also gives consumers the option to "round-up" their spending and save the extra money.
For example, if a shopper spent £5.95 using the card, 5p would be saved.
The supermarket launched the scheme in March, trialling it with a limited number of customers and Tesco staff.
Since then, 21,000 accounts have been opened, £7million has been spent and customers have saved £150,000 by rounding up purchases.
The supermarket is now opening applications up to "tens of thousands" more customers ahead of a full launch to 20million Clubcard members early next year.
Alessandra Bellini, chief customer officer at Tesco, said: “Tesco Clubcard Pay+ has been developed by Tesco Bank to provide a new method of payment for shoppers that delivers all the value of Clubcard membership and a range of additional features.
"We’re very encouraged to see shoppers regularly topping up their Tesco Clubcard Pay+ account to take control of their groceries budget, and to start saving.”
How does it work?
Tesco Clubcard Pay+ comes with a debit card, which customers can use anywhere they would normally shop using a debit card.
Shoppers can add money to their card – which will replace their Clubcard – by linking their main bank account to it using the Tesco Bank app.
Payments made using the account can automatically be rounded up to the nearest pound.
The "spare change" is put into a Tesco Bank savings account, which customers can add to from other accounts, and is accessible through the app.
This is optional and can be switched on and off.
Using the account, shoppers can pick up Clubcard points both in Tesco and in other shops.
The banking app is also connected to the Tesco Grocery & Clubcard app – which Clubcard members might already be familiar with.
This allows shoppers to access offers in store and online.
Round-ups are becoming an increasingly popular way for banks to help their customers save money.
Earlier this month Chase launched a bank account in the UK offering this feature. It pays 5% interest on the round-ups.
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