Tesco | Current Account

Monthly fee: Free
AER: 3%
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Tesco | Current Account customer reviews

2.9 out of 5 from 85 reviews

Excellent Rates

21:01 09-05-2017

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Great customer services and great rates.

Kirsty McLean

one of the best interest rates

21:16 02-05-2017

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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

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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

Interest paid on up to £3k

07:45 08-04-2017

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On line, which is great for me. Interest paid on up to £3k and you get Tesco points when you spend on your card!

Lyn Perry

good interest, no monthly fees

11:03 04-04-2017

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Good and easy to set up. Has an incredible interest rate, with no monthly requirements or fees. Friendly and great internet banking app.

Emily Turner

Saving for rainy day

05:18 31-03-2017

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I invested money in Tesco new current bank account whic h gives a higher rate of interest for a couple of years. ⭐️⭐️⭐️⭐️⭐️⭐️

Mrs C Laws

High interest rate on your savings

11:50 26-03-2017

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3% interest on up to £3000. No fee on the account. Brilliant!

Cupcake R

A great account, easy to use online

19:24 14-03-2017

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I opened this account online and found the process easy and effective. I can log in easily and would recommend Tesco Bank.

Angela Bonehill

Decent Interest Rate

15:01 04-03-2017

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Opened a current account and have input £3,000 for which I will receive 3% interest - guaranteed up to 01.04.19. Don't need to pay anything in monthly, don't need any Direct Debits. Great. Whats not to like.! Suspended now as too much interest. Still I was lucky!!

Steph Armstrong

Easy great rate

12:16 02-03-2017

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A great rate of 3% on £3k of savings.

Oliver Bennett

Our review of Tesco | Current Account

Written by: Alex
Our review by Alex

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 5 points for every £4 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

Minimum criteria

  • You must be aged over 18

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 £4 spent with Tesco, you can earn 5 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.