Tesco Bank opens current account applications
4 April 2017
- Guaranteed 3% interest rate offer for current account customers
- And rewarding customers with even more Tesco Clubcard points
In February we made the decision to offer a current account guarantee to reward existing customers and give them certainty regarding their credit interest and help with their daily spend. We experienced an unprecedented level of demand from new customers following the launch of this offer and we therefore made the decision to pause applications for the account so that we could maintain our excellent levels of customer service.
We are delighted to announce that new customers can now apply to open a Tesco Bank current account to benefit from a guaranteed 3% credit interest on balances up to £3,000 until 1 April 2019. As an extra little help, current account customers will receive even more Clubcard points for every £1 spent in Tesco until 1 April 2019.
To receive a guaranteed 3% credit interest each month until 1 April 2019, new applicants are now required to:
- Deposit £750 into their account per statement month.
- Have at least three direct debits paid out of the account per statement month (excluding Direct Debits to a Tesco Bank savings account).
David McCreadie, Managing Director, Tesco Bank, commented:
“I am pleased to reopen applications for our unique current account guarantee designed to provide peace of mind to our existing customers by offering a guaranteed credit interest rate, allowing them to make a return on their hard earned money. Given the unprecedented response to the initial offer we made in February, there are a number of conditions new customers must meet to qualify for the credit interest benefit of this current account offer.”
“The current account also rewards customers for their loyalty by giving them a bigger thank you with even more Clubcard points when shopping in Tesco. This is Tesco Bank’s way to give another help to our customers in their day-to-day banking.”
Customers receive the following rewarding benefits of the Tesco Bank current account:
- 3% AER variable interest on credit balances up to £3,000 until 1 April 2019.
- 1 Clubcard point per £1 spent at Tesco on your debit card from until 1 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.
- Access to Tesco Bank’s award-winning mobile banking services and 24/7 customer support.
- The ability to make deposits at over 300 Tesco stores across the UK, from Lerwick to Penzance.
To open the account, customers should apply online at www.tescobank.com/current-accounts/.
For more information and media enquiries please contact:
Tesco Bank press office: +44 (0) 131 274 3630
Notes to Editors:
Credit Interest Terms and Conditions:
3%AER/2.96% Gross variable credit interest on balances up to £3,000, guaranteed until 1st 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 (excluding direct debits to a Tesco Bank savings 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 runs from the monthly anniversary of the date you opened your account.
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.
Clubcard Terms and Conditions:
As 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 1 April 2019. This is an increase from the current 1 point for every £4 spent.
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 Terms and Conditions and website at
www.tesco.com/clubcard/help/terms-and-conditions for exclusions. 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.
This product is subject to availability and may be withdrawn to new customers at any time.
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