Tesco Bank is a British retail bank which was formed in July 1997, and which has been wholly owned by Tesco plc since 2008.
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11 Facts About Tesco Bank
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Tesco Bank launched a current account in June 2014, but has since stopped accepting new current account applications, and all existing current accounts were closed in November 2021.
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3.
Tesco Bank came third in the British Bank Awards, with an average customer satisfaction of 87.
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Tesco Bank provides a range of personal accounts, including credit cards, loans, savings accounts, insurance and foreign currency exchange.
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Tesco Bank launched its first mobile app in 2014, supporting its core transactional products.
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Tesco Bank sold its mortgage portfolio to Lloyds Banking Group in September 2019, and in February 2020, the bank decided to stop offering current accounts to new customers.
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7.
On 26 July 2021, Tesco Bank announced it will be closing all current accounts held by its customers, citing "limited activity".
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In July 2010, Tesco Bank opened two major offices at Quorum Business Park in Newcastle, and a larger one at Broadway One in Glasgow.
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10.
On 14 May 2016, Tesco Bank closed all three remaining branches, with a focus on being a completely online bank.
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11.
On 6 November 2016, British newspapers reported that customers of Tesco Bank were reporting that hundreds or in some cases thousands of pounds had been lost from their accounts, with some reporting unauthorised card transactions originating in Brazil.
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