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An update about our proposed banking business transfer to Barclays Bank UK PLC.

What’s happening?

As announced on 9 February 2024, we’re proposing to transfer our banking business to Barclays Bank UK PLC (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.

We’re proposing to transfer all our credit card, personal loan, savings, and Clubcard Pay+ accounts and products to Barclays. We’re also proposing to include any balances for personal current accounts which closed in 2021, and Clubcard Plus savings accounts which closed in 2017.

Our insurance products, travel money, gift cards, and ATMs are not included in this proposed transfer. They’ll remain with Tesco Personal Finance PLC (Tesco Personal Finance) under the Tesco Insurance and Tesco brands.

The proposed transfer is subject to High Court (the 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, 2 weeks from the date of the Court hearing. Your account(s) and product(s) 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 activities, but we recommend that you read the documents linked below to decide if you need to undertake any action in connection with the proposed transfer.

    The Financial Services Compensation Scheme (FSCS) compensates customers with eligible deposits if their UK authorised financial provider stops trading or becomes insolvent. 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.

    Please refer to page 12 of the Customer Booklet to see if you need to do anything to keep your balances protected by the FSCS should the transfer be approved by the Court.

      Here’s all the information you need to understand the proposed transfer:

        A template version of the letter we’ve sent you (112KB, pdf) The Customer Booklet - a summary document of key information (521KB, pdf) The Customer Q&As - to answer detailed questions about the proposed transfer (580KB, pdf) The Scheme Document – this sets out the terms of the proposed transfer (328KB, pdf) The Explanatory Statement – this contains a summary of the Scheme Document (124KB, pdf) The Legal Notice - this is a formal notification about the proposed transfer (95KB, pdf)

        Documents are available in large print, audio, or braille. Find out more and get the help you need on our support page.

        You can also request documents by calling us on 0800 40 60 50* or sending us an email to transferscheme@tescobank.com

          Want to talk to us?

          If you have any questions, please get in touch – we’ll be happy to help. Just give us a call on 0800 40 60 50*. If you’re overseas, please call us on +44 800 40 60 50*. Lines are open 9am-6pm (UK time), Monday to Friday.

          If you have difficulties with your hearing or speech, contact us through the Relay UK app. You can find out how to use Relay UK on their website.

            What to do if you want to object

            The Court must approve the proposed transfer before it can go ahead. The hearing is due to take place on 17 October 2024 at:

            The Rolls Building
            7 Rolls Buildings
            Fetter Lane
            London EC4A 1NL

            The Court will only approve the proposed transfer if it considers it appropriate to do so. You should consider the proposed transfer from your perspective. Anyone who believes they may be adversely affected by the proposed transfer has the opportunity to raise objections or concerns. The Court will take any customer objections into account in making its decision.

            You have the right to attend the hearing to present any objections or concerns you may have in person. Alternatively, you may appoint a representative to attend the hearing and present your objections or concerns on your behalf. Your representative doesn’t need legal training and could be a friend or relative but please note that if you wish for your objections to be made by a representative, they will need the permission of the Court to speak or have appropriate rights of audience to appear at court. Any legal representative appointed will be at your own cost. If you’re going to attend, or be represented at the hearing, it’ll help if you could let us know of your intention, together with your reasons, by 11 October 2024. You can find our contact details below. This’ll give us an opportunity to address your objections or concerns. We’ll share any representations you might make with the Court, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), even if we’ve addressed them. A failure to give notice in advance doesn’t prevent anyone who wishes to do so from attending the Court hearing.

            If you’d prefer not to attend the Court, but you have objections or concerns, you can get in touch in the same way. We’ll still share these with the Court and the regulators. Whilst you can make your views known up until the day of the Court hearing to approve the Scheme, it’ll help if you could let us know any objections by 11 October 2024.

            If you wish to make a written objection to the Court directly, you can do so by writing to the address of the Court shown above.

            When notifying us or the Court of your objection or concerns, please include the Court’s reference number (CR-2024-002018) in your response.

            You can raise any objections in the following ways:

            By calling us:
            A helpline has been set up if you have any questions about the proposed transfer or would like us to talk you through any of the information we’ve shared with you. Just give us a call on 0800 40 60 50*. If you’re overseas, please call us on +44 800 40 60 50*.

            By emailing us:
            Quoting reference CR-2024-002018 at the following address:
            transferscheme@tescobank.com

            By writing to us:
            Quoting reference CR-2024-002018 at the following address:
            Broadway One
            199 Renfield Street
            Glasgow
            G2 3AX

            By presenting your objection at the Court hearing:
            You can also present your views (in person or by legal representation) at the final Court Hearing to approve the Scheme which is due to take place on 17 October 2024 at The Rolls Building, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL. You’re free to just turn up on the day.

            It’s important that you carefully consider the proposed transfer. While the Court will need to approve the proposal, and the PRA and the FCA have both been consulted, your views are very important.

              Do you need additional support?

              It only takes a few minutes to update your support preferences, you’ll just need to share a few of your details and then select the right support for you. You can complete our form on our website, under the getting the right support section.


                *Calls may be recorded. Calls to 0800 numbers from UK landlines are free. The costs from mobile phones may vary. If you’re calling from outside the UK, please check with your service provider for the cost of calling this number from overseas. Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh EH12 9FQ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.