Tesco Bank closing all current accounts today - what it means for your money

Tesco Bank closing all current accounts today - what it means for your money
© Getty Images Tesco Bank customers will see their current accounts closed from November 30

Tesco Bank is closing all its current accounts today – meaning you have just hours left to move your money elsewhere.

The banking branch of the supermarket confirmed the shock move in an announcement back in July this year as not enough people prioritise its current account.

Today (November 29) is the last day its current account will remain open at all, as they’ll all be closed for good from tomorrow (November 30).

If you’re affected by this news, Tesco Bank should have already written to you explaining the changes.

We’ve also explained what it means for your money below.

I’m a Tesco Bank customer – what happens next?

Tesco Bank closing all current accounts today - what it means for your money
© PA You need to move your money if you are a Tesco Bank customer

If you’re a Tesco Bank customer, you will need to move your money over to another account by Monday night.

If you already have another current account, you should be able to just manually switch your money over.

You’ll also need to remember to update your bank account details with your employer, as well as move over your existing regular payments and direct debits.

Unfortunately, the deadline for using the Current Account Switching Service (CASS) to open another account and move over your money was on November 15.

If you don’t transfer your Tesco Bank funds to another account today, you’ll be sent a cheque with your remaining balance.

Tesco Bank stopped new customers taking out its current account from December 2019.

I’m in my overdraft – what should I do?

You won’t be able use your overdraft with Tesco Bank after today.

If you’re still in your overdraft and are worried about paying it off, you should contact Tesco Bank as soon as possible to arrange help.

You can call before November 30 on 0345 366 6468 to arrange a payment plan.

After this date, a Financial Assist Team will get in touch to offer you support in paying this money back as soon as you can.

You won’t charge you any interest on the outstanding balance.

What happens to my Clubcard points?

Tesco Bank closing all current accounts today - what it means for your money
© PA Tesco Clubcards can be linked to your Tesco Bank current account

If your Tesco Clubcard is linked to your debit card, and you don’t have a separate Clubcard, you will need to ask for a new one.

You can call Tesco on 0800 591 688 once your account is shut to request this.

However, you will no longer benefit from boosted points with your regular Clubcard.

Tesco Bank current account shoppers get two points for every £1 spent online and in store at Tesco – double the one point you’d normally get using a Clubcard on its own.

Are you a Tesco Bank customer who is worried about switching accounts? Let us know: mirror.money.saving@mirror.co.uk

You also get one Clubcard point for every £8 spent elsewhere.

If you want to keep earning extra Clubcard points after your current account is closed, you’ll need to take out another product with Tesco Bank.

For example, there is the Tesco Clubcard Pay prepaid card but this is more restricted than a regular current account. It doesn’t support direct debit payments and you can’t switch into it.

Tesco also has a range of credit cards that will give you bonus Clubcard points.

What about other Tesco Bank products?

Tesco Bank is only shutting its current accounts.

If you have a credit card or savings account with it, they’ll remain open as normal.

The other thing to keep in mind after today is that once your Tesco Bank current account has closed, your online statements will no longer be available to view online.

You will, however, be able to request your transaction history going back five years.

If you have a Tesco Fixed Rate Saver account and your savings interest is currently paid into your Tesco Bank current account, you’ll need to redirect this to another bank account.

You can call Tesco on 0345 678 5678 to arrange this.

What does Tesco Bank say?

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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