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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
Em1

Hello,

 

I am trying to find out why I have not earned interest this month?  I can't seem to get through to anyone.  I still have 3 direct debits and have money in the account and pay at least £750 in every month.  I usually receive interest on 11th of every month but not this time.  Can anyone help please?

Thanks

clivep

Were 3 direct debits paid out between 11th January and 11th February (assuming the 11th is your statement date).

 

Remember that the 3 direct debits must be paid out in your statement month (not calendar month). So, for example, if one normally pays out on the 10th or 11th of the month then it would be paid the next working day on the 12th February and not qualify as one of the three needed for your February interest.

 

What dates did your DDs actually get taken?

 

Maria61

Can anyone tell me why do I not get interest in my current account every month even though I pay in £800 and have 3 active direct debits? It seems a bit random - almost every other month. Thanks.

Hi @Maria61, sorry to hear that your account isn't working as expected. In terms of the direct debits, are they all being taken within the same statement month, or do the dates change slightly? As long as all three are paid out each month and you deposit at least £750, then interest will be paid on balances up to £3,000.

 

If you call our team on 0345 835 3353, available 24/7, they can check on this for you and let you know why interest isn't being paid consistently.