Sad to see Tesco bank reducing interest rates


Tesco Bank has been a long time choice of mine for its ease of use. With a current account that pays interest and with a rewards point scheme, it has a decent amount of appeal. It looks like they are following trends by other banks in reducing their benefits or making them harder to achieve. In this case, a drop from 3% > 1% interest on their current account offering isn’t enough to make me move as the rewards scheme is still of value, especially if you’re invested in the Tesco ecosystem (banking, mobile, food, clothes, baby items etc) but its always good to keep an eye on the market. My only real gripes with Tesco is lack of Android pay and Garmin pay support on their current accounts.

Santander who also reigned in their 123 account benefits, are also still pretty decent for cashback if you have your mortgage with them!

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