A simples guide

Compare Tesco Current Accounts

 Tesco, one of Britain’s big four supermarkets, has made a splash with its move into the financial services markets and has a full range of money products, from mortgages to ISAs. Now their current account has evolved into an award winning service that you can access at a huge number of Tesco stores.


So the Tesco Current Account could be just what you’ve been looking for. But make sure you compare Tesco’s offerings with the competition, using our comparison service.


What are the benefits of a Tesco current account?

Tesco has focussed on value for money and customer loyalty, giving customers Clubcard points every time they spend on their card and 10 times as many for every pound spent shopping at Tesco. It’s a simple strategy that should help people feel a tangible benefit when it comes to their weekly shopping.

If you have a large family and food-shopping is a major part of your household budget, then you should do the maths carefully as the Tesco current account could save you money in the long run.

This new Tesco bank account doesn’t charge arrangement fees for overdrafts, either, and has competitive interest rates. Tesco has pledged complete transparency with its charges and there are no monthly fees.

It is no surprise that a supermarket that prides itself on making things easy for you has made your account simple to control. You can manage it from your smartphone with an app and customer service is available round the clock to help you with any issues.

It is the winner of the 2015 Moneynet Best All Round Current Account Award, it offers a card that can handle contactless payment for £30 or less, you can make deposits in 300 Tesco stores around the country and you can have two accounts if you want to separate your daily spend from your savings.

It’s fully covered by the FSCS guarantee, too, which means your savings up to £75,000 are protected. 

What are the interest rates on offer with Tesco?

Tesco offers a substantial 3% interest rate on balances up to £3000, which is a better return than many long term ISAs. By offering strong rates of return and reward points that have an impact on the weekly shopping bill, Tesco has created a ring of complementary products that work with each other. 

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Remember to compare accounts

Tesco makes a powerful case for opening a current account where you do your weekly shop, but you should always take the time to compare the alternatives before you apply. Some banks offer better overdraft facilities, others will give you cashback when you sign up and you might simply like the convenience of another branch that is close to your house for example.

Do not worry about Tesco being a retailer, it has taken the financial arm seriously and has proved itself time and again. One current account simply cannot be perfect for everyone, though, so consider your needs carefully and make sure that you have found the current account that best serves your needs.

We can, of course, help you compare current accounts from the some of the best current account providers with just one set of details. So if you’re in the market for a new bank account then head over to the price comparison service and get started right now.

All Tesco current account details are based on information provided on tescobank.com data on 24th March 2016

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