Tesco Bank has reopened its very generous (in interest and Clubcard points) current account

In February we wrote about Tesco Bank having improved their current account.  As well as offering an impressive 3% interest on balances of up to £3,000 and 1 Clubcard point per £1 spent in Tesco when you pay with your Tesco debit card, they also removed the requirement for three compulsory direct debits and the £750 minimum monthly payment into the account.

The offer turned out to be a bit too good.  Shortly after this offer went live Tesco Bank stopped accepting new applications due to overwhelming demand.

Now Tesco Bank has reopened its current account to new applications.  However, the rules have changed again.

Tesco Bank

With this account you now get:

a debit card which earns 1 Clubcard point per £8 spent (note that you need to spend at least £8 per transaction to earn any points from it)

you will earn 3% credit interest on up to £3000, guaranteed until April 2019

your debit card will earn 1 Clubcard point for every £1 you spend on it in Tesco – this is on top of the usual Clubcard points and this rate is guaranteed until April 2019

The new rules on opening an account are:

you must set up 3 direct debits

you must pay in £750 per month

Even with the new rules this account is still worth a look.  Not unreasonably, Tesco Banks wants you to switch your day to day banking over which is why these rules are now in place.  However it is NOT compulsory to close down your existing current account.

If you make a lot of debit card payments or spend a lot in Tesco you can earn a good number of Tesco Clubcard points this way.  You can also earn an easy £90 per year in interest on £3000 of your savings, which is a good deal in the current market.

You can apply here.

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  1. How can I join

  2. John Thornstone says

    So do existing customers who have had this account get 1 clubcard point per £8 spend or only new customers and are all customers now required to pay in £750 / month and have 2 direct debits or does that just affect new customers?

    I wander if depositing money into a savings account using a debit card would earn club card points?

    • You don’t get any points for paying financial institutions with the debit card

      • Loose definition of that – you can’t pay into a bank account but there seems to be flexibility elsewhere. You can certainly pay tax bills and get the points.

  3. You don’t have to set up three direct debits.
    You don’t have to pay in £750 a month.

    These rules only apply if you want to earn interest in the account. If you just want the account for the debit card and extra clubcard points, then you can fund the account as and when you need to.

    • Fair point – but as you do need to fund it anyway, you might as well put in £3k to get the £90 annual interest and therefore set up 3 DDs going out.

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