Tesco

trashcan_2

Tesco have a good Internet saver rate at the moment 6.25% but with a bonus, but alright for a year though.

Could you tell me who Tesco banks with, Are they there own bank or under someone else.

Milarky

They are tied into RBS. Which is good news as it means you can have instant access to the Tesco account via the Faster Payments system*

Faster Payments certainly works with Tesco's Instant Savings (telephone) account so it's going to work with an 'online' account too.

Mikeyorks

trashcan wrote: »

Are they there own bank or under someone else.

According to Martin's research they have their own FCS entry .... so no dilution on the £35k protection. But they do have a partnership with RBS :

Your account is with Tesco Personal Finance, a Joint Venture between The Royal Bank of Scotland plc and Tesco PLC. We are a member of the Royal Bank of Scotland Group.

trashcan_2

Are RBS also in some kind of money trouble or Am I thinking of someother Bank.

Ian_W

trashcan wrote: »

Are RBS also in some kind of money trouble or Am I thinking of someother Bank.

No, RBS are in the process of a rights issue, along with B&B and HBOS. They're also trying to sell off their insurance arms, Direct Line etc.
Interestingly it's being reported HERE that Tesco are close to buying RBS out of Tesco Finance.

The fact that Tesco Finance is separately registered with FSCS, has the backing of the UK's major supermarket, whether RBS is involved or not, would make it about as safe as it gets I would have thought.

trashcan_2

Yes most things Tesco does it does well.