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Help with your Banking

Credit Card COVID-19 payment breaks

If you have a Tesco Bank Credit Card and are impacted by COVID-19, you can request a delay to your next three monthly payments. There’s no need to call us.

For a Credit Card payment break, you'll need to complete our online form. You'll need the 16 digit number on the front of your card.

We know this is a worrying time and you might have some questions about payment breaks and what they mean for your finances. We're putting together more information on how we can support our customers right now, and that will be available from mid June. So please check back in then.
Apply for Credit Card payment break

What could a COVID-19 payment break look like for my credit card?
During your COVID-19 payment break interest will continue to be charged on your credit card account balance meaning that the overall amount you’ll need to pay back will increase.
As a result, we’ll need to calculate a new minimum repayment for you when your payment break ends.
Here are some examples of how a payment break might impact your credit card repayments.

Credit card payment break Example 1: Outstanding Balance £1800 at 19.9% per annum Example 2: Outstanding Balance of £1800 at 26.9% per annum
Minimum payment before payment break £45.43 £54.09
Minimum payment during payment break £0 £0
New minimum payment when payment break ends £46.70 £57.30
Increase in minimum payment when payment break ends +£1.27 +£3.21
Some things to remember:
  • The examples above are used for illustrative purposes only
  • Your minimum repayment amounts will depend on your individual circumstances and the minimum repayment terms for the specific credit card you hold
  • The examples above assume you have no additional spending on your credit card during the payment break and that the total outstanding balance is interest bearing throughout (this means the rate of interest being charged is greater than 0%)
  • The COVID-19 payment break will cover three credit card payments – the one for the statement period in which you submit your application form, and the two payments that follow. If you submit your application form just after you’ve missed a payment and before you’ve had your new statement, we’ll count the missed payment as the first in your payment break.

If you have any other questions please check our supporting COVID-19 Credit Card FAQs

Loan COVID-19 payment breaks

For a Loans payment break, you'll need to complete our online form. You'll need your loan account number and sort code which can be found on your annual statement, your original loan documentation, in Online Banking or Mobile Banking App.

We know this is a worrying time and you might have some questions about payment breaks and what they mean for your finances. We're putting together more information on how we can support our customers right now, and that will be available from mid June. So please check back in then.

Apply for Loans payment break
How could a COVID-19 payment break change what I pay for my loan?
If you request to delay your next three monthly loan payments, you'll still need to make those payments at a later date. Either by:
    • Paying off the missed payments within your original loan term - if you do this, no additional interest would be charged
      You can do this online with Faster Payments using your Tesco Bank Loan sort code and account number. Alternatively, you can call us to make debit card payments on 0345 600 6016. Lines are open Monday to Friday 8am - 6pm, Saturday and Sunday 9am - 2pm. The debit card must be in your name and registered to your home address. We’re unable to accept payment by credit card.

      Please note - if you choose early settlement on your loan or refinance, no additional interest will be charged
    • Extending the term - this will happen automatically, additional interest will be charged
      If you’re unable to make up your delayed payments within your original loan term, we’ll extend the term to cover these and the additional interest. The interest charged during a payment break will be added as an additional payment at the end of the new loan term (the original term plus 3 months). Any additional payments won’t exceed the normal monthly payment amount. If the interest due is more than the normal monthly payment, this will be split across a number of payments until the balance is repaid. Once your COVID-19 payment break has ended, we’ll send you a personalised breakdown of the interest and new repayments due.

About the interest charged:
We calculate this using the loan balance excluding interest at the start of the payment break. We multiply this amount by the effective monthly interest rate. This is then multiplied by three - the number of months in the payment break.

Here’s some examples of how a payment break might look for a loan over 5 years:

  Example 1 - £5,000 over 5 years Example 2 - £10,000 over 5 years Example 3 - £10,000 over 5 years  Example 4 - £10,000 over 5 years
Loan balance - start of payment break £2,154 £6,462 £8,616 £9,647
Loan balance excluding interest (the capital amount) £2,089 £6,176 £8,116 £8,292
Annual interest rate 3.00% 3.00% 3.00% 7.90%
Effective monthly interest rate 0.25% 0.25% 0.25% 0.66%
Additional interest from 3 month payment break £16
(£2,089 x 0.25% x 3)
£46
(£6,176 x 0.25% x 3)
£61
(£8,116 x 0.25% x 3)
£164
(£8,992 x 0.66% x 3)
For illustrative purposes only.
The interest charged during a payment break will be added at the end of the new loan term (the original term plus 3 months)

Credit Cards credit balance refunds

If you have a credit balance following a refund and would like these funds returned to you, you can arrange this yourself via Online Banking or the Mobile Banking App.

