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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 note, you do not have to do this in order to have an account with us, but in order to receive your interest payment, you will have to meet this criteria.

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

Version History
Revision #
19 of 19
Last update:
‎29-03-2018 11:13 AM
Updated by:

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?


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?







Do standing orders to other banks count to comply with the 3 dds?


No. Why would they? Standing orders are not direct debits.



It's  not the same but they are still monthly payments. I just can't setup those monthly payments as direct debits. And mine are bigger amouamounts than the direct debits. 


You can have as many standing orders as you like and for whatever amounts but unless you have 3 or more direct debits you will not earn any interest.


Hopefully the below makes the 'Paid Transaction Fee' a little clearer, @JonB.

An unarranged overdraft is where we let you borrow money that we haven’t agreed with you in advance. This

might happen when:

  • you try to pay for something but there is not enough money in your account,
  • you’ve reached the limit on any arranged overdraft that you have with us, or
  • if it’s a payment that we can’t reject (such as some contactless transactions, some public transport transactions,some transactions where a retailer does not ask us to authorise the transaction before sale, and where your card is pre-authorised, for example when hiring a car or staying in a hotel). 

Before we let you make a payment like this, we’ll look at your previous behaviour as a banking customer and other information we know about you. Just because we make a payment like this doesn’t mean we’ll do it every time.


In these circumstances, we’ll treat this as a request for an unarranged overdraft and may make the payment. Where

this happens, you’ll be charged a paid transaction fee. If we reject a payment because it would have taken you into an

unarranged overdraft, we’ll charge you an unpaid transaction fee. You’ll pay interest on any unarranged overdraft.


BACS transfers won't incur such fees.


Ive just received my statement and do not have any intrest!

I have 3 debits and £750 going in so why isnt there any intrest?

Hi @styx44, can you confirm that these are active Direct Debits that you have set up and all three have had an amount collected and been set up for a calendar month? Please bear in mind that recurring transactions would not count towards the requirement.


My mistake, I set up 3 standing orders but now have set up 3 direct debits.