Tesco Bank offers a range of competitive savings accounts that might interest you. You can earn Clubcard points when you use Tesco Bank products, which can be redeemed for rewards at Tesco and other partners. If you are looking for a convenient and rewarding bank, you should consider opening an account with Tesco Bank.
I’ll show you how to open a bank account with Tesco Bank in 5 quick steps.
1. Choose your account type
Firstly, assess your needs and shop around to compare the other savings accounts available to you in the UK. Tesco offers three main accounts which I’ve briefly outlined below:
Instant Access Savings Account
This account gives you a variable interest rate of 0.40% AER/Gross p.a. on balances of £1 or more. You can open it with just £1 and access your money online, by phone or in store. You can also earn Clubcard points on your balance and interest.
This account offers you a higher variable interest rate of 0.55% AER/Gross p.a. on balances of £1 or more, including a 12-month fixed bonus rate of 0.15%. You can open it with just £1 and access your money online only. You can also earn Clubcard points on your balance and interest.
This account allows you to lock in a fixed interest rate for 1 or 2 years, ranging from 0.65% to 0.75% AER/Gross p.a. depending on the term and balance. You can open it with £2,000 to £5,000,000 and access your money at maturity only. You can also earn Clubcard points on your balance and interest.
Tip: If you are a Clubcard member, you can get better deals on some of Tesco Bank products, such as loans, insurance and credit cards. You can join Clubcard for free here.
2. Apply online
Once you have chosen your account type, you can apply online by filling out a simple form with your personal and financial details. You will need your:
- Clubcard number (if you have one)
- email address
- UK bank or building society account details
- National Insurance number
- address history for the last three years
You can start your application here by selecting the account you want and clicking on “Apply now”.
3. Verify your identity
After you submit your application, you will need to verify your identity. You can do this by:
Confirm Your Identity service
This is the fastest and easiest way to verify your identity online. You need a valid UK passport or driving licence and your phone’s camera. You’ll be asked to take a photo of your ID document and a selfie and upload them securely through the service.
Send certified copies of your documents
If you can’t use the Confirm Your Identity service, you can send certified copies of your ID documents by post. You will need one document from each of the following lists:
- Proof of identity:
- driving licence
- national identity card)
- Proof of address:
- utility bill
- bank statement
- council tax bill
4. Start saving
Once your identity is verified, you’ll be good to go and can start saving with Tesco Bank.
5. Get the app
Finally, get the Tesco Bank & Clubcard Pay+ app to securely access your account but also ringfence your grocery spend from any UK bank account and round up your purchases to save the difference.
Get even more powerful tools by connecting your Tesco Bank account or credit cards to Emma to see all your transactions in one place with visual insights, create savings pots to separate your money and track goals easily and get predictive bill reminders ahead of your outgoing charges – with both of these apps, you have the tools to make the most of your savings account with Tesco bank.