How to close a Tesco Bank account?

Thinking of moving to a new bank? If you have a savings account with Tesco Bank but are thinking of leaving, read on.

In this guide, we’ll show you the best and easiest way to close a Tesco Bank savings account. This includes a few quick things to check before you shut the account down, plus an idea of how long it takes.

And when you’re ready for a new account, make sure to check out the Wise account. It’s not a bank account but offers similar features. This clever account is tailor-made for international transactions, so it’s ideal for travellers, expats and people with family in other countries.

Learn more about the Wise account 💰

Things to do before closing a Tesco Bank account

Before you close your savings account with Tesco, there are a few things you need to do:

• Make sure your account balance is £0. Otherwise, you won’t be able to close the account.¹ So if there’s a balance remaining, you’ll need to log into your online or mobile banking and transfer it out.
• Make arrangements for any important upcoming or pending payments in or out of the account. You’ll need to cancel them and set them up in a new account.
• Download your payment transaction history, if you need it.

Closing a Tesco Bank account - email, over the phone and by post²

There are a few ways you can request the closure of your Tesco Bank savings account. Unfortunately, there’s no quick way to do it in online banking or via the Tesco Bank mobile banking app.

Instead, you’ll need to complete a form and either email or post it to the bank. If you prefer though, you can also call up and speak to a customer services representative to ask for your account to be closed.

Tesco Bank doesn’t have physical branches in most parts of the UK, so you can’t pop in and close your account in person.

We’ll run through all of the details you need next.

Email¹

To close your account via email, you’ll need to complete this form - Request to close your Savings Account.

It’s pretty straightforward though, as the only details required include:

• Name
• Date of birth
• Postcode
• Account number and sort code.

You’ll also need to select whether you want to receive your certificate of interest at the end of the tax year.

Once you’ve filled out the form (you may need to print it, complete it and then scan it), you’ll need to email it to: SavingsClosureRequests@tescobank.com.

Post²

You can also request the closure of your account by post. Print out and complete the same form as above, then post it to:

Tesco Bank

PO Box 27017

Broadway One

Glasgow

G2 9FH.

Phone²

An alternative way to close your account is over the phone. Call up 0345 678 5678 and speak to a customer services representative. They’ll take some details and walk you through the process of getting your account closed.

How long does it take to close a Tesco Bank account?¹

Tesco Bank says it could take up to 30 days to process your request and close your account. However, it could be quicker.

Once you’ve received confirmation that your account is closed, you’ll need to make sure you destroy any cards associated with the account.

Looking for a new account with international readiness? Check out Wise

Ready for a new account? You can open a Wise account online and you can start managing your money in multiple currencies (including GBP). It’s not a bank account but offers many similar features.

With Wise, you can send payments worldwide to 160+ countries for low fees* and mid-market exchange rates. You can even receive it for free in 8+ major currencies.

Want to spend in multiple currencies too? Get a Wise card for a one-time cost of just £7 and you can spend all over the world in 150+ countries, including the UK.

This clever debit card automatically converts your pounds to the local currency at mid-market exchange rates whenever you spend. There are no foreign transaction fees, only a tiny conversion fee* - or it’s free if you already have the foreign currency in your Wise account. So, it’s perfect for holiday spending.

Sign up with Wise today 💰

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And that’s about it - all the essentials you need to know about how to close a Tesco Bank account.

It does involve filling in a form (unless you call the bank) and it isn’t the quickest, but the process is pretty straightforward. You’ll just need to have a little patience while the bank closes your account.

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Sources used:

1. Tesco Bank - Request to close your Savings Account
2. Tesco Bank - How do I close my Internet Saver Account?

Sources last checked on date: 17-June-2024