Tesco Bank

Tesco Bank

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.

Reviews Rating
72%
Review Score
This figure is an average of the reviews score, taken from customer reviews and the overall rating of the bank.
68%
BankRank® Score
This figure is the average of the bank’s total sentiment score and the review scores.
Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a senior editor at CompareBanks. He has over 10 years experience in writing about all aspects of finance and is passionate about helping consumers make informed decisions about their money.
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Overview

First Glance

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.

Features

Contact Info

Email
tesco.security@uk.tesco.com
Address
George House, 36 N Hanover St, Glasgow G1 2AD, United Kingdom
Phone
08457 10 40 10

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

Have a question about Tesco Bank?

Find answers in Q&As and ask your question

I recently opened a fixed rate 2 year savings account with you. Can I open another fixed rate account for one year now ? — Linda Haines

Why is Tesco bank not taking part in the online security verification — Shirley Jeary

Do you have current accounts for nonresidents ? I am a British citizen residing in Croatia and would like to have a bank account with a UK registered bank, if possible. Thanking you for your answer to the above enquiry. — Mr. Igor Rapo

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Tesco Bank Reviews

peter Whelan
March 26, 2024

“Incompetent Clowns Because of raising interest rates I transferred money from my current ISA provider to Tesco Bank, after nearly a month of holding my ISA nothing showed up on my account, after numerous phone calls letters and emails they claim that they do not have my money”

Incompetent Clowns
Because of raising interest rates I transferred money from my current ISA provider to Tesco Bank, after nearly a month of holding my ISA nothing showed up on my account, after numerous phone calls letters and emails they claim that they do not have my money.
My current provider has transferred my ISA to them and this can be proven so I am moving away from Tesco Bank they are nothing but incompetent Clowns

Date of experience: 09 September 2023

SHAZ PANGA
March 26, 2024

“IGNORANT STAFF, POOR CUSTOMER SERVICE, DO NOT VALUE”

IGNORANT STAFF, POOR CUSTOMER SERVICE, DO NOT VALUE THEIR CUSTOMERS

sunday omorodion
November 1, 2021

“will like to open account”

will like to open account

Mavy
November 12, 2017

“Rubbish!!! Didnt give me even one of their foundation credit cards”

Rubbish!!! Didnt give me even one of their foundation credit cards….

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Tesco Bank Accounts

2 Years Fixed Rate Saver Account
2 Years Fixed Rate Saver Account
Savings
Monthly Fee
0.75%
Interest Rate
Overdraft
Overdraft Rate
3 Years Fixed Rate Saver Account
3 Years Fixed Rate Saver Account
Savings
Monthly Fee
0.85%
Interest Rate
Overdraft
Overdraft Rate
5 Years Fixed Rate Saver Account
5 Years Fixed Rate Saver Account
Savings
Monthly Fee
1.00%
Interest Rate
Overdraft
Overdraft Rate
Fixed Rate Cash ISA
Fixed Rate Cash ISA
Savings
Monthly Fee
0.60%
Interest Rate
Overdraft
Overdraft Rate
Junior ISA
Junior ISA
Savings
Monthly Fee
2.25%
Interest Rate
Overdraft
Overdraft Rate
Instant Access Cash ISA
Instant Access Cash ISA
Savings
Monthly Fee
0.46%, 0.36%
Interest Rate
Overdraft
Overdraft Rate
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