Savings Overseas Customer Update

  • AshleighB's Avatar
    I live outside the UK, can I have a Tesco Bank Savings Account?
    To be eligible for a Tesco Bank Savings Account you need to be a UK resident. If you already have an account with us and have moved overseas, you now need to close your account.

    I received a letter saying that now that as I am no longer a UK resident, my account will be closed. What do I need to do?
    You can contact us to close your account. If we do not hear from you, your account will be automatically closed 2 months after the date on the letter. If your circumstances have changed and you don’t believe your account should be closed, you can contact us.
    I live in the Isle of Man/ Channel Islands so why are you closing my account?
    Tesco Bank are closing savings and credit card accounts of customers who have moved outside of the UK, as we only offer these products to people living in the UK. If you have received such notice of closure, it is because the most up-to-date address we have on file for you shows that you now live in the Isle of Man or Channel Islands which are self-governing British crown dependencies outside of the UK. Accordingly, your account falls within our criteria for closure and is being closed as a result.

    What will happen when my account is closed?
    If you have a balance on your account, your money will be returned to you and you will be sent a closing statement with details of your closing balance. If you're an ISA customer, please see FAQ below on ISA's.

    Why are you closing my account?
    During a Brexit impact Review, EU regulators found that their laws did not allow UK-based financial service firms to “passively service” customer accounts where the customer was resident in their jurisdiction. We only allow UK residents to open accounts. However, on review, we identified that some customers have moved overseas since opening their account. As our products are specifically designed for customers living in the UK and to ensure we comply with regulations of countries outside the UK, we decided to contact customers living overseas to advise them we will be closing their account.​​​​​​​

    I have been living overseas in a non-EU country for a period of time, why are you closing my account now?
    Although the recent Brexit changes highlighted difficulties with servicing customers living in the EU, there are similar challenges with overseas customers living outside the EU. We therefore took the decision to close all overseas accounts.

    How will you send me my money?
    We will send funds to your Linked Account. If we do not hold a Linked Account for you or you would like to update this, you can do this via Online Banking or by contacting us.

    I have moved back to the UK but haven't updated my address. How do I keep my account open?
    You will need to update your address to your UK residency address. You can do this via Online Banking or by contacting us.

    Can I move my money to another UK bank?
    If you have an account with another UK bank you can move your money there; however other building societies and banks in the UK may no longer be able to open or service accounts for customers living overseas. So, you may need to set up an account with a provider local to where you live.

    I am moving back to the UK but it is after the date stated in my letter. Can I keep my account open until I return?
    Please get in touch to discuss your options.

    I'm moving out of the UK, how do I update my address?
    If you are moving out of the UK, you will need to get in touch by calling us or via our social media channels.

    I have a joint savings account and one of the account holders lives in the UK, can I keep the account open?
    If either account holder lives outside of the UK we will need to close the account. The account holder that lives in the UK can contact us to open a new account in their own name at any time.

    Under what circumstances can I have an overseas address and keep my account open?
    There are a small number of instances where you can hold a savings account with an overseas address, for example, you are a Crown employee living overseas or you are a Power of Attorney managing the account of a UK based customer. You can contact us to discuss individual circumstances.

    I am an ISA customer, what happens to my subscriptions if I move out of the UK?
    You must tell us immediately if you are moving out of the UK. You can continue to make subscriptions to your account until the end of the current tax year. You will not be able to make subscriptions in the following tax year, or any subsequent tax years, unless you are also a UK resident during that tax year. Your money will continue to earn interest while you are living outside the UK and will remain tax-free.

    My account has a card, what should I do with this?
    Once your account is closed, you should destroy your card by cutting it in two across the black strip on the back of the card.
    Last edited by Christelle; 22-02-22 at 10:27.
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