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Tesco Bank to close more than 200,000 existing current accounts this year

by LLB Finance Reporter
26th Jul 21 3:42 pm

Tesco Bank has announced that they will be closing 213,000 existing current accounts on 30 November as the vast majority do not use it for their main bank account.

Tesco Bank customers will be receiving a message asking them to withdraw all their money, change direct debits and any standing orders.

The bank said that most of the accounts have “limited activity” or are being used as saving pots. Tesco Bank said the move will allow them to focus on other products and services which meets the “needs of Tesco shoppers.”

The bank will continue to provide credit cards and loans and they provide over 5m customers with banking and insurance products.

Tesco Bank chief executive Gerry Mallon said, “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.

“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.”

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