Tesco Bank to close all its current accounts

Tesco Bank has said it will close all of its current accounts because most customers are no longer using them. The bank has estimated only 12% of its current accounts are being used by customers as their primary account. Options include customers moving to a new current account provider via the Current Account Switching Service or moving their balance to a Tesco Bank savings account. The bank said it had asked customers who choose not to switch to a new current account to move any regular incoming or outgoing payments to a different account, and to make sure their account has a balance of zero by 30 November. "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. We will pay particular attention to supporting any vulnerable customers and those in need of financial assistance."

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