This comparison simply includes all savings accounts.
Tesco Current Account
Why we like it: SPECIAL OFFER - Get £175 when you switch to a First Direct 1st Account. You also get access to a 7% AER/gross fixed for 12 months Regular Saver Account if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. For the £175 switching cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. This offer is only available to new First Direct customers, or HSBC customers who haven't opened an account since 1 January 2020
Why we like it: No minimum monthly funding or monthly fee to maintain the account. Get cashback, vouchers, prize draws and other offers personalised to you when you use Santander Boosts (you must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking). Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge.
Why we like it: Earn 1% cashback every month on selected household bills paid by Direct Debit, capped at up to £10 each month and 1% cashback every month on supermarket and travel spend when you use your debit card, capped at £10 each month. Access to Santander Edge Saver with 7.00% AER / 6.78% gross (variable) interest up to £4,000 with 2.50% AER / 2.47% gross (variable) bonus rate for the 12 months from opening. Get cashback, vouchers, prize draws and other personalised offers when you use Santander Boosts (must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking). No fees or charges for international payments or CHAPS payments. Arranged overdraft interest rate of 39.94% APR/EAR (variable). For cashback offer you must pay a minimum of £500 into your account each month, have 2 active Direct Debits, be over 18 and live in the UK permanently. Paper-free account. £3 monthly fee
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Which? Banking Brand of the Year 2023
Why we like it: Earn 1% cashback on your everyday debit card including contactless spending. Available for your first 12 months for new customers. Max £15 per month. Cashback exceptions apply. Access to a Chase saver account paying 4.1% AER (4.02% gross) variable. Interest earned daily and paid monthly. Easy access to your money with no minimum opening balance. 5% interest on a round up account- choose to round up your spending to the nearest £1 and you'll get 5% AER (4.89% gross) variable interest on your round up account, paid monthly. Zero fees from Chase when you use your Chase debit card, both at home and away. No ATM fees applied by Chase. Open extra current accounts in seconds, for free. Use them to spend from, pay bills with Direct Debits, budget, and set aside money in the way that works best for you. Must be 18+, be a UK resident and have a smart phone and UK mobile number. No account opening fees and no monthly fee. No minimum monthly funding. In-app card control - you decide how and where your card works. You can stop it from making contactless or gambling payments, from working abroad, or from making cash withdrawals. Numberless card - your card details are stored in the app, so no one can see them but you. 24/7 customer support- either over the phone or by in app messaging
Why we like it: 3.50% AER/3.45% gross (variable) on balances up to £25,000. 1% cashback (up to £15 a month) on selected household bills when you pay by Direct Debit. 1% cashback (up to £15 a month) at supermarkets and on travel costs when you use your debit card (exclusions apply). Make international payments with no extra fees (the bank receiving the payment may still apply charges). There's also no charge for making CHAPS payments from this account. No fees for using Santander Edge Up debit card to withdraw cash and make payments outside the UK in the local currency. Get cashback, vouchers, prize draws and personalised offers with Santander Boosts , free rewards service. Online and Mobile Banking available with text and email alerts. Must be 18 or older and live in the UK permanently. £5 monthly fee for maintaining the account that will automatically be taken from the account each month. Must pay a minimum of £1,500 into the account each month. Must have 2 active Direct Debits. Arranged overdraft facility (subject to status). If you use an arranged overdraft you’ll be charged an interest rate of 39.94% APR / EAR (variable). Online and Mobile Banking available with text and email alerts
Why we like it: Can be opened by or on behalf of any child up to the age of 17. Debit or cash card available for those aged between 13 and 17. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 17 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: A free 4-year Santander 16-25 Railcard worth £100 plus a total average saving of £636 (average saving of £159 per year). An interest-free and fee-free Arranged Overdraft, up to £1,500 in years 1-3, then up to £2,000 if you stay on to year 5. Get cashback, vouchers, prize draws and other offers personalised to you when you use Santander Boosts (you must have a personal Santander debit or credit card, be 18 years or over and be registered for Online and Mobile Banking). No monthly account fee. Must be over 18 and live in the UK permanently Must be studying or are about to begin an undergraduate course that is at least 2 years in length, or level 4 to 7 apprenticeship. If you’re about to begin your course, you must have an ‘unconditional’ or ‘confirmed conditional’ offer (i.e. you have your exam results) before you apply. You must pay in at least £500 every 4 months and must not already have an existing Santander current account. If you do, you’ll need to transfer it
