Tesco Bank launches first current account
Tesco Bank has been wholly owned by Tesco since December 2008 and now serves six million customers in the UK. The launch of the current account means that Tesco Bank now offers a full range of retail banking and insurance products.
The key features include:
Rewards for customers when they spend, and rewards for customers when they don’t
· Clubcard points on debit card spend wherever you use your card – both in and out of Tesco
· 3% AER variable interest on credit balances up to £3,000
Modern and convenient
· A mobile banking app with innovative features that helps customers manage their money everyday
· Online banking
· Contactless Visa Debit card which doubles as a Clubcard
· UK based customer service centres open 24 hours a day, seven days a week
· The ability to make deposits at over 300 Tesco stores
Transparent
· Simple and transparent fees and charges
· £5 monthly fee if customers deposit less than £750 per month. No monthly fee for customers who deposit more than £750 per month
· Free overdraft control feature to make managing the account easier
· Automatic text and email alerts and extended grace period to help customers avoid unarranged transactions fees
Customers can apply to open an account online from Tuesday 10 June (www.tescobank.com/current-accounts/) with 24/7 support available from Tesco Bank’s UK based call centres. To ensure switching is simple and hassle free, Tesco Bank is a member of the Payments Council’s seven-day switching guarantee service.
Benny Higgins, chief executive officer, Tesco Bank, said: “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.”
Philip Clarke, chief executive officer, Tesco, said: “Customers have told us that in banking they want Tesco to deliver in the same way we do for millions of customers across the UK every day. They want us to focus on what we do best – offering customers quality products they can trust, providing great service, making things simple and transparent and rewarding them for their loyalty. We’ve taken all these ingredients and used them to help create our first Tesco Bank current account.”