Tesco Bank chaos: Britons unable to switch as current accounts close – update issued

TESCO BANK customers have faced challenges in recent days, as the process of current account closures commences.

Tesco Bank customers provided accounts advice by expert

Make the most of your money by signing up to our newsletter for FREE now

Invalid email

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Tesco Bank recently announced it is to close its 213,000 current accounts by November 30, 2021. This has triggered many now needing to find a new provider to keep their money with. However, when attempting to switch to a new financial service, some have been declined.

The bank confirmed it is temporarily rejecting requests from some existing customers to switch to a new provider.

This is because of the surge in demand following the current account closure announcement. 

While customers can continue to use their accounts as normal when waiting, some have expressed their frustration with the matter.

One person took to social media and wrote: “Oh Tesco Bank, you tell everyone you are closing their accounts, and then can’t deal with people switching!

READ MORE: ‘Kick in the teeth for over 60s’ as free NHS prescriptions could rise

Tesco Bank current account

Tesco Bank: Chaos as Britons unable to switch current accounts as they close (Image: Getty)

“I was leaving anyway. Now I just have to wait for a text.”

And another said: “It’s an absolute nightmare! All our household bills go out from our Tesco Bank and now I can’t even guarantee a seamless switch.

“What did they think would happen when they decided to shut?”

However, Tesco Bank has insisted progress is being made on the matter, and work is being undertaken to ensure ease of movement.


NS&I explains ‘where your money will go’ as Green Bonds launch nears [UPDATE]

Savings warning as Britons urged ‘stop and think’ about money [ANALYSIS]

Inheritance warning as you could be ‘squandering’ your cash in savings [INSIGHT]

A Tesco Bank spokesperson told Express.co.uk: “We apologise again to any customers who’ve had a switch request declined since we announced the closure of our personal current account. 

“Declining some applications was necessary to ensure no customer was left without access to a current account.

“Despite the high levels of demand experienced we’ve completed the majority of switch requests we’ve received.”

Later this week, the bank confirmed it will begin a “phased contacting” of declined customers.

tesco bank switch

Tesco Bank: Many customers are looking to switch (Image: Getty)

It will ask these individuals to re-submit their switch request, and will expect to open to all new switch requests in the coming weeks.

The spokesperson concluded: “Tesco Bank would like to thank the Current Account Switch Service (CASS) for their support and our customers for their patience.”

If a person previously received a text message from the bank informing them their switch was cancelled, they will need to take certain action.

These individuals are being asked to wait until they receive a second text from Tesco Bank instructing them to re-submit their switch request with their new provider.

What is happening where you live? Find out by adding your postcode or visit InYourArea

The Current Account Switch Service also confirmed via its social media that it is “working closely” with Tesco Bank as the switching issues are resolved.

Tesco Bank made the decision to close its current account service due to “so few of our current account customers using it as their primary account”.

The bank has vowed to support Britons in finding a suitable alternative for their financial needs.

It has stressed particular aid will be given to vulnerable customers and individuals in need of financial assistance. 

Those impacted by this closure can expect to be contacted via letter to inform them about their options. 

Harry Byrne

Related post