Why we like it: SPECIAL OFFER: 3 months of free Revolut Premium trial instead of a cash award. Open a current account in minutes direct from your phone and receive bank card. Set budgets, get instant spending notifications, and see weekly insights to keep your spending on track. Earn rewards on travel, retail, restaurants and more. Spend abroad in over 150 currencies at the Real (interbank) exchange rates with no hidden fees. Transfer money abroad in 30+ currencies with the interbank exchange rate, with a small 0.5% fee for anything above £1,000 each month. Get paid up to 0.40% AER interest on your GBP funds. No minimum amounts. Deposit and withdraw your money whenever you want. 7x better than the banks at stopping card fraud. 0.5% fee for any international spending or transfers above £5,000 each month. 2% fee for international ATM withdrawals of more than £200 per month. Monthly fee of £0, £2.99, £6.99 or £12.99 depending on account features
Why we like it: Open a GBP and EUR current account using your mobile in minutes, with no credit checks and no proof of address required. Track your account activity in real-time, get an overview of your monthly outgoings, set budgets and set your savings aside from your day-to-day spending. Get instant updates on your mobile whenever you receive or spend money. Add money to your account instantly by debit card or bank transfer. Spend on your Monese card worldwide with no fee and make ATM withdrawals with fee-free limits with money-saving exchange rates. Send money to your contacts and request payments from them. You can also save when you transfer money abroad (from 0.5% fee) at the wholesale currency exchange rate. Transfers between Monese accounts are also free and instant. You can use your Monese app in any one of 12 languages. Accident, sickness, unemployment protection, hospital stay and purchase protection all available
Why we like it: Children’s pre-paid debit card account. Can be opened on behalf of any child from the age of 6 to 18. With the GoHenry prepaid debit card and app, kids learn how to budget—and grow to understand the difference between wants and needs by spending wisely. Parents can help guide their progress with real-time updates, customisable controls and more. Kids and teens can gain skills in the app, learning about investing, credit and more. Then apply their knowledge with their real money. Now with new lessons for kids aged 12+. 92% of parents say their kids are more money confident since joining GoHenry. Choose from 45+ card designs—and personalise it with your child’s first name, too. Covered by your account’s FSCS protection up to £85,000. 30 days free, then £2.99/month. No overdraft facility
Why we like it: Children's pre-paid bank account. Can be opened on behalf of any child 3 years. Debit card available for the child from ages 6 to 17, with Pocket Money app. Set up with real or virtual money. Keep track of spending. Unlock extra features like Chore Manager - teach your kids the importance of earning money. Great for teaching kids good money habits from a young age. Manage all pocket money in one place. Help your kids make spending decisions when out & about. A child friendly interface that empowers and encourages kids to engage with their money. Safe and secure card. You’re still the primary account holder, so you are covered by your account’s FSCS protection up to £85,000. Monthly fee's start from zero to £1.99 per month. No overdraft facility
Tesco Current Account
Tesco offer some great rewards with their current account, particularly if you regularly shop in their stores. This is because your debit card also serves as your Tesco Clubcard and you earn 5 points for every £4 spent in Tesco and 1 point for every £8 everywhere else. You can also collect Clubcard points on fuel.
Another bonus of the current account is that they do not charge monthly fees for the account or for arranging an overdraft. This is a big saver on a lot of other current accounts especially as Tesco also pays 3% interest on amounts up to £3000.
Tesco offer, as standard:
- An easy way to manage your money anywhere with a mobile app and online banking
- Customer service with a UK based team who are available to talk 24/7
- An opportunity to earn credit interest with no monthly fee
- Free text and email alerts to avoid any fees and charges
- Overdraft control to avoid slipping in to an unarranged overdraft
- The app also includes a payment calendar so you can easily keep track of payments going in and out
- A contactless card for quick purchases up to £30
- Joint account facilities available as well as multiple current accounts in your name
- An opportunity to deposit and withdraw money at over 300 Tesco stores in the UK
- Make payments internationally and use your card abroad exactly like at home
- Replacement of lost or damaged debit cards. The first two in a year are free and £10 thereafter.
They were also the 2015 winner of the Moneynet award for the ‘Best All Round Current Account’.
Your Clubcard voucher rewards:
After earning your points, every 3 months, your Clubcard points will be turned into vouchers. You will then be able to spend the vouchers at tesco.com, in store or on Tesco Fuel. You can also increase the value of the vouchers by boosting them with one of their Boost partners, UK retailers with whom Tesco have a partnership.
Useful to Know
Arranged overdrafts are charged interest at 18.90% EAR. You’ll be able to borrow up to an approved limit without any additional fees, you’ll just pay daily interest on the amount you’ve used.
If you fall in to an unarranged overdraft then you are charged fees and interest on the extra amount. Their Overdraft Control setting on your account, which allows you to decide whether a payment is made when you don't have enough money in your account to cover it, should help you avoid charges.
Overall this is a great account where you can earn some great rewards with the Clubcard scheme providing you take advantage of shopping in their stores. It’s also one of the few basic current accounts that do pay interest. The interest rate is high at 3.00% AER/2.96% Gross (variable) for balances up to £3,000. The interest is paid monthly.
