|Key People||Gerry Mallon (CEO)|
|Headquarters:||Edinburgh, Scotland, United Kingdom|
|☎ Telephone number:||0345-300-35-11|
|Number of employees:||3,900|
|Number of locations:||Not known|
|ATM locator||Not available|
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Tesco Bank: Introduction
Tesco Bank appears to be a British retail bank, which was founded as Tesco Bank Finance back in 1997. Before that, Tesco had a joint venture with NatWest, another major UK bank. However, that joint venture was terminated by 1997, and Tesco decided to launch its own bank. The decision to launch this bank came after Sainsbury’s, main competitor of Tesco, launched its own bank.
In 2008, however, Tesco purchased a 50% stake in the Royal Bank of Scotland. In a year later, Tesco Personal Finance was rebranded into Tesco Bank. Nowadays, Tesco Bank appears to be a joint venture between Tesco and the Royal Bank of Scotland.
As of the present time, the headquarters of Tesco Bank is located in Edinburgh, Scotland. The bank which employs over 3,900 people, offers a wide array of products, including a range of personal accounts, insurance, savings accounts, loans, credit cards, mortgages, current accounts, and foreign currency exchange.
Tesco Bank Review
To put it simply, Tesco Bank tends to be one of the leaders of the market of retail banking. Indeed, the core focus of Tesco Bank is made on retail customers, and there are some really good checking account options that come without a monthly fee. But overall, the bank is able to offer a wide range of services, from savings accounts and loans to insurance.
In addition to that, the bank is widely famed for its low fees for retail customers, which makes it a worthwhile alternative to other big UK banks. As you can see in our online banking guide, Tesco Bank offers a really simple and convenient system of online banking – you should just take advantage of it. The 24/7 customer support is also an argument in favor of this bank.
However, if you want to open a business account, this is not a place to go. Additionally, lower returns on savings accounts discourage some customers from placing their funds here. On top of that, the number of Tesco branches and ATMs is, indeed, not that enough, as for the number of its customers.
These are the pros of Tesco Bank:
- A wide range of financial products on offer.
- Best bank for retail customers.
- An option of accounts without monthly fee.
- The fees are quite low.
- 24/7 customer support.
- A very efficient mobile and online banking.
Yet, there are also cons of Tesco Bank as well:
- Not suitable for businesses.
- A limited number of locations and ATMs.
- Savings accounts bring a low return.
In addition to this page about Tesco Bank, we have a detailed guide to the Tesco online banking. In order to see that guide, please access the Tesco Bank login webpage.