What are the benefits of a Tesco current account?
It was the winner of the Moneynet Best All Round Current Account Award in 2015 so it’d be fair to expect some great things from this account. One of the areas that Tesco prides itself in, is their transparency when it comes to charges and fees. So everything is clear and open when it comes to what you’ll be charged for.
There’s no monthly or annual fee to have this account and you won’t be charged for an arranged overdraft. You’ll pay interest on anything you go overdrawn by (currently 18.9% EAR, variable) but you won’t pay anything else. Of course if you end up in an overdraft that you haven’t agreed the overdraft then you’ll be charged both interest on the amount plus an unarranged overdraft fee.
Tesco has focussed on value for money and customer loyalty, so existing customers get five Clubcard points for every £4 spent in Tesco (you’ll get one point for every £8 spent elsewhere). If you do all your food shopping at Tesco, you’ll probably soon find that your Clubcard points rack up pretty quickly; meaning more money off your shop as well as being able to turn the points into vouchers to be used elsewhere. Plus, if your account is in credit, you’ll get 3% AER (variable) interest up to £3,000 – which might be better than some savings accounts.
Tesco’s ‘every little helps’ motto has also filtered down to its banking services as you’ll find managing your account easy with online and mobile access. Tesco also provide a UK based customer service team to help you with any queries. You’ll also be eligible for contactless payments and you can ask for a chequebook – which is provided free of charge