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Current Accounts

Will I earn interest on my current account?

If you opened your account before 1 April 2017:
Until 1 April 2019 we guarantee to pay you 3%AER credit interest on balances
up to £3,000. Please see our rates and fees to find out more information on your interest rates.


If you opened your account after 1 April 2017:
We guarantee you’ll earn 3% AER credit interest on balances up to £3,000 until 1 April 2019. In order to benefit from this, you must pay in at least £750 and have at least three direct debits paid from your account per statement month (excluding direct debits to a Tesco Bank savings account).


Please see our Current Account product details to find out more information on your interest rates.

Version History
Revision #
17 of 17
Last update:
‎04-04-2017 02:01 PM
Updated by:
 
Comments
clivep

No.

 

Direct debits from Tesco savings accounts also do not count.

Psyurmh

Can one of the three monthly direct debits be to pay a Tesco credit card?

Hi @Psyurmh, thanks for contacting us. An outgoing direct debit to a Tesco Bank Credit Card would count as one of the three required direct debits on a Current Account. I hope this information helps.

andyw

Please define "3%AER credit interest on balances up to £3,000" because the way you've worded it is ambiguous

 

- I hope that means that if my balance is say £3000.01, I will get 3%AER credit interest on the first £3000 of it and no interest on 1p

 

- and not that I will get no interest at all because my balance is not "up to £3000" but over it ?

HI @andyw, interest would be paid on any balance you have up to £3000, and no interest would be paid on any balance over that amount. So the 1st scenario you've outlined is correct. I hope this helps but if you've got any further questions please let us know. 

Dorkozoid

Hi, 

 

I'm just wondering - do the condition of 3 direct debits mean 3 different direct debit payments to different companies, or can all 3 be to the same each month? 

 

Thanks :) 

Hi @Dorkozoid, so that we're able to differentiate between the direct debits, they would have to be to different companies. I hope this information helps.

bonnyrigger

Watch the dates on your Direct Debits - the one I set up for my Gas and Electricity came out 1 day after my first month's statement date and I lost the interest on my account for the month - not nice!  Should be OK going forward unless statement dates get changed to split up my 3 DDs into separate months again.

Pearlpoppy

We've had our current account open over a month now, over three direct debits per month, paid in more than  £750 and have received no interest. When does the interest get paid?

Hi @Pearlpoppy, thanks for getting in touch. The interest on a current account should be paid on the day your statement is produced. This is also the date your account was opened. If nothing is showing on the account after a month or more, call our team on 0345 835 3353, available 24/7, and they can help :-)