Tesco bank has announced that it will close all of its current accounts on 30 November 2021due to “limited activity” from customers’.
Tesco bank will close all of its current bank accounts due to “limited activity” from users.
This means around 213,000 people will be forced to find a new bank account.
The grocery chain, in December 2019, closed its current account to new clients, but it has now decided to do the same for existing customers.
The closure of accounts is part of Tesco’s new strategy, which focuses on products and services that “better match the needs of Tesco shoppers.”
The bank estimates that only 12% of its current accounts are being used as primary accounts by customers.
The bank said all its customers will receive a letter within the next two weeks informing them that their account will be closing.
Chief executive of Tesco Bank, Gerry Mallon said the bank would support customers to find “a suitable alternative dependent on their circumstances”.