Barclays completes takeover of Tesco Bank – here's what it means for savers and borrowers

The deal, which was announced earlier this year, officially completed today (Friday 1 November) following approval from regulators and the High Court. It will see 3.8 million customers moved to Barclays and includes Tesco Bank's savings and borrowing products, as well as Clubcard Pay+, a prepaid debit card.

Tesco Bank saver? Your money is now with one of the biggest UK banks

If you're a Tesco Bank saver, there are three key need-to-knows:

1. Your savings are now protected by Barclays. So for your money to be at risk, Barclays would have to fail – and it's one of the biggest UK banks.

2. 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. See our Top savings and Top cash ISAs guides for our current best buys, including up to 5.15% easy access.

3. If you've savings with both Tesco Bank AND Barclays, they now share the Financial Services Compensation Scheme's (FSCS) protection. So, if you've over £85,000 saved with both, you'll need to move your money elsewhere as you now only get a combined £85,000 limit across the two. See How to save in 100% safety. You can also use our tool to Check which banks are linked.

Tesco Bank customer? You can still use your products and services as normal

All of the products and services that have been transferred to Barclays will remain under the Tesco Bank brand and you can continue to use them as normal. You can contact Tesco Bank's customer services with any queries or complaints as usual.

Of course, this could be a good opportunity to check you're getting the best deal. Check our guides on Cutting existing loan costs and shifting credit card debt to 0%.

The partnership doesn't include Tesco's ATMs, gift cards, insurance and travel money services, which will continue to be owned and operated under the Tesco Insurance and Tesco brands. Visit our Cheap insurance and Cheap travel money guides for help getting the best deals.

Before switching any product, remember to check for any exit fees or penalties.