Tesco Bank defers launch of current account operations to next year

Tesco Bank's current account operations are not expected to launch until next year. The Edinburgh-based bank already offers insurance, credit cards and savings products and has a 6.5-million strong customer base.

The bank says it was working towards "offering a full-service bank for Tesco customers", which would include current accounts and mortgages.

The bank was expected to launch its new products this year, even as it said the progress on the bank was proceeding at the "right pace".

A spokesperson said the bank was currently in the product development phase.

He added Tesco's launch timings were not yet confirmed but would be driven by delivering the right product for Tesco customers, as also the speed of implementation of new industry-wide systems to help customers switch current accounts more easily.

The Independent Commission on Banking last year came out with recommendations for improving the system by which customers could switch bank accounts.