What does Brexit mean for your account(s) if you’re no longer a UK resident?If you’ve moved from the UK to live abroad, you may have questions about what will happen to your Tesco Bank account(s) after the UK’s Brexit transition period ends on 31 December 2020.
As negotiations between the UK and the European Union are ongoing, there’s still some uncertainty about what exactly this change will mean for our customers.
Rest assured - we’ll explain any confirmed changes to you as soon as we can.
Here’s what we can tell you at the moment:
If you have a Tesco Bank Loan
We can confirm that if you’re currently a resident in Europe (or anywhere else in the world) there’ll be no changes to your Tesco Bank Loan account after 31 December 2020. The terms of your loan won’t be affected, and you can continue to make your repayments as usual until the end of your agreed loan term.
If you have a Tesco Bank Credit Card, Savings account or Current account
As a result of Brexit, we’re reviewing where our customers are now resident. If you’re now resident of a European country (or anywhere else in the world) it’s likely that we’ll soon need to let you know that your account will be closed in 2021. This is because our credit card, savings and current accounts are designed for UK residents. You might remember that we asked if you were a UK resident when you first applied for your account.
There may be some exceptions to this depending on your individual circumstances (for example, we’ll continue to provide services to members of the UK Armed Forces overseas).
We’re planning to get in touch with our customers who are no longer UK residents in 2021 to confirm what you’ll need to do.
If you’d like to read more on this topic, check out the UK Finance guide to banking in the EU after Brexit.Was this article useful?
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