Tesco Bank Current Accounts are closed
After a careful review of our products, we made the decision to close our Current Accounts on 30 November 2021.
Here’s everything you need to know about the closure and how it may affect you.
What does the closure mean for me?
Your account is now closed and can’t be used, so:
- Your debit card no longer works for payments or withdrawing cash.
- Payments to or from the account will no longer be made – this includes Direct Debits, salary, benefit payments or recurring debit card payments.
- You’ll no longer be able to access your account in Online Banking or our Mobile App (unless you still have an overdraft balance).
- We’ll send you a final statement with a closing balance shortly after we close your account.
What happens to any money left in my account?
You don’t need to contact us - we’ll automatically send your cheque to return any money to you. You should receive your cheque by the 17 December 2021.
What happens to my overdraft balance?
You can no longer use your overdraft and you should continue to make payments to repay the balance. You’ll see your overdraft balance in Online Banking or our Mobile App until it’s repaid and you will continue to receive your monthly statements.
Our Financial Assist team will get in touch to offer you support in paying this money back as soon as you can. You can call them on 0345 366 6468* to discuss setting up a repayment plan that’s affordable for you. We won’t charge you any interest on your outstanding balance. However, you should repay this money as soon as you can, as it will show on your credit file until it’s paid off.
*This number may be included as part of any inclusive call minutes provided by your phone operator.
What if I have money problems?
We’re on hand to offer you support. You’ll find more about the ways we can help at our financial difficulty page, or by calling us on 0345 366 6468* to talk to one of our team.
*This number may be included as part of any inclusive call minutes provided by your phone operator.
What if I don’t have another current account?
You should open another account as soon as possible so you have a way to make and receive payments. Money Helper has some helpful information on the different kind of current accounts available.
What if I haven’t moved my payments?
As your Tesco Bank Current Account is closed, your payments will not be made. You should move your incoming and outgoing payments to another current account as soon as possible. You can move payments by speaking to your new bank or whoever makes payments to you.
Getting my transaction history
You no longer have access to your account statements online. However, we’ll send you details of how you can get a copy of your last 5 years’ transaction history shortly after your account closes.
You can access this information for up to 5 years after your account closes, so just get in touch if you need it in the future. Find out more about your transaction history.
You’ll find further detail about your current account closure on our Additional Information page.
Could one of our other products work for you?
Clubcard Pay+
The new way to pay, save and pick up extra points. Available to Tesco Clubcard members aged 18 or over. UK residents only. Subject to status.
Savings accounts
Need a new place for your rainy day fund? You could move your money to one of our savings accounts.
Credit cards
Manage your money better and collect Clubcard points with a card that works for you. Available to UK residents, 18+ only. Subject to status.
21.9% APR representative (variable).
Looking for your terms and conditions?
Financial Services Compensation Scheme
Your eligible deposits with Tesco Bank are currently protected up to the current Financial Services Compensation Scheme limit, the UK's deposit protection scheme. Any deposits you hold above the current limit are not covered.
Depositor Protection (FSCS) Information Sheet (68.5KB, pdf)
FSCS Online Leaflet (FSCS website) (590KB, pdf)
Current Account Closure – additional information
To help support you during the current account closure, you can find additional information here.
Contact us, we're here to help
Want to chat rather than scroll? Our UK-based teams are here to talk to you seven days a week.
*This number may be included as part of any inclusive call minutes provided by your phone operator. Calls may be recorded.
Independent Service Quality Survey Results
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,000 customers of each of the 17 largest personal current account providers if they would recommend their provider to friends and family. The results represent the view of customers who took part in the survey.
