Current Account
With online and mobile banking, double Clubcard points at Tesco and 24/7 UK call centre support, the Tesco Bank Current Account gives you more.
Help for existing current account customers
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.
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 deposit cash and withdraw anything up to £500 at more than 300 Tesco stores nationwide. Cheques can be sent directly to us using our freepost address.
You can find out more about how you can open and manage an account, and our service levels below.
Going abroad? It’s safe and easy to use your Tesco Bank debit card overseas, and you’ll still collect Clubcard points when you make payments in a foreign currency. Just be aware that fees and charges may apply. You can also easily send and receive money from outside the UK (fees apply).
Fast and secure payments
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
Save on your shopping at Tesco or use your vouchers with a great range of Clubcard Reward Partners such as 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.
Important information
Terms & conditions
We want you to be happy with your Current Account. To help you decide whether the Tesco Bank Current Account is right for you, please read our terms and conditions. If you already have a Tesco Bank Current Account, please refer to your own account documentation.
Product eligibility
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 and what this means for you.
Interest rates and definitions
1.00% AER/1.00% Gross variable credit interest on balances up to £3,000. To earn interest, each statement month you must pay in at least £750 and have at least three direct debits paid from your account. Interest paid monthly.
The interest you earn will vary depending on your balance over the month and if you meet interest conditions. Interest is calculated daily and applied monthly. The interest will appear in the next month's statement.
A statement month begins the day after you open your account and will end on the day you opened your account in the following month.
This product is subject to availability and may be withdrawn to new customers at any time.
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.
Clubcard points
You will collect 1 Clubcard point per £1 spent in each debit card purchase transaction (£1 minimum) within Tesco in addition to your standard Clubcard points, and collect 1 Clubcard point per £8 spent in each debit card purchase transaction (£8 minimum) outside Tesco.
Exclusions apply. Clubcard points collection rates are subject to change. There are some products at Tesco you can’t collect Clubcard 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 Clubcard points.
What’s not included
While you can collect Clubcard points on most of your debit card transactions, there are some exclusions, including: payments from your current account (like standing orders and Direct Debits), in-store cash deposits, and refunds.
Other transactions where Clubcard points can’t be collected:
- If you use your debit card to pay for bills at banks or other financial institutions.
- When you use your card to get cash. This includes cashback, in-store cash withdrawals and withdrawing cash at an ATM.
- If you use your card for gambling, purchasing travel money, wire transfers and purchasing foreign currency.
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.
Trademarks and copyright
Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App store is a service mark for Apple Inc.
Google play is a trademark of Google Inc.
Contact us, we’re here to help
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