Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency trading platform. However, that doesn’t mean you can’t use your Tesco Bank account to buy crypto.
All you need is a reliable and trusted crypto exchange. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with Tesco Bank
As stated above, just like with the vast majority of UK banks, you can’t buy crypto with Tesco Bank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a crypto exchange.
However, there are many crypto exchanges that you can use for buying bitcoin and other cryptocurrencies.
1. Choose a cryptocurrency exchange
While there are a lot of cryptocurrency trading platforms, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your Tesco Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy crypto
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About Tesco Bank
Tesco Bank is a British retailer bank that was founded in July 1997 under the name Tesco Personal Finance. It has been owned 100% by Tesco plc ever since 2008. The bank was established as part of a 50/50 joint venture by Tesco and The Royal Bank of Scotland.
Tesco later purchased Royal Bank of Scotland shareholding. The bank became a wholly owned subsidiary and operates now under its own banking licensure under the Financial Services Compensation Scheme. The bank offers a variety of insurance products, including credit cards, loans and savings, as well mortgages and travel products. Tesco Bank opened a current account on June 14, 2014. Since then, they have stopped accepting new current account application. All current accounts that were open in November 2021 had been closed.
Tesco's bank products have a unique selling point. The bank can leverage its large customer base and cross-sell financial service products. Customers can also accumulate Tesco Clubcard Points when they buy finance products. The British Bank Awards (2016) ranked Tesco Bank third, with an average customer satisfaction rating of 87.8%.
Before Tesco Personal Finance plc was formed, Tesco had a bank joint venture with NatWest. It ended in February 1997. TPF was created in July 1997 after the launch of Sainsbury's Bank. The Royal Bank of Scotland was the financial institution that processed all of its financial transactions.