Would you take out a Tesco mortgage?

Tesco bank? Yes please! Banks suck big time and about time we had some new choices. Tesco might actually teach the banks a thing or two about customer service. The existing banks are all totally discredited so time for change.

Only if i got the clubcard points with it.

Having observed and been a regular customer of Tesco for many years I have built up a fairly substancial portfolio of shares in the company and have never been disappointed by their performance. I believe that the management of this company is second to none and I would certainly trust them to serve their customers better than many banks and even building societies have done. There is no reason to suppose that they will not be equally successful and reliable in the financial sector and I think it is time that the big banks were challenged on their customer service, charging and outragious rewards for failure of management. I would have no hesitation in investing with Tesco or taking a Mortgage from them.

As long as they don't fill it up with finance decision makers from the current crop, then they should go for it.

If they're just going to repeat the same mistakes of the current, tired, broken system, then they shouldn't bother.

And yes, I would demand Clubcard points!

tesco a retail giant have you all forgot about the sleeping giant the co-op had there own bank years ago if briet public deen so niave and gullible tesco would never been so big to-day but there again co-op nev figured in greedy capalist idea's they were first public friendly organaiastion that the tories always have and and will detest ie for the thatcher heores socalism and fairness for all how strange all the capatlist now squeal for change hope you all get stung yet again

thomas dayes - not a pioneering step at all15:59 | 21 Jul 2009

"...always have and and will detest ie for the thatcher heores socalism and fairness for all how strange all the capatlist now squeal for change hope you all get stung yet again .."

What nonsense. Funny though how we've all been stung by so called socialists in your 'fair' society for the past 10 years. And who's squealing now? The ones who voted these socialist cretins in, 3 times. Let's just hope that socialism is buried at the next election. For eternity.

if there is a' rip off' in the offing you can bet TESCO will be in there, they wouldn't want to miss out on some easy pickings now.......... would they???

What many people forget is that Tesco are so big and successful - internationally as well as in the UK - because they look after their customers. Not just with pricing - their shops are bright clean and comfortable and the checkout people polite and friendly.

I would certainly consider them as a bank/mortgage lender. But would also look out for an onset of over-confidence and arrogance that would signal the time to change.

Just like governments really!

Why not ?

After all they're lending you the money, and just when the banks aren't lending enough, after irish banks and others have pulled out of the market.

These guys are shrewd though, you can bet they won't be offering mortgages until the housing market bottoms, so as to minimise their risk, I hope they do offset mortgages too,

G

I'm inclined to agree with teh three previous poster above concerning Tesco entering the mortgage market.

Especially if their attitude towards pleasing their client base is as it is with the shopping experience in their stores right now.

Whatever happens though, maybe it will help herald a new dawn of unrelated organisations arriving on the banking/financial services scene and give the likes of RBs, Barclays, Hsbc, Lloyds and the many building societys (whove been selling debt onto pretty ruthless debt collection agency's or simply behaving really aggressively towards tax payers, despite many of them having been saved from our tax money) something to think about (such as becoming far more compassionnate and competitive...like not trying to flog us a 1-3% before tax savings account and calling it a "Star deal".

And as the saying goes, "Competition is what spurs the human race to evolve and better ourselves".

Still, time will tell.

Perhaps it is time the Banks started to sell groceries!

So you buy your food, car insurance, house insurance, savings vehicle, mobile phone, whitegoods, electrical goods and the list goes on. Your short sighted, innocent loyalty feeds this beast, allowing it to gain ultimate control of multiple markets and therefor ultimate power to control price, this is power greater than that of the government. Ultimate power corrupts and implodes leaving the kind of mess that RBS has left and who had to pick up the pieces?

competition always keeps businesses awake..! good luck

However,

beware Tesco..the bankers might take you own ...at your own game

And

they may start selling groceries or give out vouchers to be used at your competitors stores.

.

A big no to this after my struggles with a Tesco online account ,it was a complete shambles.If you take my advice avoid it like swine flu.Tesco are brilliant at retailing but should avoid banking.

Banks have made business out of financially opressing those with the least financial awareness and acumen for such a long time that I cannot begin to express my pleasure at their extreme discomfort and distress in the current climate. How it would add to my pleasure if someone outside the club rocks up and undercuts them tremendously! What could they do? They will simply have to suck it up and engage by competing on price and being the inefficient life-force draining institutions that they are, it will hurt them even more. It will be the equivalent of Easyjet taking business from BA. I will go out of my way to take all my financial business to Tesco. I already have a Tesco credit card and insurance.

I'm all for competition and modernisation in retail banking.

Most banking tranfers and bill paying via current/savings (what archaic terms!) accounts can now be done for no cost in no time (well, almost, compared to the roomfulls of admin staff in the good old days when 3 days were really required to clear cheques..).

Many transactions could be rule-driven and done automatically for us instead of allowing us to go overdrawn and then stinging us.

But is Tesco really an EasyJet?

What I read about Tescos and farmers is that Tescos squeeze their suppliers very hard and share just enough profit to undercut the other supermarkets. I certainly think we need an easybank, but why not go a step further? Nationalise (or create a new) funds transfer and accounting infrastructure and allow organisations to compete and market value-added banking and savings services using the common banking infrastructure. A bit like the Railtrack model, but with true competition... Now there's a revolutionary thought! See also the likes of zopa.co.uk...

This is a fantastic idea. I'll definitely look at a Tesco mortgage. My deal comes up next year when traditional lenders will almost certainly do their level best to rip me off.

I've already got a platinum credit card. Their clubcard points get me cheap meals, ferry trips, airmiles and so on. So why on earth not. Tesco aren't always the best at absolutely everything but even when they're not they're top three.

It is possible that eventually power and market dominance could corrupt. Well their competitors can prevent that and keep Tesco on their toes by........ competing. If anyone's got a better idea then let us know!

Certainly if Tesco, or Virgin, come to that, were to start a true people's bank, I'd be happy to give it a go. I am fed up with being treated as a cash cow by both banks and building societys who believe that as I take advantage of one of their accounts, I should deal with them for EVERY aspect of my finances/insurance needs etc. I am savvy enough to shop around & if they don't offer the best deal I WILL go elsewhere as I hope does everyone else!

Don't be fooled into thinking your Bank or Building Society really care for YOU - it is ONLY your money they are interested in and customer service is suffering due to their ever-increasing greedy behaviour!

Hopefully, Tesco (or Virgin) will be different!

Tesco as a bank - why not give it a try as the banks themselves have demonstrated they cannot do it properly.

Whilst they're at it can we have the FSA look after the financial service industry - that is the Foods Standards Agency as they could no doubt do a better job than that other shower!!!!!

Tesco should stick to what they are currently doing. To get into banking is a new ball game and if they succeed it would put them in a powerful position that no one wants.

We have had to deposit some funds with Sainsbury recently because we got a good rate for 2 years fixed. Better rate than Bank of Scotland. So Tesco is not a revolution. However I believe the back office platform will be state of the art- it is being created in Scotland at this moment by an experienced team.

I don't know how they would integrate Northern Rock if press reports are right that they may bid for it. I think the answer is that the new bank must have a very competent , hard headed and independent board. The downfall of any financial company is when it starts to believe its own marketing bullshit.