Tesco Bank has launched a new current account paying a competitive rate of interest.
Tesco Bank Current Account pays 3% credit interest on balances up to £3,000 and offers authorised and unauthorised overdraft rates of 18.9% EAR.
The finer details…
There is a monthly fee of £5, but this is waived if the account is funded with £750 each month. There are also no usage fees attached to the overdraft facilities.
The account also benefits from Tesco Clubcard points being awarded at five points per £4 spent in Tesco, three points for every £4 spent on Tesco fuel and one point for every £8 spend outside Tesco when using the account's Visa debit card.
The account must be opened online but can then be operated in branch, online or via Smartphone app.
Why we like it…
Paying a level of interest that is currently unseen on many savings accounts, as well as many further benefits including overdraft facilities and rewards, this current account heads straight up the Moneyfacts best buys.
The highest accolade of five Moneyfacts Stars has been awarded.
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