“By removing the monthly fee, we believe we are offering customers one of the best value current accounts in the market,” – David McCreadie, Tesco Bank
Tesco Bank has scrapped its current account fee – making customers £5 a month better off.
The financial services firm says anyone with a Tesco Bank current account will earn 3% AER interest on credit balances up to £3,000, as well as Clubcard points whenever they use their debit card, without having to pay a monthly fee for the account.
Managing director of banking David McCreadie said: “We’ve been delighted with the response from customers since we launched our first current account last year. But we always listen to customers so we can improve our products and services. By removing the monthly fee, we believe we are offering customers one of the best value current accounts in the market.”
Tesco Bank is the first and only UK bank to show customers ‘foregone interest’ – this is the amount of interest they would have earned if they had transferred their current account balance into an instant access savings account with the company.