Tesco | Current Account customer reviews.
1.5 out of 5 stars
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.
- 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
- You must be aged over 18
- 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.
Registration number: SC173199
Interpoint Building, 22 Haymarket Yards, Edinburgh EH12 5BH
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 5BHApply Now