As you may have heard recently, Tesco are making further inroads into the retail banking sector. They already have over £4 billion in savings accounts and now they’ve changed their financial arm’s name to ‘Tesco Bank’ and built a new call centre, they plan to go full on into current accounts and the rest.

But they won’t have it their own way, not if Virgin have anything to do with it because they’re returning to the sector through the help of two of the biggest and smallest banking outfits in the world. Virgin plan to buy a tiny Yeovil-based bank called Church House Trust as the building block for a new branded banking institution. And despite the bad image and countless PPI compensation cases, they also plan to start selling Payment Protection Insurance with the help of the Bank of America, meaning that UK customers in need of cover have a new, better trusted and bearded company to consider.

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