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Tesco Bank launches personal accounts

img_0078Tesco Bank, the financial services arm of Britain’s biggest retailer, has launched its first personal current or checking account, looking to challenge established lenders and bring shoppers back into its parent’s stores. The bank is aiming for market share in a market dominated by Lloyds Banking Group, Royal Bank of Scotland, Barclays, HSBC and Santander UK, which provide over three-quarters of accounts. Parent Tesco also hopes the service will help entice customers back into its supermarkets after suffering its worst three-monthly sales drop in 40 years. Account holders will be offered credits via Tesco’s loyalty scheme Clubcard, which they can spend inside Tesco’s 3,000 UK outlets. Lawmakers and regulators are keen for challengers to emerge to break the dominance of Britain’s ‘Big 5’ lenders and last year introduced rules to guarantee customers can switch bank accounts within seven working days.

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