Tesco bank’s move into the current account market is welcome, but more needs to be done to win consumer trust
In response to the announcement from Tesco Bank that it plans to offer current accounts in 2014, Michael Ossei, personal finance expert at Uswitch.com, says: “The new account switching service makes it quicker and easier for people to move between bank accounts, so Tesco’s entry into the current account market is great news and well timed.
“While the finer details of the new account are yet to be revealed, Tesco customers will soon be able to do their shopping and banking under one roof. Regular shoppers will also be hoping for additional benefits linked to the Clubcard scheme. So, regardless of what the rest of the market offers, Tesco is likely to win when it comes to convenience.
“Our research shows that one in five customers are unhappy with their current account provider, with excess charges, poor interest rates and in-branch queues the main gripes. For these people, the opportunity to switch to a new one with a familiar name may be a real draw. But almost half of consumers said they would still choose to hold their account with a traditional high street bank rather than an alternative like Metro Bank or a supermarket brand – so Tesco will have its work cut out in building enough trust to persuade people to switch.”
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Charlotte Nunes
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