Tesco Bank

Tesco Bank is a UK-based retail bank that provides a range of personal financial products to consumers. Its offerings include current accounts, savings accounts, credit cards, personal loans, mortgages, and various insurance products such as home, car and travel cover. The bank serves customers across the United Kingdom, delivering its services primarily through online platforms, mobile applications and telephone contact centres, without maintaining a network of physical branches. It markets its products under the Tesco Bank brand, which is also known by its former name Tesco Personal Finance.

The bank distinguishes itself by being closely integrated with the Tesco retail ecosystem, allowing customers to earn Clubcard points on eligible banking transactions and to access certain financial offers through Tesco stores and its website. It operates under the regulatory supervision of the Prudential Regulation Authority and the Financial Conduct Authority, adhering to the same standards as other UK‑licensed banks. Tesco Bank’s approach combines a digital‑first delivery model with the brand recognition and customer loyalty associated with the wider Tesco Group.

Structurally, Tesco Bank is a wholly‑owned subsidiary of Tesco PLC, the multinational grocery and general merchandise retailer headquartered in the United Kingdom. The entity was originally created in 1997 as a 50/50 joint venture between Tesco and the Royal Bank of Scotland under the name Tesco Personal Finance, and Tesco acquired full ownership in 2008, subsequently rebranding the business as Tesco Bank. This ownership arrangement places the bank within the Tesco Group’s financial services division, linking its performance to the broader retail parent while maintaining a separate banking licence.