Martin Lewis issues urgent warning to five million customers at one bank

has issued a warning to customers at one UK bank as huge changes are coming. Barclays has revealed that it has completed its takeover of Bank, and there are some things to note if you are a credit card customer.

The team of finance experts at Martin’s MoneySavingExpert have encouraged people who bank with Tesco to "reassess their savings rates" right away. They also recommend that customers take the time to review options offering more favourable returns.

According to the money experts, the new agreement between Tesco and Barclays UK will be a 10-year-long ‘strategic partnership’ that focuses primarily on how credit cards, personal loads, and deposits are marketed and distributed. The aim of the collaboration is to further reinforce Barclays UK portfolio of strategic partnerships across various sectors, while maintaining the business under Tesco Bank branding but with Barclays UK at the helm.

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Although Barclays will be taking the lead on some areas of Tesco’s financial services, the supermarket giant will hold onto its insurance and money services operations, including ATMS, travel money, and gift cards. While Tesco Bank has said it ‘anticipates no immediate alterations in its product line-up, MoneySavingExpert.com has warned: "Barclays typically offers lower interest rates on your savings compared to Tesco Bank. Tesco Bank says there are no changes to its products as a result of this move, but keep an eye on your rate and switch if you can get more elsewhere."

C. S.Venkatakrishnan, the Group Chief Executive of Barclays said: "This acquisition is an important step in increasing our investment in the UK. We look forward to collaborating with Tesco Group on delivering Tesco-branded financial services. We are delighted to welcome all transferring Tesco Bank employees and customers to Barclays."

Vim Maru, the Chief Executive of Barclays UK, also commented: "Today marks a significant step as we continue to grow Barclays UK. We will bring the strength of both businesses together, benefitting customers and colleagues. I am excited that the combination of our brands, alongside the benefits of Clubcard and its loyalty scheme, will support millions of households across the UK with their financial needs."