What To Do If Your Current Account Is Closed | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 06/09/2021

M&S closed all its current accounts last week and with Tesco Bank set to follow at the end of November, thousands of consumers could find themselves without a bank account.

On Tuesday 31 August, M&S closed its current accounts, including its popular M&S current account, M&S Premium current account and M&S Premium current account with insurances. Meanwhile, Tesco Bank has announced that it will be closing all its current accounts on 30 November 2021.

What to do if your current account is closed

M&S customers should have been notified by the bank that their account was due to close and had until 4.30pm on 31 August 2021 to switch accounts. Customers who did not switch accounts and whose accounts are now closed will need to ensure that their balance is a £0 and close the account. This means that those with an overdraft will need to ensure that their overdraft is repaid, while those with credit in their account will need to contact the bank to withdraw or transfer their money out of the account.

Tesco Bank current account customers still have time to switch accounts. Using the current account switching service (CASS) helps to make the switching process easier as the new bank or building society will arrange for the switch to take place, including moving all direct debits, standing orders and incoming payments to the new account within seven working days.

Accounts with switching offers

Customers needing to switch accounts can consider moving to an account that has a switching offer. At the moment Nationwide Building Society is offering £100 to new customers who switch to its FlexDirect, FlexAccount or Flex Plus accounts. In order to be eligible for the cashback offer, customers must switch two active direct debits or standing orders to the new account using CASS (additional terms and conditions apply).

For more information about these accounts and switching offers visit our switching deals page. Alternatively, visit our bank account comparison chart to compare all current accounts currently available.

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