Current Account - Important information
With effect from 4 April, our Current Account Guarantee has changed for new applications. To earn 3% AER credit interest on balances up to £3,000 until 1 April 2019, you must now pay in at least £750 per statement month, and pay at least three direct debits each statement month (excluding direct debits to Tesco Bank savings accounts).
Help for existing current account customers
Why choose our account?
Make managing your money simple with Tesco Bank
When you have a Tesco Bank Current Account, managing your money can be as easy as picking up your groceries. You can withdraw anything up to £500 at more than 300 Tesco stores nationwide, and deposit cash and cheques. If you can’t get to a store, you can just pop your cheques in the post for free.
Going abroad? It’s safe and easy to use your Tesco Bank debit card overseas, and you’ll still collect Clubcard points as you spend, just like at home. Just be aware that fees and charges may apply. You can also easily make and receive international payments (fees apply).
Defaqto 5 Star rated
Defaqto is an independent researcher of financial products, focused on providing intelligence to support better decision making. Tesco Bank Current Account has a 5 Star Rating which means it has a comprehensive level of features and benefits.
How we like to say thank you
Collect Clubcard points as you spend
Collect Clubcard points when you use your Tesco debit card - online, in stores, or when you fill up at the pump.
Get your vouchers
Every three months, your Clubcard points get turned into vouchers.
Reward yourself with vouchers
Save money on shopping with your Clubcard points, or turn them into vouchers from our Clubcard Partners like Cineworld, PizzaExpress and Avios.
Switching to a Tesco Current Account is easy
The thought of switching your bank account can be daunting. But don’t be put off – we'll take care of everything for you. All you have to do is apply online or by phone and tell us when you'd like to switch.
Got a question?
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Financial Services Compensation Scheme
Your eligible deposits with Tesco Bank are currently protected up to the current Financial Services Compensation Scheme limit, the UK's deposit protection scheme. Any deposits you hold above the current limit are not covered.
You can apply for a Tesco Bank Current Account if you are over 18, subject to status.
Based on your circumstances, we may offer you a different card. If this is the case, we will let you know in writing.
Interest rates and Clubcard points terms
Credit interest guarantee terms and conditions
3% AER/2.96% Gross variable credit interest on balances up to £3,000, guaranteed until 1 April 2019. To earn interest, each statement month you must pay in at least £750 and have at least three direct debits paid from your account (excluding direct debits to a Tesco Bank savings account). Although this rate is variable it will not drop below 3% AER during the guarantee period, provided you meet the interest conditions. Interest paid monthly.
A statement month runs from the monthly anniversary of the date you opened your account, unless you’ve asked for it to be changed.
Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Gross is the interest rate paid before tax is deducted.
Clubcard points guarantee terms and conditions
Until 1 April 2019 we guarantee you will be awarded 1 point per £1 spent in each debit card purchase transaction (£1 minimum) within Tesco and 1 point awarded per £8 spent in each debit card purchase transaction (£8 minimum) outside Tesco.
Exclusions apply. Clubcard earn rates are subject to change. There are some products at Tesco you can’t collect points on, see the Tesco Clubcard terms and conditions below for exclusions. The Tesco Clubcard Scheme is administered by Tesco Stores Limited, Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, who are responsible for fulfilling points.
This product is subject to availability and may be withdrawn to new customers at any time.
Personal Savings Allowance
Following the Government’s introduction of the Personal Savings Allowance, we will no longer deduct tax from your interest earned.
The current tax rules are subject to changes by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.