Tesco’s Supermarket Banking

We had a question on our Facebook page about Tesco’s plans to offer their own banking services brand within their supermarkets.

So now we will be able to bank at Tescos? Is that a good idea? Are the conventional banks worried? Could be a huge development

Owen Repliers

To be honest, you have been able to bank with the big supermarkets for a while now as there have been a number of joint ventures in place between supermarkets and banks to offer financials service products through supermarket stores. Whether it is a good idea depends on the value for money they are offering so as with any bank offering, never assume it is the best deal around without doing a bit of research – whichever brand is offering it to you. I suspect that conventional banks are a bit worried because many would argue that banks are far less effective at great customer service than supermarkets are. The saviour for them, though, is that people seem to be terribly slow at moving their current account from one bank to another, even when they are fed up with the service they are getting from their existing provider.

Ask Owen is about providing impartial financial advice for those concerned about managing their money. The country is suffering a serious economic decline and with people concerned about increasing costs of living and fuel bills, teamed with worries about job losses and house repossessions, it is a daunting time; so if you have a question to Owen fill in the comment box below and he will answer.