What is a dormant savings account? We regularly review our savings accounts to check they are still active. Where you have not transacted on your accounts for at least 3 years, we may write to you to check you are still using the account. If we do not hear back from you or you do not transact on your account, we will mark your account as dormant. We do this to ensure your account is as secure as possible and protect it from any fraudulent activity.
What happens when you make my account dormant? Once your account is made dormant, access to your account will be restricted. You’ll no longer be able to transact on your account and we’ll stop sending you account communications through the post (although you will still be able to view your statements via Online Banking or our Mobile Banking App). Your balance will remain safely in your account until you contact us to re-activate or close it. Until then, you will continue to earn interest on your savings (please note, interest rates are subject to change). Visit www.tescobank.com/savings/existing-customers/ for your current interest rate.
How do I know if my account has been made dormant? We will always write to you 2 months ahead of making your account dormant. We will request that you transact on the account to keep it active or telephone us to let us know. If we do not hear from you, we will assume the account is no longer in use and make it dormant. We will write to you again once this happens to confirm this.
What about my other Tesco Bank accounts? We consider each account in isolation when determining whether it is still active. If you hold other accounts or products with us, these accounts will not be made dormant if they are still being used.
I am not sure whether I hold a savings account with you, what should I do? We're committed to reuniting customers with their lost or forgotten money. If you think you had an account with us you can no longer access, contact us with the relevant details and we'll try and locate it.
If we’re not able to locate it for you, please visit www.mylostaccount.org.uk. This is an official site set up by the British Bankers Association (BBA), the Building Societies Association (BSA) and National Savings and Investments (NS&I) to trace lost accounts.
My savings account is dormant, how do I reactivate it? If you would like to reactivate your savings account, you can call us on 0345 366 4142* at any time and we can arrange this for you.
Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.