Part of one of the world’s biggest supermarket chains, Tesco Finance was launched back in 1997. The Head Office is based in Edinburgh, and although there were bricks and mortar branches for the first few years the entire bank now operates online only.
Tesco offers a wide range of financial products including current accounts, insurance, loans, travel money and savings. All customers have access to online banking and an app for their mobile devices.
About Tesco Bank
Formed in July 1997, Tesco Bank is a British retail bank. Originally formed in partnership with the Royal Bank of Scotland, it has been fully owned by Tesco, the UK’s biggest supermarket brand, since 2008. It now operates under its own banking licence.
Prior to 1997 and the foundation of Tesco Personal Finance, Tesco had a joint venture with NatWest. Tesco Personal Finance was formed after supermarket competitor Sainsbury’s successfully launched their banking division. Tesco Personal Finance was renamed Tesco Bank in 2009.
Somewhat uniquely amongst British banks, Tesco can use its base of supermarket customers to grow its banking operation; customers who purchase financial products from Tesco Bank receive Clubcard benefits and bonuses.
Initially, Tesco Bank offered insurance, credit cards, loans, mortgages, and savings and travel products. The current account was launched in 2014.
Tesco Bank Products and Services
For Tesco current account holders, the debit card also serves as their Tesco Clubcard, which usually earns one point per pound spent in store. This is increased to two points per pound for current account holders.
Tesco has two primary mortgage products:
- Tracker rate mortgage
- Fixed rate mortgage
The tracker rate mortgage follows the interest rate set by the Bank of England, so the interest rate customers pay can vary across the repayment period. Customers have an initial grace period where they can change to the fixed rate mortgage if they choose.
Mortgage customers can also collect Tesco Clubcard points on their mortgage repayments.
Tesco Bank also has a range of personal loan options:
- £1,000 – 2,999
- £3,000 – 4,999
- £5,000 – 7,499
- £7,500 – 25,000
- £25,001 – 35.000
Customers are guaranteed an instant decision when applying online. If eligible, customers can also apply for a two-month payment break when they need it. Monthly payments are fixed and paid on the customer’s chosen date.
Tesco Bank Security
Tesco Bank offers customers extensive advice on how to keep their information safe via their website, including how to identify a genuine email from the bank. Customers can also register for Tesco Secure, an additional layer of card security.
Tesco Bank Contact Details
George House
36 N Hanover St
Glasgow
G1 2AD
