Tesco Bank current account review

This bank account is now closed to applications. Use our table to compare alternative current accounts you can open in the UK.

Tesco Bank update

Tesco Bank announced in 2020 that it is no longer accepting new current account applications. If you are an existing Tesco Bank customer, then your account will remain open and you can still use it for your everyday banking needs until all of the bank’s current accounts are closed on 30 November 2021.

If you are looking to open a new UK current account right now, then compare Tesco Bank alternatives in our table below to see what other providers are offering.

We have preserved this review of the Tesco Bank current account for historical purposes.

Compare current accounts

Table: sorted by promoted deals first
1 - 14 of 14
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
NatWest
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.49% EAR variable
£175 cash offer when you switch using the Current Account Switching Service.
Go to site
Current account switch service guarantee badge
Use the Current Account Switch Service to close your account held elsewhere and switch to NatWest by 5pm on 3rd November 2022. Pay in at least £1,250 and log into mobile banking before 16th December 2022. Offer T&C's apply. Account eligibility and app criteria apply. Apply online only.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable.
Santander
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.94% EAR variable
N/A
Go to site
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
Royal Bank of Scotland
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.49% EAR variable
£175 cash offer when you switch using the Current Account Switching Service.
Go to site
Current account switch service guarantee badge
Use the Current Account Switch Service to close your account held elsewhere and switch to Royal Bank by 5pm on 20th October 2022. Pay in at least £1.250 and log into mobile banking before 2nd December 2022. Offer T&Cs apply. Account eligibility and app criteria apply. Apply online only.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable.
Revolut Standard
Finder Award
Revolut
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%

Sign up and get a free £10 top-up with Finder and get 1 month of Revolut Premium for free, too. For new customers only, T&Cs apply.
Go to site
Account fee of £0.
first direct
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
An interest-free, arranged overdraft up to £250, then 39.9% EAR (variable)
£175 for accounts switched using Current Account Switching Service or a £20 welcome cash offer to open an account
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Current account switch service guarantee badge
*T&Cs apply. Earn 1.00% AER/gross with the linked Regular Saver Account and access a £250 interest-free overdraft (subject to status)
Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 30.5% (0% EAR variable p.a on first £250, 39.9% thereafter).
Starling Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0.05%
15% EAR variable
No fees overseas
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
Monese
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
N/A
Get a free £10 bonus when using your card to make a transaction for the first time using the promo code FINDER22 and receive 1.5% money back on everyday card spending from 1 August to 31 December 2022 if you top up with £250 (or the equivalent) on or before 31 July 2022. T&Cs apply.
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Santander
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
1%
39.94% EAR variable
N/A
Go to site
Current account switch service guarantee badge
For interest and cashback on household bills, you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 years and live in the UK permanently.There is a £4 monthly fee for maintaining the account that will automatically be taken from your account each month.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable. Account fee of £4 per month.
Suits Me
Not yet rated
0%

N/A
Go to site
Cashplus
Finder score
★★★★★
★★★★★
0%

Guaranteed acceptance plus a credit building feature
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Account fee of £5.95 per month.
NatWest
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.49% EAR variable
N/A
Go to site
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.
Santander
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.94% EAR variable
N/A
Go to site
Current account switch service guarantee badge
For cashback on household bills, you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 years and live in the UK permanentlyThere is a £2 monthly fee for maintaining the account that will automatically be taken from your account each month. Log onto Online or Mobile Banking at least once every 3 months. You accept that this is a paper-free account, so documents, statements and some letters will be sent to your secure inbox in Online Banking.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable. Account fee of £2 per month.
NatWest
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.49% EAR variable
N/A
Go to site
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.
NatWest
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
19.49% EAR variable
N/A
Go to site
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 19.49% EAR variable.
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Compare up to 4 providers

Maybe you think it’s the most convenient, it’s the closest to your house or it has your favourite pasta brand. Whatever the reason, if you shop at Tesco all the time, it was worth considering its bank account. It comes with a respectable series of benefits, such as doubling your Clubcard points every time you spend at Tesco.

Unfortunately, Tesco Bank announced in 2020 that it’s no longer accepting new applications for its current account. But if you’re an existing Tesco Bank customer, then your current account will remain open until 30 November 2021, and we have reviewed the offering below.

If you’re still in the market for a UK current account, then compare Tesco Bank alternatives in our table above to see what other financial providers are offering.

Types of current accounts from Tesco Bank

Tesco only has one current account option. It’s a reward account that mostly makes sense if you are the person in charge of grocery shopping in your household, and you usually do it at Tesco. It lets you earn 2 points for every £1 you spend (you’d only get 1 point with your regular Clubcard). As usual with Tesco, you can also earn points at its petrol stations, when you buy Tesco-branded clothes and homeware, or if you use Tesco Mobile. There are a number of reward current accounts out there, so if Tesco isn’t your one and only supermarket, don’t forget to take a look at the alternatives as well. Learn more about reward and incentive accounts

The benefits of banking with Tesco Bank

  • Rewards system. The Tesco Club scheme gives you a £1.50 voucher for every 150 points (so every £75 you spend at Tesco, if you also have a current account) – which is a nice earn rate. You can spend your vouchers in-store or with one of Tesco’s partners.
  • One card to pay and earn points. Your Tesco Bank debit card will also act as your Clubcard, so you don’t need to carry them both.
  • Multiple ways to bank. With Tesco you can bank online, on the telephone or on your mobile.
  • Mobile banking app. It’s a pretty basic one, but you can check your transactions and make payments. Unfortunately, it doesn’t let you manage your Clubcard points – you’ll need to check your balance or redeem them online.
  • Global acceptance. Tesco Bank’s debit cards are on the Visa network, so you can use them in millions of stores in the UK and abroad.
  • Round the clock assistance. Tesco Bank has a 24/7 helpline, so if you need help, for example because you think your card has been stolen, you can always call them – even if it’s 3am.
  • A wide range of financial products. Tesco Bank also does credit cards, loans, savings accounts and insurance. It’s a good choice for people who enjoy the comfort of doing all their money stuff (including buying milk) with the same company.

Opening an account with Tesco Bank

To open an account with Tesco Bank, you’ll have to provide the following information:

  • How much you expect to pay in each month
  • Your salary details and any assets you have
  • Three years of address history
  • Details of your existing bank account
  • Your employer’s address
  • Your nationality/citizenship
  • Your residence status/tax residence status
  • In some cases, proof of identity (passport, driving licence, EEA or Swiss national identity card)

You could have opened a Tesco Bank account online or by visiting one of its in-store branches (which have since closed).

Our verdict

If you regularly shopped at Tesco, it would have made sense to take advantage of the Tesco Bank current account. And existing customers can continue do so. But as the Tesco Bank current account closed to new applicants in 2020, anyone looking to open a new current account should compare Tesco Bank alternatives in our table above.

Frequently asked questions

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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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