All customers should ensure they have no funds in their current accounts by 30 November
Tesco Bank is set to shut down all current accounts. Source: pexels.com
Tesco Bank has announced its plans to shut down all current accounts. This comes as a result of the inactivity of the accounts. Also, other customers have resulted in using the accounts to save funds.
The inactivity has led to the £175 million loss reported in April. In the last 12 months, the bank had reported £193 million in profit. Of the total current accounts, only 12% are used as primary accounts, with most having limited activity.
Effective 30th November, all 213,000 current accounts will be closed. In December 2019, Tesla Bank had closed all current accounts. Current account holders will be contacted in two weeks’ time regarding the closure.
Customers can either move their balance to a Tesla Bank Savings account or move to another current account provider. The move will be facilitated by the Current Account Switching Service (CASS).
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