Tesco Bank Current Accounts

Tesco Bank Current Accounts logo
  • If you're trying to find a current account which suits your personal finances you can compare a range of accounts from Tesco Bank.
  • You can compare interest rates, account fees and other key features or click on the links to apply online.
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Last updated on 09 November 2020.

Tesco Bank Current Accounts FAQ

Who is Tesco Bank?

Tesco Bank is the financial services arm of the retailer Tesco and is a major challenger bank in the UK. It operates online and offers services such as current accounts, mortgages, credit cards, loans and savings products.

Can I get a current account with Tesco Bank?

Yes, Tesco Bank has one type of current account, simply known as the Tesco Bank Current Account. It offers account holders all basic bank account services and also pays interest on balances providing the account holder pays in a minimum amount each month. There is no monthly fee for maintaining the account, but charges and fees may apply for certain services and transactions.

Is an overdraft available through the Tesco Bank Current Account?

You can apply for an overdraft through your Tesco Current Account, but your credit record will affect whether you are accepted or not. In addition to carrying out a credit check, Tesco Bank may also check other financial and personal details to ensure you can afford an overdraft.

How much do Tesco Bank overdrafts cost?

This will depend on how much you borrow, as the interest rate (which can vary) is charged on the amount you have borrowed.

If there are no branches, how do I do my banking?

Tesco no longer has any in-store branches of its Tesco Bank, but instead all banking is done online. Each account holder will be given access to online banking and the Tesco Mobile Banking App, which they can download onto their mobile device.

Account holders are able to make payments into their account and withdraw cash at certain Tesco stores around the country. There are details about this on the Tesco Bank website.

Does it take a long time to switch to a Tesco Bank Current Account?

It shouldn’t take long as Tesco is part of the Current Account Switch Guarantee scheme. This ensures that all your bank details and transactions, such as your direct debits and standing orders, are switched to your new provider within seven working days. You will be expected to provide the required information to start the process.

Will my credit record be checked when I apply for a Tesco Bank Current Account?

Tesco Bank, alongside most other banks, will run a credit check when you apply for a current account. The Current Account it offers is subject to status, which means your application could be turned down if you do not meet the eligibility requirements. These can include credit score, employment status and salary requirements. You are also likely to be required to live in the UK and be over 18.

Does Tesco Bank have a Basic Account for those with poor credit?

Some people with poor credit may be able to open a Tesco Current Account but it doesn’t advertise a dedicated basic account for people with a bad credit rating. Having a poor credit record will affect your ability to take out an overdraft with your current account.

Services offered by this provider may change over time. Always check Ts&Cs.