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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
nvt
  @CarolineM

I've been told (by someone on another forum) that Direct Debits to Tesco savings accounts are no longer available. If this is true, Tesco Bank should update the info on the website which still says:

 

To earn 3% AER credit interest on balances up to £3,000 until 1 April 2019, simply pay in at least £750 and pay at least three Direct Debits each statement month (excluding Direct Debits to Tesco Bank savings accounts)

 

If (as a community expert) you got the info from a different Tesco Bank source (e.g. Intranet or internally circulated/accessible document), then that should also be updated.

Thanks for the feedback @nvt, this was deliberately left on the page and response as not to allow our customers to think that this was possible. We have it in the pipeline to remove this after a set period of time after the change was made to remove the Direct Debit facility from Savings Accounts. 

nvt

@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? "

 

As you say, looks like the start and end date of the statement month in also  included.

My statement date falls on 06th. So last months statement=06 September to 06 October. 

Received payment of over £750 only yesterday (last day of statement month). This morning when I checked app (07 October) interest of £7.29 had been added to account.