Tesco Bank current account review

This bank account lets existing customers boost their Tesco Clubcard points, but it's not open to new 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.

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.

Compare current accounts

Table: sorted by promoted deals first
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
first direct
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.9% EAR variable
Award winning customer service
Go to site
Current account switch service guarantee badge
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
Award-winning current account, apply in minutes
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.
NatWest
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.49% EAR variable
Check your credit score for free
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.
Royal Bank of Scotland
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.49% EAR variable
Check your credit score for free
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.
Santander
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
Cashplus
Finder score
★★★★★
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
ThinkMoney
Finder score
★★★★★
★★★★★
0%
N/A
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
Barclays
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
0%
An interest-free, arranged overdraft up to £500, then 35.0% EAR (variable)
25,000 Avios points when you switch
Go to site
Current account switch service guarantee badge
As a Premier customer, you’ll have access to a range of exclusive Premier mortgages, savings accounts and more. Plus, join Barclays Avios Rewards for £12 a month and switch your account to collect 25,000 Avios to put towards your next trip with British Airways. Eligibility, fees and conditions apply.
To be eligible for Premier banking you’ll need to have either (1) An annual gross income of £75,000 or more paid into a Barclays current account or (2) a minimum of £100,000 saved or invested with Barclays. T&Cs apply. To be eligible for the 25,000 Avios sign up bonus, customers need to move their existing current account to Barclays via the Current Account Switching Service, within 3 months of joining Barclays Avios Rewards.
Representative example: 0% interest (variable) payable on arranged overdrafts up to £500. If you use an arranged overdraft above this amount the annual rate of interest is 35.0% (variable). 19.5% APR Representative (variable), based on a £1,200 overdraft balance. Overdrafts, including interest free amounts, are subject to application, financial circumstances and borrowing history.
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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 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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