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Tesco Bank reaches 7 million accounts

Tesco Bank has today opened its 7 millionth customer account. The Bank offers a range of retail banking and insurance products and will launch a current account later this year.  

Since Tesco took full ownership in 2008, the Bank has added an extra 1.2 million customer accounts, launching a range of new products including mortgages, ISAs and Box Insurance.  During this period, deposits grew by 58% and customer lending increased by 64%. Today, 1 in 8 credit card transactions in the UK is made with a Tesco Bank Clubcard Credit Card.

The bank plans to launch a current account in the first half of 2014.  This will be the final strategic building block and will allow Tesco Bank to offer a full range of the core retail banking services that customers want.  The account will be designed around the needs of Tesco customers and will feature all the hallmarks of a Tesco Bank product – simplicity, transparency, convenience and reward for loyalty.

Benny Higgins, Chief Executive of Tesco Bank, said,

“Since 2008, we have invested to build a bank for Tesco customers.  Our goal is to win the trust of our customers by offering straightforward, convenient, transparent products which reward loyalty. We are delighted to be serving more customers in more ways than ever.”

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For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

About Us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

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