The supermarket giant Tesco has just launched a current account that customers can access through mobile and online banking. It’s a long-awaited service that will attempt to lure customers away from the major high street banks.
The current account service will have features exclusive to their 16 million Clubcard holders that tie in to their popular rewards scheme. Tesco Bank already run a similar service in which customers can earn points on all debit card spending.
The current account is the latest addition to Tesco Bank’s financial services which already include credit cards, mortgages and savings accounts. Six million people are customers of the supermarket’s bank.
As there are only three actual branches, the Tesco current account will be tailored heavily towards mobile and online users. It can only be opened online too. Tesco Mobile customers will be able to download the app to use the service on their smartphone today.
Tesco’s current account does not currently offer any incentives to attract new customers to the supermarket’s bank. This is different to the likes of Marks And Spencers that gives new customers a £100 gift car if you switch to a current account with them.
Tesco’s current account will pay %3 on credit balances that are worth up to £3000. Customers can earn a maximum of £90 before tax over the course of one year. This is less than the Nationwide Building Society which offers 50% up to £2500 and the TSB Classic Plus account that pays 4% of £2000.
Tesco will be hoping that this new service will improve the supermarket’s poor financial performances as of late. Some have been calling for their CEO to quit over the disappointing figures.
If you are on Tesco Mobile, you can inquire about using Tesco’s account through your phone by calling the Tesco Mobile Customer Service Contact Number.