In response to the launch of Tesco’s new current account, Which? executive director, Richard Lloyd, said:
“It’s good to see more choice on the high street, where so few big banks have dominated for so long. Serious competition from new players offering more transparent and consumer-friendly services will help shake up banking for the better.
“This new Tesco account is likely to appeal to the many customers fed up with shoddy service elsewhere, with decent interest for those in credit, competitive authorised overdraft charges, and a reward scheme that will be helpful for Tesco shoppers. As always, people should look carefully at how they use their existing current account before deciding if this is the best choice for them.”