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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:
March
Updated by:
 
Comments
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 :-)

tommy84

Hi. Do recurring card payments count in the same way as direct debits?