MSE News: Tesco Bank to close ALL existing current accounts - what it means for customers

Tesco Bank has announced it will close all existing current accounts on 30 November, with around 213,000 customers affected.

Note: this is a breaking story and we'll be updating it with more info shortly.

Read the full story:
'Tesco Bank to close all existing current accounts in November – here's what it means for its 213,000 customers'

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  • jackieblackjackieblack Forumite
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    Oh that’s very annoying 😠
    Although when I saw their advertising for Clubcard Pay I did wonder...
    https://www.tesco.com/zones/clubcardpay
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  • edited 26 July 2021 at 2:41PM
    jimjamesjimjames Forumite
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    edited 26 July 2021 at 2:41PM
    I'm not surprised. I saw it coming and switched what was my main current account away from Tesco a few months ago (I must have been one of the few in the 12%!). Any provider that stops taking new applications is likely to be heading the same way.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • badger09badger09 Forumite
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    Writing has been on the wall for some time now. I switched my last Tesco current account in December, having closed all the redundant savings accounts a while before. One fewer institution to notify of my new address & contact details :)
  • Sea_ShellSea_Shell Forumite
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    I have two old Tesco CCs that have been zero balance for months and have never got round to officially cancelling.

    Do you think these might follow?

    Do providers routinely cancel unused CCs?
    "It's time to start digging up those Squirrelled Nuts"!!!

  • sherambersheramber Forumite
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    They have just increased their savings accounts interest rates . 
  • mab3000mab3000 Forumite
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    Sea_Shell said:
    I have two old Tesco CCs that have been zero balance for months and have never got round to officially cancelling.

    Do you think these might follow?

    Do providers routinely cancel unused CCs?
    I would say it’s unlikely that they would withdraw their credit card offering completely. They started offering credit cards way before their current account was introduced. And they are still offering credit cards as products to new customers. 
  • EarthBoyEarthBoy Forumite
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    Sea_Shell said:

    Do providers routinely cancel unused CCs?
    Some banks do.  In the past I've had credit cards from Yorkshire Bank, HSBC, Halifax, and Nationwide closed because I'd stopped using them. Typically, they write to you and say that they've noticed you've stopped using your credit card, and if you don't use it by such and such a date they will close it.  If you do use it by the specified date it will stay open.
  • Sea_ShellSea_Shell Forumite
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    I've logged on and along with the 2 credit cards, I've got 2 old internet saver accounts, one with the grand sum of 1p in it!!

    I don't suppose there is a quick work around for closing on-line, like we recently discovered with TSB?

    Apparently they eventually write and tell you the accounts will be marked as "dormant" but it doesn't appear that they actually close them.
    "It's time to start digging up those Squirrelled Nuts"!!!

  • tempus_fugittempus_fugit Forumite
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    I guess those of us that use our debit card as a Club Card will have to get a separate Club Card to use for the future. I wonder what happens to the points on the old one in that case?
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
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