Bank goes on hire spree

Tim Wallace
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TESCO Bank yesterday revealed it is hiring 300 staff in preparation for the launch of its current account next year.

The retailer hopes to take on the bigger lenders with its nationwide brand, large branch network and convenience.

However, it has yet to detail how the accounts will work as well as their pricing.

The seven-day switching scheme which came in in September may help Tesco attract customers.

But it has stiff competition – banks including Nationwide, NatWest, Santander and First Direct have all unveiled a range of special offers such as cash bonuses, higher interest rates, cashback and shopping discounts for their customers.

Tesco Bank said it has no sales target or any goal for the number of new accounts when it is launched.

The staff will be hired in Glasgow and Edinburgh.