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Current Accounts

Will I earn interest on my current account?

If you applied for your account before 1 April 2017:

You will earn 3% AER credit interest on balances up to £3,000, guaranteed until 1 April 2019.

 

If you applied for your account between 1 April 2017 and 19 October 2018:

You will earn 3% AER credit interest on balances up to £3,000, guaranteed until 1 April 2019. To earn this interest rate, you must pay in at least £750 and have at least three direct debits paid from your account per statement month.

 

If you applied for your account after 19 October 2018:

You will earn 3% AER credit interest on balances up to £3,000. To earn this interest rate, you must pay in at least £750 and have at least three direct debits paid from your account per statement month.

 

Please see our rates and fees page to find out more information on your interest rates

 

Credit interest guarantee terms and conditions

The conditions you need to meet to earn credit interest depends on when you applied for your Tesco Bank Current Account.

 

For accounts applied for before 1 April 2017 you will earn 3% AER/2.96% Gross variable credit interest on balances up to £3,000, guaranteed until 1 April 2019. Although this rate is variable it will not drop below 3% AER during the guarantee period. Interest paid monthly.

 

For accounts applied for between 1 April 2017 and 19 October 2018 you will earn 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.

 

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 begins the day after you open your account and will end on the day you opened your account in the following month. 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.

Comments
thamgoodenough

Do I still have to deposit £750 pounds monthly into my Tesco current account to gain interest?

 

pj2o

I AM TRYING TO APPLY TO OPEN A CURRENT ACCOUNT WITH TESCO & FIND IT VERY DIFFICULT TO SPEAK TO ANY ONE 

Soo

Will I get 3% interest on £6000 in a joint account or only £3000 as in a personal account?

StephenO

Hi @Soo, you will get 3% on £3000 on joint accounts 

skot

Are Tesco saying that they pay 3% on these accounts now or does the 3% only start on **sensitive info removed** onwards for 2 years?

 @skot, thanks for your interest in our current accounts. We've paused offering current accounts for new customers due to the exceptional demand we have experienced. Existing accounts are already subject on the 3% offer up to a balance of £3000. We will let you know when accounts are available again through our website, Social Media and Community

mireia

 How long does it take to hear back from an application? It's been 10 days since I did it and all I got was a text saying that my application is still been worked on. Thanks.

Hi @mireia, I'm sorry to hear that you haven't heard back about your application. So I can look into this further, please send a private message to @CET.

 

Please note: don't include the @ symbol when putting in the contact details via private message, just CET.

 

In the message explaining your situation, include your name, date of birth, and postcode.

 

For details like your DOB, postcode and phone number, we ask for you to format it with additional spaces, i.e. A B 1 2 C D, 2 4 1 0 2 0 1 6 and 0 7 1 2 3 4 5 6 7 8 9 otherwise the information is removed by the system. 

Drookie

Do standing orders count for the direct debit criteria? 

clivep

No.

 

Direct debits from Tesco savings accounts also do not count.