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Current Accounts

Will I earn interest on my current account?

If you applied for your account before 1 April 2017:

You will earn 3% AER credit interest on balances up to £3,000, guaranteed until 1 April 2019.

 

If you applied for your account between 1 April 2017 and 19 October 2018:

You will earn 3% AER credit interest on balances up to £3,000, guaranteed until 1 April 2019. To earn this interest rate, you must pay in at least £750 and have at least three direct debits paid from your account per statement month.

 

If you applied for your account after 19 October 2018:

You will earn 3% AER credit interest on balances up to £3,000. To earn this interest rate, you must pay in at least £750 and have at least three direct debits paid from your account per statement month.

 

Please see our rates and fees page to find out more information on your interest rates

 

Credit interest guarantee terms and conditions

The conditions you need to meet to earn credit interest depends on when you applied for your Tesco Bank Current Account.

 

For accounts applied for before 1 April 2017 you will earn 3% AER/2.96% Gross variable credit interest on balances up to £3,000, guaranteed until 1 April 2019. Although this rate is variable it will not drop below 3% AER during the guarantee period. Interest paid monthly.

 

For accounts applied for between 1 April 2017 and 19 October 2018 you will earn 3% AER/2.96% Gross variable credit interest on balances up to £3,000, guaranteed until 1 April 2019. To earn interest, each statement month you must pay in at least £750 and have at least three direct debits paid from your account.

 

Although this rate is variable it will not drop below 3% AER during the guarantee period, provided you meet the interest conditions. Interest paid monthly.

 

A statement month begins the day after you open your account and will end on the day you opened your account in the following month. Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Gross is the interest rate paid before tax is deducted.

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.

alchemilla

I opened a current account on May 30th 2018  and have met all eligibility requirements to earn the 3% interest.As yet -15th July -I havent received any . When will this become payable?

Sorry to hear about this Alchemilla. Please send a private message with your full name, DOB and postcode with spaces between characters (l i k e  t h i s) so that I can look into this for you

nvt

Opened 2nd Current Account on 06 July 2018. Didn't have the three direct debits setup (and paid out) in the first statement month (6 July to 6 August 2018). However, did pay in over £750 on 01 August, then again on 21 August.

 

Pretty sure three DD's have left the account, not 100% though. Can someone on here help or tell me how to check it.

Hello @nvt, thanks for getting in touch. I have now replied to your private message. 

nvt

Just checked the recent transactions on the App. There are now four transactions saying 'Direct Debit, [company name], [Direct Debit Reference number]

[Date left account]                                                  [amount]

 

Date left account is within the statement month for all four transactions.

Can we use the above method to check if we've satisfied the 3x Direct Debits element of the criteria?

Yes @nvt, if you have paid in £750 and have at least three direct debits paid from your account per statement month (excluding direct debits to a Tesco Bank savings account) then you will receive the interest payment.