Tesco Bank

Tesco was founded by grocer Jack Cohen, a simple market stallholder who began selling Tesco tea in 1924. Using the initials TES from the tea supplier, T.E. Stockwell, and the first two letters of his surname, he opened the first Tesco store in 1929 and the first Tesco supermarket in Maldon, Essex, in 1958.

The following years Tesco enjoyed astonishing growth, consolidating this with a number of acquisitions. But it was not until 1995, with the launch of their revolutionary Clubcard loyalty scheme, that the business became the dominant force in UK retail we know today.

In 1997, Tesco Personal Finance launched in partnership with Royal Bank of Scotland, offering branded financial services such as insurance, loans, savings, mortgages and credit cards. The business renamed Tesco Bank in 2008, after the acquisition of RBS’s remaining stake in Tesco Personal Finance.

Banking group: Tesco Personal Finance Group

Major news:

  • October 2017 – Tesco Bank launches its dedicated ‘new build service for Intermediaries’, offering quick processing of their new build mortgage applications.
  • December 2017 – Tesco Bank increases interest rates for its savings customers.

Unique features:

  • Collect Clubcard points when you use your credit or debit card.
  • Tesco Pay+ digital wallet, an award winning app. It makes shopping more convenient by letting you pay for your Tesco shopping and collect Clubcard points with a mobile app.

Current accounts:

  • Tesco Bank Current Account

7-day account switch guarantee: Yes

Credit cards:

  • 0% Purchases
  • Balance Transfer
  • No Balance Transfer Fee
  • Low Rate
  • All Round Cards (Balance transfer & Purchases)
  • Money Transfer
  • Premium
  • Foundation card (for bad credit)

Savings accounts:

  • Fixed rate cash ISA
  • Fixed rate saver
  • Instant access cash ISA
  • Instant access savings account
  • Internet saver
  • Junior cash ISA

Mortgages: Yes

Digital banking:

  • Online banking for all customers
  • Mobile application (Android/iOS)

Business banking: No

FSCS deposit protection: Yes, up to £85,000 per accountholder

Regulatory information:

  • Authorised by the Prudential Regulation Authority (PRA)
  • Regulated by the Financial Conduct Authority (FCA) and PRA. Registration number 186022
  • Subscribes to the Lending Standards Board’s Standards of Lending Practice