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Tesco Bank is a telephone and internet retail bank with approximately 8 million customer accounts and over 280 in-store travel money bureaux. It is primarily focused on providing banking and insurance services to personal customers in the UK and the Republic of Ireland. Tesco Bank is the trading name of Tesco Personal Finance Group Ltd. 86% of Bank’s products are bought online. The company offers current and savings accounts, personal loans, credit cards, travel money and ATM services, online, mobile and telephone banking as well as insurance products including car and home insurance, pet insurance, travel insurance, life and health insurance and dental insurance. It also offers a range of fixed rate and tracker rate mortgages since August 2012. 1 in 8 UK adults has a Tesco Bank product. More than 1.9 million customers have car, home and pet insurance with Tesco. The company was named “Best Direct Lender” by What Mortgage, the UK’s #1 monthly mortgage magazine for consumers. Tesco Bank is a wholly owned subsidiary of Tesco plc, the largest retailer in the United Kingdom and the third largest retailer in the world with operations in 14 markets across Europe, Asia and North America. In 2016, the Bank closed three remaining branches with a focus on being a completely online bank. At March 2017, the company had £8.5 billion in customer deposits and £9.96 billion in customer loans.
In March 2017, Tesco Bank reduced selected mortgage rates. The new rates include: 1.79% for the 80% LTV fixed for 2 years with no product fee and 2.29% for the 80% LTV fixed for 5 years with no product fee.
Tesco Bank Credit Cards
£1.3 billion is spent on Tesco Bank credit cards each month.
| Purchases Credit Card | 0% interest on purchases for up to 28 months |
| Balance Transfer Credit Card | 0% interest on balance transfers for up to 40 months |
| 0% Balance Transfer Fee Credit Card | 0% interest on money transfers for up to 24 months |
| Premium Credit Card * | The best credit card Clubcard points earn rate |
| Money Transfer Credit Card | 0% interest on money transfers for up to 40 months |
| Low APR Credit Card | Low 5.9% APR representative (variable) on purchases |
| Foundation Credit Card | Interest rate on purchases 27.5% p.a. (variable) |
* If you spend £5,000 on your Premium credit card in Tesco you will receive 5,000 bonus Clubcard points.
Tesco Personal Finance plc (£b)
| 8/2016 | 2015 FY | 2014 FY | 2013 FY | 2012 FY | 2011 FY | |
| Total assets | 11.927 | 10.062 | 9.248 | 8.431 | 7.605 | 6.992 |
| Customer loans | 9.264 | 7.725 | 6.922 | 5.570 b | 4.672 | 4.679 |
| Customer deposits | 8.111 | 6.914 | 6.082 | 6.004 b | 5.390 | 5.077 |
Tesco Bank Awards
Moneyfacts Awards, 2016
Personal Finance Provider of the Year
Best First-Time Buyer Mortgage Provider
Best Bank Mortgage Provider
Head office address:
Interpoint, 22 Haymarket Yards
Edinburgh EH12 5BH
Phone number: 131 479 1000
Website: www.tescobank.com
Glasgow office
Broadway 1
199 Renfield Street
Glasgow G2 3AX
Newcastle office
Q8 Building
Quorum Business Park
Londbenton
Newcastle Upon Tyne NE12 8BU
South Gyle Office
EHQ, 2 South Gyle Crescent
Edinburgh, EH12 9FQ