Tesco | Current Account

133 reviews

Monthly fee: Free

AER: 3%

Tesco | Current Account customer reviews.

133 reviews

2.6 out of 5 stars

Avoid
05:14 12-09-2018
ImageSmart Money People

Horrendous bank will not protect your hard earned money if we're scammed your account can be empty in hrs I'm talking not hundreds I mean thousands and no checks or anything done unlike other banks were suspicious activity or large amounts leaving accounts they contact you straight away to check this is you making transactions tesco don't do anything and making complaints I made one 8 weeks ago still no response or has been dealt with they must have backlog of complaints to take this long get told they will call you back never happens all banks have procedures to protect customers money that's why you put in a bank i didn't want a overdraft as don't like debt well these give you no choice they pay for things on your behalf without asking and get you in a negative balance and Then to charge you huge interest fees even though there was nothing in account to pay for it they do it now in negative balance £1000 then to keep phoning threatening with actions disgraceful they have ruined my life also my kids future what bank pays for something on your behalf when no funds in account to pay for it then to get you In a negative balance of £1000 and then to charge you for it when you didn't get asked or wanted it paid or agreed for overdraft then to constant phone calls see they can call when they want something but in regards to my complaint nothing I would absolutely avoid this bank read reviews before committing your hard earned money in to this joke of a bank wish I read reviews I would of never put my money in to it wish I stayed with my old bank what have your money totally protected when just a couple of transactions they do checks straight away and deal with anything straight away and anything is not a problem the staff at tesco bank have a carnt be bothered approach and don't care talk to you like your stupid and when rang about a statement they said not on my account so did I get someone else's statement? Total joke

Lisa dior

Avoid
07:52 15-07-2018
ImageSmart Money People

Failed to protect my £70,000 this bank allowed card payments of £70,000 to be used in a couple of hours with no block or hold on card my other banks after two three thousand pounds put hold on and contact you by phone or txt this bank failed to protect myself and my money disgraceful I informed them on phone I have a disability and I'm vundrable adult and now with there no protection on your money noe have nothing this bank needs investigating why nothing is done to protect customers savings like any other bank would do

Lisadior

Good Interest rate and app
17:57 16-01-2018
ImageSmart Money People

Very good mobile app and good interest rates.24/7 bank at big tesco extra

Jam

Great - as long as you don't need counter service
17:02 24-11-2017
ImageSmart Money People

Everything's pretty good, but don't try paying in cheques/cash in-store. Three times I've tried and twice there were truly incredible problems. Once I phoned to (gently) complain afterwards but the bank said, 'Nothing to do with us - if you want to complain you'll have to take it up with the store' !

James Waldron

High Interest - Easy current account to use
20:04 19-11-2017
ImageSmart Money People

A very easy account to use and guaranteed 3% interest until 1st April 2019. The bottom line is, that high interest is not easy to get currently, so well done Tesco Bank.

Ian Davidson

Reliable banking
23:33 18-11-2017
ImageSmart Money People

Great service and products. The staff are friendly and the current account is simple to use.

Christina Roberts

Current Account
09:59 09-11-2017
ImageSmart Money People

A great current account with interest paid on amounts up to £3000.00

Bob Smart

Excellent Rates
21:01 09-05-2017
ImageSmart Money People

Great customer services and great rates.

Kirsty McLean

one of the best interest rates
21:16 02-05-2017
ImageSmart Money People

Great current account with one of the best interest rates. Easy online banking and good customer service

wendy moore

Great product
09:41 01-05-2017
ImageSmart Money People

Tesco Bank offer a brilliant range of products, particularly the current account. The website and app are better than others I've used and I've always had a good experience with their customer service.

Phil O'Kane

Our review of Tesco | Current Account

Although the Tesco Current Account is free, there are a number of benefits such as the ability to earn additional Clubcard points. Other features are quite similar to other fee-free current accounts such as being able to set up free text and email alerts, and access to online and mobile banking. Switching your account to Tesco can take up to seven working days and Tesco will take care of moving all your existing Direct Debits, standing orders and incoming payments like your salary. Tesco will also transfer your balance and close your old account.

As mentioned the main benefit is being able to collect Clubcard points every time you use your Tesco Current Account debit card, even if the transaction is not at Tesco. If you’re using your card to purchase in a Tesco store, on their website or buying fuel from Tesco then you can earn 2 points for every £1 spent – if you are using this for fuel then those points can accrue quite quickly. When spending elsewhere the rate drops dramatically to 1 point for every £8 spend, but as they say, every little helps and Clubcard points are then converted to vouchers every three months.

Reviews online for Tesco Bank are on the whole poor, with Tesco Bank receiving a rating  of ‘bad’ on TrustPilot. This does cover other Tesco products such as car insurance and loans, but when looking at those specific to current accounts we can see that customers have been dissatisfied with cards being declined with no notification, confusing online banking and a feeling that an £8 spend for 1 point was not fair.

Overall verdict: If you are a regular Tesco customer then you can benefit from taking out their Current Account. It is free of charge, easy to switch, you’ll get control of your account and most importantly you can benefit from the extra Clubcard points. The negative reviews are slightly worrying, but as with everything we need to remember that with a business of this size there is inevitably going to be some bad reviews.

Written by: Alex

Highlights

  • Earn 5 Clubcard points for every £4 spent in Tesco
  • No arranged overdraft fee
  • Manage the account with mobile and online banking
  • No monthly fee
  • Receive free text and email alerts to avoid fees
  • See all transactions with the mobile app’s payment calendar

Minimum criteria

  • You must be aged over 18

Fees

  • Maximum APR %
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £0

About Tesco | Current Account

The Tesco Current Account has no monthly fee but comes with 3% interest on balances up to £3,000 in credit. Customers can also apply for an arranged overdraft, however the limit will be decided by Tesco at the time of application and there are no additional fees, just a daily interest rate of 18.9% EAR. For every transaction that takes you over your limit you will need to pay a fee of £5, however there is a maximum limit of 10 fees per statement period.

Customers can manage their Tesco Current Account using mobile and online banking, or by getting in touch with their UK based customer service team who are available 24/7. You can track all transactions using the mobile app’s payment calendar and can also set up free text and email alerts to help avoid any fees and charges.

Earn extra rewards with the Tesco Current Account when you use the debit card to spend in a Tesco store. For every £1 spent with Tesco, you can earn 2 Clubcard points, and 1 point if you spend £8 elsewhere. These Clubcard points are collected and every three months either turned into vouchers to be used in Tesco, or can be exchanged for vouchers from selected partners including  high-street retailers, restaurants or days out.

Company information

Registration number: SC173199

www.tescobank.com

08453004278

Interpoint Building, 22 Haymarket Yards, Edinburgh EH12 5BH

FCA registration

Reference No: 186022

Trading names: Buy Now Pay Later, Tesco Bank, Tesco Buy Now Pay Later, Tesco Clubcard Credit Card, Tesco Personal Finance Plc

Place of business: Interpoint Building, 22 Haymarket Yards, Edinburgh, Midlothian EH12 5BH

Data protection registration

Registration No: Z4988111

Data controller: TESCO PERSONAL FINANCE PLC

Address: Interpoint Building, 22 Haymarket Yards, Edinburgh, Midlothian EH12 5BH

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