People with Tesco Bank in Milton Keynes told their current accounts will be closing this year

    Those that use Tesco Bank have been told that their current accounts will be permanently closing later this year.

    Tesco Bank revealed the news yesterday (26/7), saying that the 'Tesco Bank Personal Current Accounts' will close from Tuesday 30 November 2021.

    There are around 213,000 people with Tesco Bank current accounts but it has been reported that only 12% of these are being used as primary accounts. 

    Tesco says that most of these accounts have "limited activity" or are being used as a savings pot. 

    This lack of use is why the company is closing the accounts, so that it can focus on providing other banking services such as credit cards, loans and insurance. 

    Gerry Mallon, Chief Executive of Tesco Bank, explained: “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.”

    People that have a current account with Tesco Bank will soon receive a letter detailing their account's closure. The account must have a balance of £0 by 30 November this year. 

    Customers can use the Current Account Switch Service at www.currentaccountswitch.co.uk to switch their banking to another current account provider.

    This follows the news that banks across the country have been impacted by the pandemic, as more people are choosing to use online services rather than using in-person branches. 

    Banking giant Santander has closed 111 branches in the UK this year, including the bank in Bletchley. 

    READ MORE: Santander in Bletchley permanently closes

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