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Tesco Bank to close all its current accounts

July 27, 2021 9:32 am
[Source: BBC]

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.

It said most had “limited activity” and others were being used for “other purposes, such as a savings pot”.

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The decision comes after the bank reported a £175m loss in April, compared with a £193m profit in the previous 12 months.

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