Retail banking competition is hotting up in the UK as Tesco, the UK's largest supermarket, launches its first current account (checking account for the yanks amongst us)
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Tesco enters war for current accounts in the UK
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Some 17 million customers of Tesco will be offered extra shopping discounts if they open an account. The supermarket is one of four banks offering new current accounts this year. Marks and Spencer launched its first free account last month, and Virgin Money is expected to follow soon. TSB - which is being spun out of Lloyds- offered customers a new account at the beginning of April. The Post Office too is continuing to roll out new current accounts across the UK.
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