10th Jun 2014 08:56
LONDON (Alliance News) - British supermarket chain Tesco PLC said Tuesday that Tesco Bank has launched its first current account.
Tesco Bank was created as a joint venture with Royal Bank of Scotland Group PLC in 1997 and has been wholly owned by Tesco since December 2008. It serves six million customers in the UK.
Tesco said the launch of the current account means that Tesco Bank now offers a full range of retail banking and insurance products. Previously, it had offered savings accounts and consumer loans but not a current account.
"The account has been designed after listening to more than 20,000 customers, and includes all the key features that matter most to them," Tesco said in a statement Tuesday.
Tesco said the current account will reward its customers whether they spend at Tesco's or not, with Tesco Clubcard points on debit card spending wherever the card is used. Other product features include the ability to make deposits at over 300 Tesco stores, and a contactless? Visa Debit card which doubles as a Tesco Clubcard.
Tesco shares were trading 0.3% lower Tuesday morning, at 293.14 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Tesco