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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