Online banking

Charges, rates and fees for our Current Account

We’ve laid everything out clearly and simply, so you'll know exactly what to expect


Here is a quick look at some of our most asked about charges, rates and fees.

Charge, rate or feeAmount
Monthly account fee£0
Interest paid into the account3.00% AER/2.96% Gross (variable) for balances up to £3,000 (interest paid monthly). We guarantee to pay you this rate from 1 April 2017 until 1 April 2019
Overdraft interest rate18.90% Gross/EAR (variable); representative example: 18.9% EAR variable (assumed overdraft £1,200)
Replacement of lost or damaged debit card£0 for the first two requests in a year; £10 for each card after that

We also have a charges, rates and fees PDF if you’d like more detail.

Arranged overdrafts

Arranged overdrafts

Tesco Bank has two kinds of overdrafts: arranged and unarranged. Both incur a 18.90% Gross/EAR (variable) interest rate, but arranged overdrafts have no other fees on top. Representative example: 18.9% EAR variable (assumed overdraft £1,200).

More information

We also have a charges, rates and fees PDF which provides more detail on overdrafts.

Unarranged overdrafts

Unarranged overdrafts

Tesco Bank has two kinds of overdrafts: arranged and unarranged. Both incur a 18.90% Gross/EAR (variable) interest rate, but unarranged overdrafts have additional charges. Representative example: 18.9% EAR variable (assumed overdraft £1,200).

Transaction fees

Sometimes we will allow a payment, even when you don’t have enough money in your account. Our decision depends on a number of things, including how you manage your current account.

If we do pay, we'll charge you interest and a fee, called a paid transaction fee. If we don’t allow the payment, we’ll charge an unpaid transaction fee (this happens for every transaction) and you’ll need to arrange to make the payment.

Transaction feesFee
Paid transaction fee£5 per transaction
Unpaid transaction fee£5 per transaction

Maximum fees

Maximum number of paid or unpaid transaction fees (per statement period)10 fees
Maximum cost of paid or unpaid transaction fees (per statement period)£50

More information

We also have a charges, rates and fees PDF which provides more detail on overdrafts.

International charges

Transactions abroad

Foreign exchange rate2.75% of the transaction's value
International cash machine fee1% of the transaction's value

This foreign exchange fee will be calculated using the VISA exchange rate at the time.

Non-sterling transactions

When you choose to pay for things in a shop abroad with your debit card you may be asked if you want to pay in sterling or the local currency. It typically costs you more to pay in sterling. If you choose to pay in the local currency the fees listed in the table above will be applied.

On your statement, we'll show you the amount in the original currency, the exchange rate, the fee amount and the sterling amount.

Receiving or sending payments internationally

Receive foreign payments£0
SEPA payment (making an electronic transfer of funds within Europe in Euros)£10
SWIFT payment (making an international electronic payment outside Europe/in another currency)£20
Processing a foreign cheque (cost of converting to pounds sterling and for clearing)£30

If you make a request for an international payment before 1pm, you'll get today's rate. If you request an international payment after 1pm, you'll get the rate for the next banking day.

If we receive money to pay into your account in a foreign currency, we'll convert the money you've received into pounds sterling on the day we pay it into your account, using our exchange rate at that time.

Other charges


Ordering a chequebook, paying by cheque and depositing a cheque are all free.

Asking Tesco Bank to stop a cheque£5
Asking for a copy of a paid cheque£5

Everything else

If you request any of the Tesco Bank Current Account services shown below, the following charges will apply:

Copy of paper statement£0 for the first five requests in a year; £5 per statement for each request after that
Paper annual tax certificate£0 for the first copy; £5 for each request after that
Issuing a banker's draft£10 (if applicable)
CHAPS payment£25 (if applicable)
Personal data request£10 for full data; £1 for a credit information request

Interested in our Current Account?

Important information

Interest rates

Interest paid into your account: The interest you earn will vary depending on your balance over the month. Interest is calculated daily and applied monthly. The interest will appear in the next month's statement.

Overdraft Interest: Interest on the amount overdrawn is calculated daily and charged monthly.

3% AER/2.96% Gross variable credit interest on balances up to £3,000 guaranteed from 1 April 2017 to 1 April 2019. Interest paid monthly. Although this rate is variable it will not drop below 3% AER during the dates shown.

This product is subject to availability and may be withdrawn to new customers at any time.

Financial jargon explained

Financial terms aren't always easy to understand, so we've put together a quick guide to explain what they all mean.

AER or Annual Equivalent Rate: AER illustrates what the interest rate would be if paid and compounded each year. In other words, it tells you the interest you'd earn by leaving your money in the account for a full year. So you're earning interest on the amount you've saved, as well as on the interest it has earned that year.

Gross interest: This is interest paid before tax is deducted.

EAR or Equivalent Annual Rate: EAR tells you how much an overdraft would cost if you stay overdrawn for a whole year. You'll be charged interest on the overdrawn balance, as well as on the amount of interest you build up over the year (this is known as compounding).

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.