The feedback for our current account guarantee from our customers has been brilliant. We are also delighted by the unprecedented demand from new customers applying to take out accounts with us. As a temporary result of this demand, and due to our commitment to best serve our existing customers, we have made the decision to pause accepting new applications for our current account. In the coming weeks we will let customers know when they can apply again for the Tesco Bank Current Account.
If accepted, you will be asked to sign your agreement online. If we require additional information, this will be clearly explained at the end of your application. After signing your agreement, we will then send you a welcome pack in the post. Your PIN and your card will arrive separately within 10 working days. Your PIN should arrive first. Once your card arrives, activate it using either Online Banking or our Mobile Banking App. You'll then be able to use the card and start collecting Clubcard points. For joint accounts both cards need to be activated before any access to deposit or withdraw funds is available. Please note you will not be able to use your new account until you have activated your debit card. Second account applicants If you want to apply for a second Tesco Bank Current Account, the best way is to log in to Online Banking first and then complete your application online.
As an existing customer, you’ll earn 3.00% AER / 2.96% Gross variable interest on credit balances up to £3,000. What’s more as part of our commitment to reward our customers, from 1 April 2017 this interest rate will be guaranteed until 1 April 2019, meaning that you can have some peace of mind knowing that you will continue to benefit from your current account. If your balance goes above £3,000, you’ll earn interest on the balance up to this amount, but not above it. Following the Government’s introduction of the Personal Savings Allowance, from 6 April 2016 banks are no longer required to deduct tax from interest earned on savings or cash deposits including current accounts. As a result we will no longer deduct tax from the interest you have earned, unless we are required to do so in specific circumstances prescribed by law. Learn more Please note that you may still be liable to pay tax on the interest you have earned. If you need more information on tax or tax exemptions please contact HMRC. Guarantee Terms & Conditions 3%AER/2.96% Gross variable credit interest on balances up to £3,000 guaranteed from 1 April 2017 to 1 April 2019. Interest paid monthly. Although this rate is variable it will not drop below 3%AER during the dates shown. This product is subject to availability and may be withdrawn to new customers at any time. 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.
Existing customers, and those who have applied for an account up until this point, are unaffected by this decision and will benefit from the guaranteed 3% interest and the increased Clubcard points on spend in store from 1st April 2017 to 1st April 2019. Every customer who has applied for an account up until 03:00 on 11th February 2017 will have their application processed and we will be in touch with customers in due course to confirm if they have been accepted and when they can start using their account.
To open a current account, you'll need: * your monthly net income after tax and deductions * occupation, employer's name and address and when you started this job * details of any other income you receive, for example pensions or benefits * your address information for the last three years * the debit card number and a recent bank account statement for any current accounts you want to switch to us Find out more about applying for a current account
You can activate your debit card using the Mobile Banking App or Online Banking. If using your mobile: Simply login to the app and you will see an ‘Activate Card’ image at the top of the app’s main carousel page. Tap this image and enter the last 4 digits of the long number on the front of your card to complete your activation. If using Online Banking: Once logged in, select the ‘Manage’ button Select your current account on the overview page Choose ‘Activate your card’ from the left-hand menu Enter the last 4 digits of the long number on the front of your card to complete your activation
To pay a cheque in to your current account, send it and a completed bank giro credit slip to: FREEPOST RTGU-ULZJ-XYTK Tesco Bank PO Box 4943 Lancing BN11 9YL Please make sure the cheque is signed and dated. Please note: you can find bank giro credit slips in your cheque book. If you don't have a cheque book for your current account, you can request a book of bank giro credit slips. Simply call us on 0345 835 3353* (or minicom 0345 366 6471*). Lines are open 24 hours a day, seven days a week. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator. You can also deposit cheques at the Customer Services desk in some of our Tesco stores. For full details and locations view our Store Locator.