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
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).
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.
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. 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.