Tesco Bank to close all current accounts by November this year

Tesco Bank current accounts were launched in 2014 (Tim Goode/PA)
PA Archive
Robert Dex @RobDexES26 July 2021

Tesco Bank has announced it will close all its current accounts by the end of November because most customers are not using it as their main account.

Customers will receive a message asking them to withdraw all their money from the accounts before November 30.

They will also need to change standing orders or direct debits.

Around 213,000 accounts are currently open with the bank but it estimates fewer than one in eight of these are being used as a primary account.

Most of the accounts either see “limited activity” or are being used as customers’ savings pots, Tesco Bank said.

The move will allow the bank to focus on other products and services that “meet the needs of Tesco shoppers”, it said.

It provides more than five million customers with banking and insurance products and will continue to offer credit cards and loans as well as other services.

“The way customers shop and manage their money is constantly evolving and we are committed to developing products and services which align with the needs of Tesco shoppers,” said Tesco Bank chief executive Gerry Mallon.

“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.

“We will pay particular attention to supporting any vulnerable customers and those in need of financial assistance.

“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.”

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in