Tesco has today launched its first current account as it seeks further ways to keep its customers loyal.
Tesco Bank, wholly owned by Tesco since December 2008, serves six million customers in the UK.
The current account features will include clubcard points on debit card spend and 3% AER variable interest on credit balances up to £3,000.
Tesco will also offer a mobile banking app, online banking, contactless Visa Debit card, which doubles as a Clubcard, and the ability to make deposits at more than 300 Tesco stores.
Tesco Bank chief executive Benny Higgins said: “In designing our current account we have listened to more than 20,000 customers to understand what they want. And the account we are launching today offers all the features they told us mattered most. There are no gimmicks; just a simple, rewarding, modern, convenient current account, designed for Tesco customers, by Tesco customers.”
Tesco chief executive Philip Clarke said: “Customers have told us that in banking they want Tesco to deliver in the same way we do for millions of customers across the UK every day. They want us to focus on what we do best – offering customers quality products they can trust, providing great service, making things simple and transparent and rewarding them for their loyalty. We’ve taken all these ingredients and used them to help create our first Tesco Bank current account.”