Tesco and Sainsbury's Bank products get thumbs up

Consumers who have purchased financial products from supermarkets Tesco and Sainsbury's are 'extremely satisfied' with the level of service they have been offered.

This is according to personal finance website uSwitch.com, which has based its findings on an assessment of Tesco and Sainsbury's customers.

Tesco's reward scheme and extra benefits received top marks from its customers, while Sainsbury's was top for offering the best credit limit management.

Nick White, head of personal finance at uSwitch.com said supermarket brands have some good offers available which could benefit consumers, such as Sainsbury's zero per cent interest offer on credit purchases over a 12 month period.

Mr White said: "Supermarket banks remain competitive within a busy market while recent and current offers for new customers suggest that they intend to stay that way.

"We will watch with interest to see whether they decide to keep their offering as competitive in the long term, or whether they decide to offer slightly less competitive rates to their customers once they have signed up."