Tesco Bank has today launched its long-awaited current account, offering one Clubcard point for every £4 of debit card spend in store and every £8 elsewhere. Jafar Hassan, personal finance expert at Uswitch.com, says: “When it comes to managing your money, every little helps, and the Tesco bank account should certainly appeal to loyal shoppers.
“The 17 million Clubcard customers will be swayed by earning points on their everyday spending when they use their debit card. Made even more tempting by the 3% AER on in-credit balances up to £3,000, this account is likely to grab the attention of those currently getting nothing back from their bank.
“There is also a relatively small list of barriers to receive the full current account service. The minimum monthly deposit of £750, no requirement to set up any direct debits and no fee should make the account more accessible to those keen to switch banks but previously put off by the long list of requirements and charges.
“It’s great to see people at last being offered some credible alternatives to the big banks. We wouldn’t be surprised to see more retailers follow in the footsteps of Tesco, M&S and Sainsbury’s and use their brand image and large customer base to offer financial products that rival the traditional institutions.”
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
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