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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 transaction fees are payable if the funds are in your account.

 

If there are insufficient funds then the transaction may be either accepted (putting you overdrawn) or rejected. The former is called a 'Paid Transaction Fee' and the latter an 'Unpaid Transaction Fee'. See the t's & c's...

 

Overdraft Control

Your account is set up so that, depending on your f inancial circumstances, we’ll sometimes allow a

payment even if this takes you into an unarranged overdraft. We charge a paid transaction fee to

do this and you’ll pay interest on the overdrawn amount. If you would prefer that we didn’t allow

payments to go through that would make you overdrawn you can use Overdraft Control.

Our Overdraft Control feature means we automatically reject payments when you don’t have enough

money in your account. We will charge you an unpaid transaction fee if we do this.

You can choose whether or not to have Overdraft Control at any time once your account is open using

Online Banking or Telephone Banking.

You can find more information about how Overdraft Control works in the terms and conditions for our

current accounts. This includes information about the types of payments we’ll reject and when we’ll

charge you fees and/or interest, plus some important information if you have more than one Tesco

Bank current account.

Hondaboy

I would like to ask if anyone else was in the same position as me of applying for accounts for my wife and myself before April and the site went down so I was unable to have an individual account but managed to get the joint one and my wife's before the site crashed.  I therefore don't get any interest on my £3000. I feel Tesco was sneaky about slipping in the £750 monthly deposit. As I trusted them i thought i would get my interest but alas I've missed out. Should I complain to Tesco as it wasn't my 'fault' or just close my individual account and put my money where it's earning?

clivep

That's quite a confusing post.

 

As far as I'm aware, Tesco's site didn't go down or crash. They suspended accepting new current account applications and then introduced new t's & c's once taking them again (as expected).

 

My wife managed to set up 2 accounts under the pre-April 1st rules but I only managed 1 (as I allowed the online registration screen to time out and found I had to wait for the paper documents from my first application to arrive before I could open the 2nd and then it was too late).

 

When I opened my 2nd account after 1st April it was widely known that the t's & c's were different and hence I set up 3 dds and transfer £1000 each way betweed my two accounts each month to comply.

 

To qualify for the interest on your account just set up transfers of £750 or more each way once a month between your individual and joint accounts. As long as you also have 3 dds on the individual account paying out each month then you'll get the interest. Nothing sneaky about it. 

 

Why isn't it your fault? If you don't comply with the t's & c's then you don't get any interest... that's not Tescos fault is it?