Tesco Bank reaches seven million accounts
Tesco Bank has today opened its seven 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, one in eight 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.”