Tesco Bank

Tesco Bank is a trading name of Barclays Bank UK PLC, which uses the brand through a partnership agreement with Tesco. Until 1 November 2024 Tesco Bank was a telephone and internet retail bank in its own right, the trading name of Tesco Personal Finance Group Ltd, primarily focused on providing banking and insurance services to personal customers in the UK and the Republic of Ireland. It had approximately 8 million customer accounts and over 280 in-store travel money bureaux, and 86% of its products were bought online. The company offered current and savings accounts, personal loans, credit cards, online, mobile and telephone banking, and from August 2012 a range of fixed rate and tracker rate mortgages; its personal current accounts closed in 2021 and its Clubcard Plus savings accounts closed in 2017. Insurance, travel money, gift cards and ATM services were not part of the November 2024 transfer to Barclays and remained with Tesco Personal Finance Limited: the insurance range, which has included car and home insurance, pet insurance, travel insurance and life insurance, is now sold under the Tesco Insurance brand, and travel money is provided by Travelex. 1 in 8 UK adults had a Tesco Bank product, and more than 1.9 million customers had car, home and pet insurance with Tesco. The company was named “Best Direct Lender” by What Mortgage, the UK’s #1 monthly mortgage magazine for consumers. Until the transfer of its banking business, Tesco Bank was a wholly owned subsidiary of Tesco plc, the largest retailer in the United Kingdom and the third largest retailer in the world with operations in 14 markets across Europe, Asia and North America. In 2016, the Bank closed three remaining branches with a focus on being a completely online bank. At March 2017, the company had £8.5 billion in customer deposits and £9.96 billion in customer loans.

Transfer of the banking business to Barclays. On 17 October 2024 the High Court approved the transfer of Tesco Bank’s banking business to Barclays Bank UK PLC, and the transfer took effect on 1 November 2024. Barclays manages the credit card, personal loan, savings and Clubcard Pay+ accounts and products, together with any remaining balances on the personal current accounts closed in 2021 and the Clubcard Plus savings accounts closed in 2017, and uses the Tesco Bank name under a partnership agreement with Tesco. Insurance products, travel money, gift cards and ATMs were not included in the transfer and remained with Tesco Personal Finance plc, which re-registered as Tesco Personal Finance Limited (company number SC173199) on 6 December 2024. Earlier, in March 2017, Tesco Bank had reduced selected mortgage rates to 1.79% for the 80% LTV fixed for 2 years with no product fee and 2.29% for the 80% LTV fixed for 5 years with no product fee; mortgages were not among the products transferred to Barclays.

Tesco Bank Credit Cards

£1.3 billion was spent on Tesco Bank credit cards each month. The cards listed below were Tesco Bank products before the November 2024 transfer; Tesco Bank credit cards are now issued and managed by Barclays Bank UK PLC, and the offers shown no longer apply.

* Under the offer then current, a customer spending £5,000 on the Premium credit card in Tesco received 5,000 bonus Clubcard points.

Tesco Personal Finance plc (£b)

Tesco Bank Awards

Moneyfacts Awards, 2016
Personal Finance Provider of the Year
Best First-Time Buyer Mortgage Provider
Best Bank Mortgage Provider

Head office address:
Interpoint, 22 Haymarket Yards
Edinburgh EH12 5BH
Phone number: 131 479 1000
Website: www.tescobank.com

Glasgow office
Broadway 1
199 Renfield Street
Glasgow G2 3AX

Newcastle office
Q8 Building
Quorum Business Park
Londbenton
Newcastle Upon Tyne NE12 8BU

South Gyle Office
EHQ, 2 South Gyle Crescent
Edinburgh, EH12 9FQ
Registered office of Tesco Personal Finance Limited (company number SC173199).