TESCO Bank will close all of its current accounts from November this year.
The supermarket’s banking arm will be writing to its current account holders within the next two weeks about the changes.
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Customers will either have to close their account or switch it to another bank – or to a Tesco Bank savings account – by November 30.
Tesco Bank said it would close its service because only 12% of its 230,000 customers with an account used it as their main account.
It added that most customers either don’t use their account much or use it for other purposes, such as putting their savings into.
Gerry Mallon, chief executive of Tesco Bank 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.”
If customers chose to switch their Tesco Bank current account to another provider, they can do so via the “Current Account Switching Service.”
More to follow…
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