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17 February, 2014

Tesco Bank reaches 7 million accounts

Tesco Bank reaches 7 million accounts

Tesco Bank has today opened its 7 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, 1 in 8 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.”


For more information and media enquiries please contact:

Michael Strachan (Tesco Bank)

07826 556 556

Anna Moulds (Fishburn)

07834 904524

About Tesco Bank:

Tesco Bank offers a range of simple personal banking products, principally credit cards, personal loans, savings, mortgages and general insurance.

We aim to be the bank for Tesco customers by rewarding their loyalty and earning their trust.

Last year we gave more than £100 million in Clubcard points to Tesco customers and give a Clubcard discount on some of our insurance premiums to Tesco Clubcard holders.

  • Our customers hold 7 million accounts and policies with us.
  • We opened for business in 1997 and since 2008 have been owned by Tesco plc.
  • We now have approximately 4000 staff based in Edinburgh, Glasgow and Newcastle.
  • Tesco Bank’s products and services are available online and via our UK customer call centres, seven days a week. 
  • 86% of customer transactions are completed online. 

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Media team

For journalist enquiries only, contact the Tesco Bank Press Office on:

+44 (0)131 274 3630
+44 (0)7595 441 036


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