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All Tesco Current Accounts Closing In Nov.

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Posted (edited)

Now may be the time to start looking around for another bank. All  Tesco current accounts will be automatically closed on 30th November 2021

https://www.tescobank.com/current-accounts/

Edited by Janus
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Somehow I think those with accounts would already have been notified and will already know.

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1 hour ago, apelike said:

Somehow I think those with accounts would already have been notified and will already know.

I have not been notified yet 

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7 hours ago, rudds1 said:

I have not been notified yet 

Ah, I see. Looks like I jumped the gun then.....:D

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I would like to know the reason behind the decision for the closures. Being an online & telephone banking service, I would imagine the overheads were much less than a conventional bank. 

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1 hour ago, Janus said:

I would like to know the reason behind the decision for the closures. Being an online & telephone banking service, I would imagine the overheads were much less than a conventional bank. 

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Tesco says the closures are part of a strategy of focusing on products and services that "best meet the needs of Tesco shoppers", adding that only 12% of the accounts it's closing are being used as primary bank accounts.

Money Saving Expert

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26 minutes ago, dan_999uk said:

Tesco says the closures are part of a strategy of focusing on products and services that "best meet the needs of Tesco shoppers".

In reality I think the reason will be that best meet the needs of Tesco's income.

 

I can't blame them. Tesco is there to make money like any business . The credit cards and  loans are remaining. There is no need to bull ****.

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Exactly, if it's not profitable, why would they sustain it? It's just capitalism.

 

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6 hours ago, Janus said:

I would like to know the reason behind the decision for the closures. Being an online & telephone banking service, I would imagine the overheads were much less than a conventional bank. 

Yes. Odd that other online banks did not think it worth trying to buy-out Tesco Bank and its online customers? First Direct, for instance.

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