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.
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.
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.
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
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