Tesco Bank set to close all its current accounts

Tesco Bank is set to close all its current accounts – because customers are no longer using them.

Bosses for the banking arm of the retailer say so few people are using them as a main account thet are now planning to shut them in November.

It has been reported that there are 213,000 personal current accounts.

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Tesco Bank chief executive Gerry Mallon said: “With so few of our current account customers using it as their primary account we want to support them to find a suitable alternative dependent on their circumstances.

“Customers who have been using our current account as a savings pot may be better suited to one of our tailored savings products.

“And shoppers who are looking for a payment option which allows them to continue collecting Clubcard points in and out of Tesco may want to consider Tesco Clubcard Pay or a Tesco Bank credit card.”

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BirminghamLive reports how it follows department store M&S, which is closing its current accounts in August and has already shut its in-store branches.

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Mr Mallon added: “The way customers shop and manage their money is constantly evolving and we are committed to developing products and services which align with the needs of Tesco shoppers.

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