Asda's move into banking: how do the supermarket banks compare? It recently launched Energy Compare and Save service, targeting the millions of households who have never switched energy suppliers to help them find a better deal and to celebrate its rebrand it is to offer a cash back credit card with the boast that it is "the first offered by a supermarket." The "unlimited cashback credit card" offers cashback of 1 per cent on all Asda store, online and petrol spend so is attractive to anyone who regularly shops at the supermarket." Kevin Mountford, head of banking at Moneysupermarket, said that the more competition in the personal finance area the better but he added: "The cashback card doesn't come with any zero per cent purchase offers like many other retailer credit cards, instead it is offering 12 months on balance transfers. If you are using the Asda Credit Card to take advantage of the cashback, make sure you repay your balance in full every month, otherwise the interest charged will outweigh the money earned. Supermarkets have a terrific opportunity to sell off-the-shelf financial products because millions of people shop in them each week. But are the shoppers who put car cover and life insurance in their trolleys getting as good a deal as the three-for-the-price-of-two offers on pasta sauces? We check out the retailers latest savings and borrowing deals. When Tesco Bank was launched in 1997 it was half owned by Royal Bank of Scotland, but the supermarket bought out the then-ailing bank in July 2008 for a rumoured £1bn. It first dabbled in the mortgage market back in 2004 with the launch of three products provided by First Active, the lender, but the product was soon shelved. But if all goes to plan, Tesco will soon add current accounts and mortgages to the insurance, credit cards, loans and savings products currently on offer. The supermarket offers two types of credit cards, one aimed at purchases with interest free purchases for 16 months and nine months for balance transfers, and one aimed at balance transfers with interest free balance transfers for 18 months and 3 months for purchases, both with a rate of 16.9 per cent. Tesco has always been competitive in the personal loan market and it's 6 per cent deal for loans of £7,500 to £15,000 are in the best buys, although it is pipped by Sainsburys, which offers a loan starting at 5.9 per cent. On the savings front it offers a three-fix paying 3.7 per cent, an internet saver paying 2.8 per cent and an instant access account paying 1.25 per cent, according to moneyfacts.co.uk None of these are best buys. M&S could represent a real threat to the high street banks. It pledges that its bank branches will be open "twice as long" as other high street banks, matching its retail stores opening times, and even opening on Sundays. Customers will be able to access 24 hour online banking, and call centres will be UK based. But for now M&S is best known for its credit cards and 121 bureaus de change, but the move into banking could prove a winner if its loyal band of shoppers jump on board. It has a credit card offering interest free purchases for 15 months with a rate of 15.9 per cent and like Tesco a personal loan charging 6 per cent. M&S Money's lowest loan rate is 6.00 per cent for borrowings of £7,500 to £15,000 (five years). Its savings accounts a very similar to the supermarkets, with a three year fixed rate account paying 3.75 per cent and an instant access account paying 2.35 per cent. Its cash Isa beats Sainsbury's at 3 per cent but the not the top payer from Santander. Andrew Hagger at Moneynet said: "All the retailers all offer good deals on savings, not always top three in the best buys, but never too far off the pace - they are all consistently in the top 20 per cent of savings rates on offer. Sainsbury's Finance provides loans, credit cards, savings products and insurance - underwritten by Axa, St Andrews Insurance, esure, Legal & General and First Assist. Customers can earn Nectar points on all Sainsbury's Finance products and there are discounts if you buy the products online. Its products stack up against the mass market. For instances, it has a range of credit cards, including one which charges an APR of 6.9 per cent on purchases, an another which offers 0 per cent on purchases for a year and 0 per cent on balance transfers Its three-year saver beats Tesco - just - paying 3.75 per cent, while its e-Saver pays 2.7 per cent and its Cash Isa, 2.8 per cent, compared to the best paying cash Isa on the market which comes from Santander and pays 3.3 per cent. Its personal loan charging just 5.9pc is joint cheapest across the whole market, with Derbyshire Building Society also offering a loan at 5.9 per cent.