Tesco Bank launches rewarding current account in Northern Ireland
10 October 2017
- 3% credit interest on balances up to £3,000 until 1st April 2019
- Tesco Clubcard points on debit card purchases
- Clear and transparent charges
- Mobile and Online banking
Tesco Bank has today announced the launch of its current account in Northern Ireland. The account pays 3% interest on credit balances up to £3,000 until 1st April 2019, has simple and transparent charges and rewards loyalty with Clubcard points on purchases made with the Tesco Bank Visa debit card. To earn interest, each statement month customers must pay in at least £750 and have at least three direct debits paid from their account (excluding direct debits to a Tesco Bank savings account).
As well as offering great value and rewards1, the account combines the convenience, ease and great service that Tesco customers demand.
Today’s announcement comes as Tesco Bank research exploring Northern Irish consumer attitudes towards their banks2 reveals that that increased interest rates as well as more rewards and benefits were features which would significantly improve feelings of satisfaction in over 70% of people.
Benny Higgins, CEO, Tesco Bank, said:
“I am delighted to announce the launch of our Current Account in Northern Ireland. This product is one of the most competitive in the market, offering customers great benefits in the form of credit interest and Clubcard points on spend in Tesco, while also providing simple and easy account servicing through our online banking, mobile app and UK-based 24 hour call centres. Bringing our current account to Northern Ireland is a key milestone in our commitment to providing genuinely helpful products and services for our customers across the UK.”
3Tesco Bank current account customers could receive the following annual benefit:
|3% Credit Interest||£88||Based on a customer earning 3% AER gross variable interest if they keep £3,000 in their account for 12 months.|
|Clubcard point voucher value||£70||Based on average qualifying debit card spend of £1000 per month inc. £250 spent in Tesco.|
Tesco customers who spend their Clubcard vouchers with Tesco Clubcard Partners get increased rewards. For example, used with Stenaline customers get 3x the value of their vouchers4.
The key features of this account include:
Rewarding customer loyalty
- A minimum 3% AER variable interest on credit balances up to £3,000 until 1st April 2019.
- 1 Clubcard point per £1 spent at Tesco on your debit card until 1st April 2019. This is in addition to collecting standard Clubcard points when shopping at Tesco and 1 Clubcard point is collected per £8 spent outside of Tesco.
- Extra benefits for customers also using Tesco Pay+, our innovative payment platform which allows customers to pay for in-store spend up to the value of £250 and which automatically credits Clubcard points to customer accounts. Customers will receive 1 Clubcard point for every £4 spent in-store and paid for with the Tesco Pay+ app until 14th January 2018.5
There for customers, whenever they need us
- Access to Tesco Bank’s award-winning mobile banking services and 24/7 customer support
- The ability to make deposits and withdrawals at 12 stores across Northern Ireland from Enniskillen to Belfast.
Simple and transparent
- Automatic text and email alerts to help customers avoid unarranged overdraft fees
- Free ‘overdraft control’ feature to make managing the account easier
- Transparent overdraft fees
Customers can apply to open an account online at (www.tescobank.com/current-accounts/) with 24/7 support available from Tesco Bank’s UK-based call centres. Switching your current account is simple and hassle free, and Tesco Bank is a member of the 7-day switching guarantee service.
To celebrate the launch of our current account, we will be holding a series of customer roadshows across Northern Ireland. The first of these will take place on Wednesday 11th October at Tesco Knocknagoney from 10am-2pm.
For more information and media enquiries, please contact:
+44 (0)131 264 3152 / +44 (0)7841 456 956
Notes to Editors:
1As the Tesco debit card is also your Tesco Clubcard, you’ll also collect normal Clubcard points, in addition you will collect 1 Clubcard point per £1 spent in Tesco until 1st April 2019.
2Research conducted by YouGov on behalf of Tesco Bank. Total sample size was 501 adults from across Northern Ireland. Fieldwork was undertaken between 31st August - 5th September 2017. Survey was carried out online.
3Table shows potential value customers can earn with the Tesco Bank Current Account over the first 12 months.
3%AER/2.96% Gross variable credit interest on balances up to £3,000 guaranteed until 1st April 2019. Interest paid monthly. To earn interest, each statement month you must pay in at least £750 and have at least three direct debits paid from your account (excluding direct debits to a Tesco Bank savings account). Although this rate is variable it will not drop below 3% AER for the duration. This product is subject to availability and may be withdrawn to new customers at any time. 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. Until 1 April 2019 we guarantee you will collect 1 point per £1 spent in each debit card purchase transaction (£1 minimum) within Tesco in addition to your standard Clubcard points and collect 1 point per £8 spent in each debit card purchase transaction (£8 minimum) outside Tesco. Exclusions apply. Clubcard earn rates are subject to change. There are some products at Tesco you can’t collect points on, see the Tesco Clubcard website for details. This product is subject to availability and may be withdrawn at any time. The Tesco Clubcard Scheme is administered by Tesco Stores Limited, Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, who are responsible for fulfilling points.
The Tesco Bank Current Account is available to people aged 18 or over. Accounts are subject to status.
4There is a range of Clubcard partners available in Northern Ireland including: PizzaExpress, Stenaline, The Ulster Folk and Transport Museum and Dundonald Icebowl. Information on these and other partners is available at https://www.tesco.com/clubcard/
5 Tesco Pay+ is operated by Tesco Bank. Customers can use Pay+ in all Tesco stores across the UK, including Tesco Express, Tesco Metro, Tesco Extra and Tesco Superstores, as well as Tesco filling stations. 1 point for every £4 spent (£4 minimum) in each Tesco Pay+ transaction in Tesco and Tesco Petrol Filling Stations.
Points will be added to a future Clubcard statement.
Tesco Bank Current Account Roadshows
To celebrate the launch of the current account in Northern Ireland, Tesco Bank is holding a series of roadshows across Northern Ireland. These will give customers the opportunity to find out more about the current account and to enjoy a tasty mini Ulster Fry. The roadshows will be held at Tesco stores which offer account servicing functionality.
The roadshows will take place from 10am-2pm at the following locations:
11/10/17 – Knocknagoney (Knocknagoney Road, Belfast, BT4 2PW)
12/10/17 – Enniskillen (Derrychara Link, Enniskillen, BT74 6HN)
13/10/17 – Derry/Londonderry (Lisnagelvin Shopping, Londonderry, BT47 6DA)
16/10/17 – Antrim (28 Castle Way, Antrim, BT41 4BU)
17/10/17 – Newtownabbey (Ballyclare Road, Newtownabbey, BT36 8HD)
18/10/17 – Dungannon (Beech Avenue, Dungannon, BT71 7BN)
19/10/17 – Cookstown (Orritor Road, Cookstown, BT80 8BH)
20/10/17 – Newtownards (1 Castlebawn Drive, Newtownards, BT23 4EX)
23/10/17 – Craigavon (Highfield Road, Armagh, BT64 1AG)
24/10/17 – Newry (24 Downshire Road, Newry, BT34 1EE)
25/10/17 – Newtownbreda (170 Newtownbreda Road, Belfast, BT8 6PZ)
26/10/17 – Carrickfergus (Minorca Place, Carrickfergus, BT38 8AU)
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.
Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