Who is tesco bank

Tesco Bank, part of Britain's biggest supermarket group, serves more than five million customers with a range of products including credit cards, loans and insurance products. It said the closure of the current account "supports Tesco Bank's strategy of focusing on products and services that best meet the needs of Tesco shoppers".

UK growth slows as consumer spending weakness and supply issues hit recovery. Diminishing hopes for strong economic rebound as UK's recovery lags behind global rivals.

That vision was blurred by stricter regulation, the decreasing importance of branches to digitally-served customers, and the emergence of agile, new app-based banks. Banks want people to hold their primary current account with them. Not least, because they can make money when customers go overdrawn. The incentives they offer for switching a primary account make that obvious. That was rare for Tesco Bank customers, so it is scrapping these accounts. Digital challenger banks are trying hard to clear the same hurdle, in an attempt to finally break the stranglehold of the big High Street banking brands.

The affected customers will need to move their account to a different provider, or move their balance to a Tesco Bank savings account or different banking product by the end of November.

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