Tesco Bank and Barclays
Find out what the proposed transfer of some Tesco Bank accounts and products to Barclays Bank UK PLC could mean for you.
Key points
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Tesco Personal Finance PLC plans to transfer its Tesco Bank banking business to Barclays Bank UK PLC (Barclays), subject to High Court (the Court) approval, on 1 November 2024
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Accounts and products that transfer to Barclays will still use the Tesco Bank brand
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This won’t affect your day-to-day banking
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Tesco Bank has provided more information about the proposed transfer (see ‘Get more details from the Tesco Bank website’, below).
What's happening?
As announced on 9 February 2024, Tesco Personal Finance is proposing to transfer its Tesco Bank banking business to Barclays. If the proposed transfer takes effect, Barclays will continue to use the Tesco Bank brand on all existing Tesco Bank banking products through a partnership agreement with Tesco.
Which Tesco Bank account and products might transfer to Barclays?
- Tesco Personal Finance is proposing to transfer credit cards, personal loans, savings and Clubcard Pay+ accounts and products to Barclays. It is also proposing to include any balances for personal current accounts that closed in 2021, and Clubcard Plus savings accounts that closed in 2017
- This won’t include Tesco insurance products, travel money, gift cards, and ATMs.
The proposed transfer is subject to High Court approval, as required by law. Details of the proposed transfer are set out in a document called the ‘Scheme Document’. The Court will consider the Scheme Document at a hearing expected to take place on 17 October 2024.
If the Court approves the proposed transfer, we expect it to become effective on 1 November 2024, two weeks from the date of the Court hearing. Tesco Bank accounts and products will transfer to Barclays on that date.
Do I need to do anything?
There’s nothing you need to do to maintain your day-to-day banking. But if you have accounts or products with Tesco Bank, we recommend that you read the documents on the Tesco Bank website to see if you need to take any action in connection with the Scheme.
If you have eligible deposits protected by the Financial Services Compensation Scheme (FSCS), such as savings, with Tesco Bank please download the Customer Booklet from the Tesco Bank website and read pages 12 to 15. This will help you decide if you need to do anything to keep your eligible deposits protected by the FSCS, should the transfer be approved by the Court. Please visit the FSCS website for more information about eligible deposits. You can also check your account statements to see if your deposits are eligible.
If you have accounts and products with both Tesco Bank and Barclays, you should also read pages 19 to 22 of the Customer Booklet for more information about how your rights may be affected.
Get more details from the Tesco Bank website
Download documents about the proposed transfer
You can download the Scheme Document, the Customer Booklet and more from the Tesco Bank website. You can also request versions in large print, audio, or braille. If you want to raise an objection to the proposed transfer, you can do so using the contact details on the Tesco Bank website.
Help with your Barclays accounts and products
Please get in touch with us – we’ll be happy to help. You can call us on 0345 734 5345. Lines are open 9am to 5pm (UK time), Monday to Friday.
Frequently asked questions
We recommend that you read pages 12 to 15 of the Customer Booklet, available from the Tesco Bank website. This will help you decide if you need to do anything to keep your savings protected by the FSCS, should the transfer be approved by the Court.
No. Your Tesco Clubcard number will remain the same and you’ll continue to receive the same benefits as you do today with Clubcard, including points and use of reward partners.
You should contact Tesco Bank using the contact details on its website.
Important information
Figure accurate as at 20 February 2024.(Return to reference)