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
7-day account switch guarantee: Yes
Business banking: No
FSCS deposit protection: Yes, up to £85,000 per accountholder