Tesco Bank To Close All Current Accounts

In yet more news this week of bank account closures, Tesco Bank has confirmed that it will close all of its current accounts on 30^th November, the same date that the Post Office closes its card bank accounts on the same day.

Tesco Bank suggests that only 12% of its 213,000 current accounts are actively used and when it has posted losses of £173m for this service in 2021, it is no wonder that they are closing the service.

Comment

The rush in the 'noughties' to have supermarket and retail brand bank accounts has diminished.  Shopping and bank account habits have changed over the years and even more so during lockdown.  We expect the whole world of financial services to change as it automates over the coming years.

Tesco Bank will still take part in the automated bank ‘switch’ service, which will make it easy for people to open new accounts elsewhere as well as transferring current accounts to a Tesco Bank savings account.