Tesco Bank has over six million customers throughout the United Kingdom. The offer a full range of products including car insurance, savings accounts and credit cards and even have a network of ATM's. All this makes Tesco bank one of the most successful supermarket banks in the UK.
Tesco sells around 60% of its sales through its online channel with the rest of its 28 product range being sold via telephone and in store where its customers can pick up an array of leaflets.
Tesco bank was launched as Tesco finance back in 1997 as a joint venture between the supermarket and the Royal Bank of Scotland. Tesco Bank is now fully owned by Tesco after it purchased the 50% RBS share for an estimated £950 million.
Since the end of 2009, Tesco dropped the name ‘Tesco Personal Finance' and started trading under the name of Tesco Bank. The Bank now has over six million customers with around £4.6 billion in funds under management and it is the seventh biggest credit card provider in the UK.
Tesco's car insurance arm is called Tesco Value Car Insurance. In order to make things simpler they only offer fully comprehensive insurance for cost conscious motorists. They manage to keep costs low by only offering it to online customers and they set excesses a lot higher to make things cheaper.
Tesco Car Insurance currently offer two types of insurance. The best option is the aptly named ‘Tesco Car Insurance' and allows customers to get a full range of extras so they can get the perfect cover to suit their circumstances.
Tesco Car Insurance offers muti-car discount so that if someone else at the same address has a Tesco policy their customer will get a discount. They also offer discounts for named drivers if they then decide to take out a policy in their own right.
For customer looking for additional options, Tesco provide some of these at extra cost. Customers can select to have a guaranteed car replacement within three hours so they need not be without a car for long. They will also send a driver to collect their customers up so that they can pick their car up. The policy covers up to 14 days hire and they even provide a discount if its needed longer than this.
The Supermarket Bank also provides legal motor protection in case policy holders have an accident and it's not their fault. This covers holders for up to £50,000 and will help both the customer and passengers to recover losses that are not covered by the standard insurance.
As well as car insurance, Tesco also offers a breakdown assistance plan which starts at around £33 per year although there are many different options to choose from.
Tesco insurance is fully comprehensive cover, they pride themselves with a UK based 24 hours a day, seven days a week accident helpline to deal with any issues. All their parts and repairs are guaranteed for a year and the cover includes third party cover when driving in most parts of Europe.