Tesco Bank Overdraft Charges @ www.tescobank.com

Tesco Bank Overdraft Charges

The Tesco Bank overdraft charges will be explored here for their single current account that was only launched recently in 2014. This banking arm was formed in 1997 as a joint venture with RBS although the supermarket giant eventually took the full stake. They have been using their name since 2009 as they were previously known as Tesco Financial Services. A range of products are available today through www.tescobank.com. They are the only supermarket to offer banking accounts (Sainsbury’s offers a savings product only). As noted, there is just one selection available. This costs £5 each month, although they waiver this if you pay in £750 each month.

It comes with 3% on balances up to £3000. When it comes to the Tesco Bank Current Account overdraft fees, they charge 18.9% EAR. If you head into an unauthorised overdraft then you still pay at the rate of 18.9%. The only fees that could be imposed includes a paid transaction fee at £5 and an unpaid transaction fee at £5. It states that the max cost of paid or unpaid fees per period is £50. Full account management is included at www.tescobank.com. This product is designed for the web alongside mobile, but you can make deposits and withdraw from selected stores that mostly covers their Extra stores.

This is naturally a popular solution for frequent shoppers since they earn Clubcard points. Overall, there are some great features in place. This also extends to overdrafts, although there is no buffer in place and so you can pick up some nasty charges if you aren’t careful with your spending across the month. They are of course no stranger to financial markets, with their credit card range in particular having proven popular. They do adapt well to many of the niches that they enter, although they do have a habit of taking on too many projects that covers everything from insurance, to movie streaming, to selling gold and so on.