If using Online Banking, please select your credit card from ‘My Overview’ and you will see the money transfer link, choose this option and follow the instructions.

If using our Mobile App, choose ‘Account Management’, select the money transfer option and follow the instructions.

When this type of refund is processed, you will receive your money within 2 business days. You may incur a money transfer fee. Rest assured that this will automatically be refunded to you within 10 working days and there is no need to contact us.

If you chose to transfer more than your credit balance, normal fees and charges will apply.

Current Account overdrafts during COVID-19

In April, as part of our ongoing support for COVID-19, we made arranged overdrafts up to £500 interest-free for 3 months.

From the 9th July we'll start to charge our standard annual interest rate of 18.9% APR (variable) again. 

You don't need to do anything, this change will happen automatically.

We understand that this may still be a difficult time for many of our customers. If you want to speak to us about the impacts of this change please contact us on 0345 835 3353 to speak to one of our team.

Can I still apply for an overdraft?

If you don’t have an overdraft with Tesco Bank, and would like to apply for one, log in to Online Banking and select Apply for an Arranged Overdraft. Overdrafts are subject to status.

Overdrafts are a form of borrowing and you should consider whether it is the most appropriate option for you, and whether you can afford the interest payments at the end of this period. Our standard rate is 18.9% APR (variable).

Savings access

If you’ve been impacted by COVID-19 and need to access money from your Fixed Rate Saver or Fixed Rate Cash ISA, we’ll remove any fee or restriction for early closure that may apply. All you have to do is call us on *0345 300 4547. We’ll be happy to help.

Please note that if you decide to close your Fixed Rate Cash ISA account and withdraw your money, it will lose its tax free status.

*Calls may be recorded. This number may be included as part of any inclusive call minutes provided by your phone operator.

International Money Transfers

During these uncertain times, we understand that you might have a greater need to send money abroad to support friends and family who are also dealing with the impacts of COVID-19.

Rest assured you can continue to send and receive money at Tesco Stores across the country and there is no disruption to our service.

You can also use the MoneyGram app to create your transaction at home before visiting a Tesco Store to send money, and, you can pay with a Debit card rather than cash.

To find your nearest store, please use the Tesco Store Locator.

Register for Mobile Banking App and Online Banking

Our Mobile Banking App and Online Banking services are simple to use, secure and available 24/7. There’s lots of handy features to help you manage your day-to-day banking, plus you can:

  • Check your balance and transactions
  • Make payments and transfers
  • View your statements and documents

If you’re not already signed up register now

For support on a range of topics such as trouble logging in, you’ll find the answers here.

Go to Mobile Banking help

Go to Online Banking help

Accessing cash safely during COVID-19

Isolating or Shielding at home but need to access some cash?

We’ve just launched a new service to help you if you don’t have access to cash as a result of the current situation.

If you’re a Tesco Bank savings or personal current account customer, and you’re self-isolating or shielding, you can now get cash delivered safely to your home, free of charge.

You can get from £20 to £500, delivered to your door within 48 hrs by Royal Mail Special Delivery.

To arrange a time that suits you, please get in touch with our current account or savings call centre and one of our team will be happy to help with your delivery. You can find our reduced opening hours and contact details here.


You may have trouble getting in touch with us right now as our call centre is really busy and opening hours are reduced. However, you can manage your day-to-day banking securely with our Mobile Banking App and Online Banking - they're simple to use and available 24/7.

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Comments

Cant login forgot my password can you please post a tsn thankyou

Hey @GTST0580, so I can arrange this for you, can you please send a private message to Tesco-Bank? 

How do i send a private message

 

Hi @Kirkyhf, I can see that we have replied to your private message.

Hi. My 3 month COVID-19 payment holiday is coming to an end on my loan, as I am still struggling I have applied for another 3 month break offered my Tesco last week, my next payment was due on 1st of July will this ve in place in time as will not have the funds available.  Please advise.  Thank you 

Hi @Tinman83, sorry to hear about this. Can you please send over a private message to Tesco-Bank? I'll then be able to take a closer look.

I can't apply online for the covid-19 payment holiday extension fro my credit card because the form does not accept non-UK post codes. Can you please apply this again as work is not improving and now the UK is imposing quarantine for people travelling to Europe where I live, so my bookings are being cancelled 😞

Hi @giggs1, we will have to speak to you to arrange this. You can reach the team on 0345 300 4278 (Mon - Sun: 8am to 7:30pm) or from abroad you can use +441268 508 027.