Tesco Bank set to launch current account in 2013

By Daniel Culpan

Tesco Bank is expected to launch its current bank account next year, the BBC reports.

The Edinburgh-based bank, which operates in stores, online and by telephone, already offers credit cards, insurance and savings products - and has around 6.5 million customers.

The bank said it was hoping to move towards a "full-service bank for Tesco customers", including things such as current accounts and mortgages. It had initially been expected to launch its new banking products this year, although the bank commented that product development was moving at the 'right pace'.

A spokesperson commented: "Our launch timings are not yet confirmed but will be driven by delivering the right product for Tesco customers, as well as the speed of implementation of new industry-wide systems to help customers switch current accounts more easily."

Last year, the Independent Commission on Banking (ICB) recommended reforms to the system that lets customers switch bank accounts. As part of these changes, a new free redirection service is due to be launched by September 2013.

Tesco Bank is considered to be a rival to the main high street banks, reporting a 7% increase in revenue to £919 million in its last set of results.

Image © iStockPhotos / Liz Leyden/ Tesco Bank

Tags: Tesco, bank, banking, credit cards, insurance, mortgage, Independent Commission on Banking, ICB, Tesco Bank, bank account, high street, supermarket

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