The High Court approved the transfer of Tesco Bank's banking business to Barclays Bank UK PLC on 17 October 2024, and the business transferred on 1 November 20241. Tesco Bank states that Barclays now manages all its credit card, personal loan, savings and Clubcard Pay+ accounts and products, along with balances for personal current accounts that closed in 2021 and Clubcard Plus savings accounts that closed in 20171.
Barclays will continue to use the Tesco Bank brand on all existing Tesco Bank banking products under a partnership agreement with Tesco1. Tesco Bank is now a trading name of Barclays Bank UK PLC, registered in England under company number 9740322, with its registered office at 1 Churchill Place, London E14 5HP, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority1.
Not everything moved. Insurance products, travel money, gift cards and ATMs were not included in the transfer and have remained with Tesco Personal Finance PLC under the Tesco Insurance and Tesco brands1.
"There's nothing you need to do to maintain your day-to-day banking activities"
Tesco Bank adds that customers still have access to the same banking products and services through all the same channels, and directs customers to its transfer documents to decide whether any action is needed1. On deposit protection, it says the Financial Services Compensation Scheme compensates customers with eligible deposits if their UK authorised financial provider stops trading or becomes insolvent, and points to page 12 of its Customer Booklet for whether anything is needed to keep balances protected1. The documents refer to the FSCS protection limit of £85,000 in 2024, which Tesco Bank says has since been increased to £120,0001.
Why it matters for households
Anyone holding a Tesco Bank credit card, personal loan, savings account or Clubcard Pay+ account is now a customer of Barclays Bank UK PLC, from 1 November 2024, even though the products continue to carry the Tesco Bank name1. The same applies to balances on personal current accounts closed in 2021 and Clubcard Plus savings accounts closed in 20171. Day-to-day banking, including access through existing channels, is unchanged according to Tesco Bank, and it says no action is needed to maintain it1.
Deposit protection is the point where the change has practical effect. Because the accounts now sit with Barclays, the FSCS limit and how balances are counted against it depend on the rules for that provider, and Tesco Bank directs customers to page 12 of its Customer Booklet on keeping balances protected1. The £85,000 figure quoted in the transfer documents dates from 2024; Tesco Bank states the limit has since risen to £120,0001. Insurance, travel money, gift cards and ATMs are unaffected by the transfer and remain with Tesco Personal Finance1.
What happens next
The transfer has completed, and Tesco Bank states that Barclays will continue to use the Tesco Bank brand on existing banking products under its partnership agreement with Tesco1. No further dates for the transfer itself have been reported. Customers with questions are directed to Tesco Bank's contact number and to Relay UK for those with hearing or speech difficulties1.
Sources1 cited
- Tesco Bank and Barclays Partnership tescobank.com
FSCSProtects your money if a bank, insurer or investment firm fails
Financial Ombudsman ServiceFree, independent help when a complaint about a firm is not put right
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