Tesco Bank restarts guaranteed 3 per cent credit interest offer for new current account customers

Edinburgh-based challenger bank Tesco Bank has announced that new customers can again now apply to open a current account to benefit from a guaranteed 3 per cent credit interest on balances up to £3,000 until 1 April 2019.

The move comes shortly after a similar guarantee offered to existing customers in February resulted in an “unprecedented level of demand” from prospective new customers.

Tesco, whose banking operations at its Edinburgh headquarters employ around 2000 people, said it is now restarting to offer to new customers after making the decision “to pause applications for the account so that we could maintain our excellent levels of customer service”.

To receive a guaranteed 3 per cent credit interest each month until 1 April 2019, new applicants are now required to:

-Deposit £750 into their account per statement month.

-Have at least three direct debits paid out of the account per statement month (excluding Direct Debits to a Tesco Bank savings account).

David McCreadie, managing director, Tesco Bank, said: “I am pleased to reopen applications for our unique current account guarantee designed to provide peace of mind to our existing customers by offering a guaranteed credit interest rate, allowing them to make a return on their hard earned money. Given the unprecedented response to the initial offer we made in February, there are a number of conditions new customers must meet to qualify for the credit interest benefit of this current account offer.”

“The current account also rewards customers for their loyalty by giving them a bigger thank you with even more Clubcard points when shopping in Tesco. This is Tesco Bank’s way to give another help to our customers in their day-to-day banking.”