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Gloucestershire Business News

Tesco Bank closes personal current accounts

Tesco Bank is to close all its personal current accounts because so few customers are using them.

The accounts were closed to new business in December 2019 and will now close completely from 30th November 2021.

The Tesco Bank Current Account was launched in 2014 with around 213,000 accounts currently open. It is estimated that only 12% of Tesco Bank Current Accounts are being used by customers as their primary current account. Most accounts have limited activity or are being used for other purposes, such as a savings pot.

Gerry Mallon, Chief Executive, Tesco Bank, said: "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.

"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."

Customers will receive a letter in the next two weeks explaining options open to them.

These options include:

• Moving to a new current account provider via the Current Account Switching Service (CASS), a free service

• Moving their balance to a Tesco Bank savings account

• Registering for Tesco Clubcard Pay (a new product from Tesco Bank currently in test with a panel of Tesco shoppers and colleagues)

• Applying for one of Tesco Bank's range of credit cards.

• Customers can find more details on which product might be right for them at tescobank.com/current-accounts/

Tesco Bank serves over five million customers across a range of banking and insurance products.

The closure of the Current Account supports Tesco Bank's strategy of focusing on products and services that best meet the needs of Tesco shoppers, helping them to manage their money 'a little better every day'.

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