Tesco Bank removes current account fee | Product News - Moneyfacts

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Tesco Bank removes current account fee

Tesco Bank removes current account fee

Category: Banking
Date: 16/09/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tesco Bank has removed the £5 monthly usage fee on its current account, cementing its standing in the Moneyfacts charts and earning it an 'outstanding' rating.

The basics…

This current account now has no monthly usage fee and pays a credit interest rate of 2.96% gross (3.00% AER) on balances of up to £2,999.99. It also charges a competitive 18.9% EAR on both authorised and unauthorised overdrafts.

The finer details…

Applicants must be 18 years or older and applications must be made online. The account can then be managed in branch, online and via Smartphone app.

Account holders can benefit from earning Clubcard points for their everyday spending: 5 points can be earned for every £4 spent in a Tesco store or on Tesco fuel, while 1 Clubcard point will be earned for every £8 spent elsewhere, provided they use their Tesco debit card.

Why we like it…

The removal of the fee on this account has heightened its attractiveness in the market and is sure to draw the attention of those looking to switch their current account provider. The fact that it also pays an appealing interest rate on balances of up to £2,999.99 means that this deal will appeal to savers, while borrowers can take advantage of the competitive overdraft rates. Finally, the benefits of the Clubcard points cement this deal's status as a best buy and ensure that it fully deserves the highest Moneyfacts rating.

Moneyfacts rating: Outstanding

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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