Some time ago the supermarket giant Tesco announced that it was launching its own bank, which would offer, amongst other things, mortgages and current accounts, improving the choice for consumers in what has become a very turbulent and difficult market.
Over recent years most of the major supermarkets have diversified and started offering a range of financial products such as insurance products and credit cards, and Tesco has decided to one step further.
According to a recent report the supermarket has now launched its new banking service.
However, consumers hoping to get a mortgage or open a current account will have to hold fire for a while, as it has also been reported that Tesco will not be offering these services until around 2011.
Tesco did offer a number of financial products under the Tesco Personal Finance name, but have now ditched this in favour of the simple and self explanatory new name of Tesco Bank.
Tesco already offers loans, insurance products, and credit cards, and from 2011 will start to offer a greater range of financial products including its mortgage loans and current accounts.
Over the past couple of years many consumers have been limited when it comes to choice especially in the field of mortgages, with a greater number of traditional lenders shying away from the market and being more selective with regards to the customers that they are prepared to take on.
One Tesco shopper said that the new bank was a good idea and would prove popular, stating: “We all know that supermarkets are now much more than just places to buy groceries, and with the limited choice that is available in the financial sector for consumers a new banking service from a household name will most likely prove very popular.”
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