Every current bank account helps at Tesco
Leveraging feedback from more than 20,000 customers, Tesco Bank Current Account includes all the key features that matter most to customers, and is available to residents aged 18 years and over in England, Wales and Scotland.
The account offers Clubcard points on all debit card spending, while enabling customers to earn 3% annual equivalent rate (AER) variable interest on credit balances up to £3,000.
However, the bank would charge £5 monthly fee if customers fail to deposit less than £750 a month. Commenting on account, Tesco Bank chief executive officer Benny Higgins said: "There are no gimmicks; – just a simple, rewarding, modern, convenient current account, designed for Tesco customers, by Tesco customers."
Tesco chief executive officer Philip Clarke said the customers want the bank to focus on offering quality products they can trust, providing great service, making things simple and transparent and rewarding them for their loyalty.
"We've taken all these ingredients and used them to help create our first Tesco Bank current account," Clarke added.
Moneycomms.co.uk source Andrew Hagger said the Tesco Bank proposition will attract interest from customers looking for long term rewards and credit interest returns.
"It's also good to see that Tesco hasn't gone down the route of charging daily fees for overdrafts as this can prove an expensive style of tariff, particularly for those only in the red by two or three hundred pounds," Hagger added.
"With 7 day switching well and truly bedded in, there's no longer an excuse to stick with your bank if it doesn't deliver and that's something that Tesco Bank and fellow challengers are looking to exploit."
Other key features includes simple and transparent fees and charges, overdraft control, contactless Visa debit card that doubles as a Clubcard, as well as deposit facilities at 300 Tesco stores, amongst others.