Tesco to open bank in Bristol store

As trust in British banks remains at an all-time low, the answer to the question "where shall I put my money?" could soon be found at the end of a shopping aisle for Bristol customers.

Supermarket giant Tesco is adding banking to its already bulging portfolio – and its Extra store in Brislington will be one of the first in the country to offer the service.

Expected to open in early May, customers will be able to apply for insurance products as well as credit cards, savings and loans at the new banking and insurance centre.

Similar to a real bank, there will be staff to give advice and a private meeting room for customers to speak about their finances in confidence.

The store on Callington Road will also offer currency "at competitive rates" in a new bureau de change.

It will be 18 months to two years until the centre becomes a bank in the sense that it offers current accounts, but savings will be dealt with from May. There are also plans for mortgages to be offered further down the line.

A Tesco spokeswoman said: "After testing a banking and insurance centre in our Silverburn store in Glasgow, we are now rolling out further centres within Tesco stores.

"Brislington will be among the first new banking and insurance centres and we expect to open 30 centres in Tesco stores by the end of the year.

"Value and convenience are at the core of all of our customer propositions and we will look to reward customer loyalty as we develop our financial services proposition further."

Tesco is looking to cash in on its huge customer base and the loyalty of regular shoppers.

It is thought the store on Callington Road provides an ideal home because it has a space available where the current Direct desk is, at the front of the store, next to the tobacco kiosk.

Although the opening date is still to be set, the Post can confirm the banking centre there will be open Monday to Friday, 8am to 8pm; Saturday, 9am to 7pm; and Sunday, 10am to 4pm.

Other stores that will be in the first wave will be from Blackpool and Coventry.

Tesco Personal Finance was launched in 1997 as a joint venture between Tesco and RBS, ironically a bank bailed out by the Government due to its financial meltdown.

But Tesco took full ownership of the initiative in December and it has nearly six million customers, using 28 products, including car, home and even pet insurance.