02 August 2015

Tesco introduces current account

10 June 2014  |  5818 views  |  0 tescobank

Tesco Bank has finally launched its first current account, promising to take on the high street giants with transparent fees and modern technology.

Tesco has been building towards a full service retail bank ever since taking full ownership of its personal finance joint venture from partner Royal Bank of Scotland in 2008.

The supermarket giant already claims over six million customers for various banking and retail products. Now, with an industry-wide seven day account-switching system in place, it has finally added the final building block in the form of a current account.

Built on a Fiserv core platform, the account comes with a mobile app, online banking, contactless Visa debit card, UK-based call centre and the ability to make deposits at more than 300 Tesco stores. Account holders can also earn Tesco Clubcard points on debit card spend wherever they shop

There is a three per cent AER variable interest on credit balances up to £3000 and the account is free for customers who deposit more than £750 a month. For those that do not, there will be a £5 monthly fee.

Benny Higgins, CEO, Tesco Bank says: "In designing our current account we have listened to more than 20,000 customers to understand what they want. And the account we are launching today offers all the features they told us mattered most. There are no gimmicks; - just a simple, rewarding, modern, convenient current account, designed for Tesco customers, by Tesco customers."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

18 February, 2014
03 January, 2014
11 December, 2013
06 August, 2012
11 June, 2012
06 February, 2012
14 June, 2011
05 February, 2010
20 November, 2009
28 October, 2009
19 December, 2008

Related company news


Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
ING Bank introduces voice-activated mobile...
9240 views comments | 26 tweets | 30 linkedin
Will Uber be the Uber of banking?
7554 views comments | 40 tweets | 31 linkedin
Payments and capital markets sectors domin...
6381 views comments | 17 tweets | 18 linkedin
Singapore hires Citi veteran to lead new f...
5703 views comments | 13 tweets | 5 linkedin
Bank branches key to fending off digital c...
5644 views 11 comments | 21 tweets | 29 linkedin

Featured job

Circa £100K Basic OTE £200K+ NO CEILING
London based with substantial travel in the Benelux Region

Find your next job