Tesco Bank to Close All Personal Current Accounts By End of November
July 27 2021 - 9:16AM
Dow Jones News
By Ian Walker
Tesco Bank said that it will be closing all personal current
accounts by the end of November, citing limited activity as only
12% of customers use it as their main account.
In a statement on its website dated Monday the bank, which has
around 213,000 current accounts, said that it plans to write to
customers in the next two weeks spelling out their options. These
include moving to a new current account provider or moving their
balance to a Tesco Bank savings account, among others.
Tesco Bank had closed new business in December 2019.
It said the move is part of the bank's strategy of focusing on
products and services that best meet the needs of Tesco shoppers,
"helping them to manage their money a little better every day."
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
July 27, 2021 09:15 ET (13:15 GMT)
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