Set­ting out its wares: Tesco Bank’s 3pc pledge

The Daily Telegraph - Your Money - - FRONT PAGE - Amelia Mur­ray

Tesco Bank, last in the head­lines when cus­tomers’ ac­counts were prey to a cy­ber­at­tack, is seek­ing to win back favour by guar­an­tee­ing the 3pc in­ter­est rate it pays its cur­rent ac­count hold­ers un­til April 1 2019.

The rate ap­plies to bal­ances up to £3,000. Ac­count hold­ers can also earn Club­card points on debit card spend­ing, earn­ing one point per £1 spent at Tesco and one point per £8 spent else­where.

Those who keep the max­i­mum ac­count bal­ance of £3,000 will earn £90 in­ter­est a year. Cus­tomers who spend £1,000 each month on the Tesco debit card, with £250 spent in Tesco stores, would earn £70 in Club­card points a year.

Those with larger sav­ings, how­ever, could earn up to £260 a year with San­tander’s 123 ac­count, which pays 1.5pc on bal­ances up to £20,000 mi­nus a £5 monthly fee.

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