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Tesco Bank to close all current accounts by November
26th Jul 2021 15:58
(Sharecast News) - Tesco Bank on Monday said it was closing its current account operation from November, leaving 213,000 customers to make new arrangements.
The UK supermarket's banking arm said only 12% use it as a primary account, meaning almost nine in 10 accounts have limited activity or are being used for other purposes, such as a savings pot.
Tesco said customers could switch using the seven-day service or transfer money to a Tesco Bank savings account or register for Tesco Clubcard Pay, a new product currently in test with a panel of shoppers and colleagues..
The current account was closed to new applicants in December 2019. Earlier this year, rival M&S Bank made a similar move to cull current accounts.
The UK supermarket's banking arm said only 12% use it as a primary account, meaning almost nine in 10 accounts have limited activity or are being used for other purposes, such as a savings pot.
Tesco said customers could switch using the seven-day service or transfer money to a Tesco Bank savings account or register for Tesco Clubcard Pay, a new product currently in test with a panel of shoppers and colleagues..
The current account was closed to new applicants in December 2019. Earlier this year, rival M&S Bank made a similar move to cull current accounts.