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Tesco Bank summer savings rated by Which?

Discounts and cashback - are they worth it?

Tesco pet insurance

Tesco Bank has launched its latest summer offers across its financial products, offering cashback, discounts and bonus clubcard points. Which? Money’s Martyn Saville tests if the deals offer good value.

Travel insurance

  • Tesco offers: 20% off annual travel insurance. Until 23 June 2010, all annual Tesco travel insurance policies come with a 20% discount.
  • Which? verdict: This policy does not meet Which? Best Buy criteria, is only available to under-65s and, even with the 20% discount, can be beaten on price by Which? Best Buys.

Pet insurance

  • Tesco offers: 35% off pet insurance online. Until 18 August, there’s a 35% discount off the first year’s premium when you buy standard cover online.
  • Which? verdict: Tesco’s standard policy doesn’t meet Which? Best Buy criteria as it only offers £2,500 cover per condition and will not cover a condition beyond 12 months. Tesco’s Extra pet insurance policy is, however, a Which? Best Buy and currently comes with a 20% online discount, so is worth considering.

Dental insurance

  • Tesco offers: 1,000 Clubcard points on dental insurance. New customers who buy Tesco dental insurance by 21 July 2010 will collect 1,000 free Clubcard points.
  • Which? verdict: If you’re looking for dental insurance, Tesco’s policies offer a good level of cover and are definitely worth considering. Compare features with Which? dental insurance reviews.

Life insurance

  • Tesco offers: £50 Tesco Gift Card with Tesco Life Insurance until 23 June 2010. New customers get a free Tesco gift card worth £50 when they buy Tesco Life Insurance and also receive a 10% discount when they quote and buy online.
  • Which? verdict: When we investigated the way life insurance is sold, we had serious concerns about Tesco’s selling practices. Take independent advice about whether you need life insurance – the Tesco product could be the best one for you, but we don’t think life insurance should be sold without independent advice.

Health Insurance

  • Tesco offers: £50 Tesco Gift Card with Tesco Health Insurance. New customers buying Tesco Health Insurance by 21st July will receive a free £50 Tesco gift card.
  • Which? verdict: Tesco’s health insurance policy allows you to build in the cover that is important to you, so it is worth considering. Make sure you compare the cover and the price with other companies’ private medical insurance (PMI) policies first. If you’re unsure, it’s worth speaking to a broker to get the right cover for you. Find a broker on the British Insurance Brokers’ Association’s website.

Home insurance

  • Tesco offers: 12 months of home insurance cover for the price of 8. The Tesco home insurance offer of 12 months cover for the price of eight has now been extended to 23 June 2010. Offer available to new customers in year one – equivalent to 33.3% off the full price premium. If paying monthly, the discount will be spread over 12 months.
  • Which? verdict: Tesco isn’t a Which? Recommended Provider for home insurance. Tesco has an overall Which? score of just 58%, compared with 80% for the top-scoring company. While the Tesco offer may be competitive on price, it can be easily beaten for service.

Emergency budget

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