From the launch of a Tesco Bank a few years ago investors have been waiting to see if they will try a real challenge to the high street banks. This week they have announced that they will offer mortgages, current accounts and ISA's (the UK tax exempt investments) from next week. I think Tesco stands a good chance of capturing significant market share over the next few years, if they can come up with innovative products. Below from the Times
Tesco Bank launches its first ever range of mortgages next week.
Tesco Bank will unveil a range of mortgages for all homeowners from first-time buyers through to those with up to 30 per cent equity. The new range of mortgages will be available from the 6th August.
The range will include 2,3 and 5-year fixed rate mortgages as well as a two-year tracker.
Tesco Bank also plans to launch cash Isas before the start of the next tax year on April 6th 2013 and will attempt to muscle in on the UK current account market.
The current account launch will coincide with changes in the current account market which will make it easier for customers to switch.
Tesco Bank launches its first ever range of mortgages next week.
Tesco Bank will unveil a range of mortgages for all homeowners from first-time buyers through to those with up to 30 per cent equity. The new range of mortgages will be available from the 6th August.
The range will include 2,3 and 5-year fixed rate mortgages as well as a two-year tracker.
Tesco Bank also plans to launch cash Isas before the start of the next tax year on April 6th 2013 and will attempt to muscle in on the UK current account market.
The current account launch will coincide with changes in the current account market which will make it easier for customers to switch.
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