A standing order is a regular payment that you can set up to pay other people, organisations or transfer to your other bank accounts. You can specify the amount you wish to pay, how often, for how long, and what reference appears on statements.
A direct debit can only be set up by the organisation to which you're making the payment. This can be for a fixed amount or variable but a company must tell you if they are going to change the amount they are collecting from your bank account. You will also be covered by the direct debit guarantee.
Transfer to a Tesco Bank account in your name - immediate.
To another bank - this is sent via faster payment (when lower than £100,000) and is usually received within 2 hours, but can take until close of business the next working day. If over £100,000 then the funds will be sent via CHAPS.
To a Tesco Bank account in a third party name - this is sent via faster payment and is usually received within 2 hours, but can take until close of business the next working day.
CHAPS - if we receive the instruction before 1.30pm then the funds will be credited in the receiving account before close of business the same day. If received after the cut off, then the funds will be received by close of business the next working day. For more information on our CHAPS fees, click here.
For cheque clearance timescales, please see our existing FAQ 'How long will a cheque paid into my current account take to clear?'
Yes, you will continue to receive SMS messages when abroad.
However, you can choose to get your balance and paid/unpaid transaction alerts by email or turned off completely to avoid any costs your network provider may charge.
Please note that we only send texts to UK numbers.
Sometimes we will allow a payment, even when you don’t have enough money in your account. Our decision depends on a number of things, including how you manage your current account.
If we do pay, we'll charge you overdraft interest and a paid transaction fee. If we don’t allow the payment, we’ll charge an unpaid transaction fee (this happens for every transaction) and you’ll need to arrange to make the payment.
To help you avoid these charges we will send Paid and Unpaid text message alerts to let you know if you don’t have enough money in your account to cover a payment due that day.
Paid transaction alerts
You'll receive a paid transaction alert if the transaction will still be paid. You have until 5pm to pay money in to your account and avoid fees.
Unpaid transaction alerts
You’ll receive an unpaid transaction alert if the transaction won’t be paid. For most payments, you have until 5pm to pay money in to your account to cover the payment. If the money is in your account before 5pm, the transaction will be paid and you won’t be charged any fee(s).
You should ensure you have enough money in your account to cover any cheques you write, as you will not have the opportunity to deposit funds after the cheque is presented to us. You will receive an alert if there was not enough money in your account to pay a cheque and it was returned unpaid.
Find out more about our fees and charges.
The easiest way to check your balance or transactions on your current account is by logging into the Tesco Bank Mobile App or Online Banking 24 hours a day. Alternatively you can 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 cancel a cheque, as long as it has not been presented for payment, by calling 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 request your documents format to be in braille, large print or audio by logging in to Online Banking, click on your account and then select Manage account in the top right hand corner.
From your Account Overview page, please select ‘Your preferences’ on the right hand side of the screen. From the dropdown menu, select ‘Change document format preferences’ and then select your appropriate document format type. Once selected, please click ‘Update’.
Alternatively, you can contact us to request your document format in braille, large print or audio.
If you are experiencing difficulty in logging into Online Banking, the most common error message is 042. It can mean a few things:
You are trying to log in to a closed account that is no longer available to access online. If you need information from the account, please call us on 0345 835 3353*.
You have entered the wrong username. Please click 'Forgotten your username?' when logging in and follow the on screen instructions to reset this.
Your account is not ready to view. For example, if you have just applied for a credit card and been accepted but the account is not yet open, you will get this error message. Please wait until you have a confirmation of the account and then try to log in again.
Calls may be recorded. This number may be included as part of any inclusive call minutes provided by your phone operator.
As a result of new regulation put in place by the Competition Markets Authority (CMA), Current Account customers are entitled to their previous transaction history when they close their account.
What will happen when I close my account?
We will provide you with the option of receiving your transaction history covering up to a 5 year period when closing your account.
This information is not in the usual format and will be in the form of a list and posted to you.
What happens if I close my account and switch to another bank?
Once your request to switch is accepted, we will send you a text to let you know this information is available and ready to be sent via post upon the closure of your account.
For security, you will need to call us to confirm your address before these can be issued.
Is there any other information I need to know?
If you decide you don’t want this information when closing your account, you are able to request it for up to five years from the date of your account closure. Past transaction history is only available for up to five years from the point you request it.
The volume of paper you will receive could be quite large; up to 60 pages of confidential transaction history if you receive the full five years’ worth of history, and even more for accounts with high transaction levels.
How quickly will I receive this information?
We will send you your transaction history in the post within 14 days of your account being closed.