Tesco Bank announcement welcomed by moneysupermarket.com

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Tesco Bank announcement welcomed by moneysupermarket.com

The launch of Tesco Bank has been greeted warmly by moneysupermarket.com.

Kevin Mountford, head of banking at the comparison site, made his comments following the new that Tesco will now be offering full-service banking through its branches, in-store and online.

Tesco Personal Finance has also been renamed Tesco Bank as part of the move.

He pointed out that a major retail brand such as Tesco entering into this side of financial services can only be helpful to consumers, since it will offer more options about where they can put their money.

Mr Mountford explained: "The UK banking market has offered a healthy competitive environment.

"However the last year has seen some major consolidation, which in the long run is likely to affect the level of customer choice."

He added that switching bank accounts needs to be encouraged more and having more competitive products in the market will enable this to happen.

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