Tesco Bank

Kavanne

http://www.dailymail.co.uk/news/article-1165631/Tesco-launch-bank-branches-supermarket-giant-cashes-RBS-credit-crunch-failure.html

So would you have a Tesco Value bank account or a Tesco Finest bank account?

What do we think? Can they do it?

opinions4u

They can certainly do it.

How quickly they can attract mass market is another question!

Maybe they should buy up the Dunfermline client base and branch network ...

CG19a

They certainly have a customer base and a way to advertise directly to the kinds of people they want through clubcard. I'm just wondering if it will end up being another way Tesco will take over my life by having my Tesco wages paid into my Tesco bank account, then using that to pay my direct debits for my Tesco insurances, then using my Tesco switch card to buy my Tesco shopping.....AGHHHHHHHH

Kavanne

Could work in your favour if they offer additional clubcard points for paying using your tesco debit card?

CG19a

I suppose instead of paying interest in current accounts they could give clubcard points each month too. Since most current account interest rates are poor. They could also save themselves a fortune in card processing fees since paying in a Tesco store with a Tesco card means they won't necessarily have to go through the visa/mastercard network for authorisation.

jonesMUFCforever

If it will be a Tesco Visa or Mastercard there is no shortcut they will have to go their network, thinking about it if they did not offer a Visa or Mastercard then I would not want it.

CG19a

jonesMUFCforever wrote: »

If it will be a Tesco Visa or Mastercard there is no shortcut they will have to go their network, thinking about it if they did not offer a Visa or Mastercard then I would not want it.

They would probably offer a visa or mastercard. What I meant with this is that at the moment with a Tesco Savings account you are given an ATM card that is not a visa or mastercard, only a link card, however you can use this card in Tesco to pay for shopping, and when it requires authorisation we don't phone our usual merchant numbers, we call directly through to personal finance.
They could probably find a way to make the card dual use, so that in Tesco the card works like the current savings account card, but in any other store it works like a normal visa/mastercard.

97trophy

Interesting development, always pleased to see more competition.

dave461_2

Id move my banking to tesco!
Imagine being able to pay cheques in at the till, draw cash out and still put the shopping on the credit card.
All without driving into town, big ques and being hard sold fee accounts, account reviews or insurance.

456789

Sounds interesting - I am sure a lot of people who visit their branch regularly would prefer to do it whilst shopping at Tesco

CG19a

dave461 wrote: »

Id move my banking to tesco!
Imagine being able to pay cheques in at the till, draw cash out and still put the shopping on the credit card.
All without driving into town, big ques and being hard sold fee accounts, account reviews or insurance.

You can already do that with a Tesco savings account. You can pay in cheques and cash at any checkout, and withdraw £100 at the till, or up to £500 at the customer service desk.