From November, Tesco Bank will close all current accounts.
Tesco Bank has declared that, because to a lack of customers, it will close all of its current accounts in November.
According to MirrorOnline, anyone who accounts with Tesco will need to close their account, switch to another bank, or take out a Tesco Bank savings package by the end of November.
The decision was made, according to Tesco Bank’s chief executive, because there are no longer enough consumers to make the service a priority.
“With so few of our current account clients using it as their primary account, we want to assist them in finding an appropriate option based on their circumstances,” said Gerry Mallon.
“Customers who have been saving in their current account may be better suited to one of our customised savings products.
Tesco Clubcard Pay or a Tesco Bank credit card are two options for shoppers searching for a payment method that allows them to keep collecting Clubcard points in and out of Tesco.
In 2014, Tesco Bank introduced its single current account option.
There are currently around 213,000 accounts open, although only about 12% of these are used as primary current accounts.
Tesco Bank prevented new clients from opening current accounts in December 2019, therefore the closures will effect consumers before that date.
Within two weeks, the bank will write to its current account holders to inform them of their alternatives.
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