Tesco Bank Opens Current Account Applications

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/.