Judith Donovan CBE, Chair of the Keep Me Posted campaign, comments on the launch of Tesco Bank’s online-only current account:
“Tesco’s entry into the current account market is a welcome move for the market as it creates more competition amongst the traditional high-street banks. The introduction of new brands willing to challenge the banking status quo coupled with recent moves to allow customers to switch their current account within only a week should lead to innovative products and more customer focus as businesses attempt to stand out from the crowd.
“In light of this, it is concerning that Tesco’s new current account is largely an online-only offering, excluding a large number of the UK’s population with no internet access. Many of Tesco’s loyal customer base who either do not have broadband access or do not have the computer skills to manage their finances online could be left feeling excluded from the undeniable in-store benefits that come with being a current account customer. Our research shows that people benefit from both paper statements and online access and a massive 81 per cent of people want to be able to choose how they receive their bills. We believe Tesco should use this opportunity to demonstrate their commitment to making real change to the current account market.”