Tesco Bank has announced that it is scrapping monthly £5 fee on current accounts.Tesco’s announcement comes on the heels of Santander announcing it is going to more than double the fees for its’ 123 current accounts.
Previously, Tesco current accounts charge £5 per month unless you pay £750 into the account each month. That £5 per month has been scrapped as of September 17th. Tesco Bank also offers a 3% interest rate on less than £3000 and Tesco Clubcard points.
Santander announced that is going to increase the month fees for its’ 123 current accounts from £2 to £5 per month. The 123 current accounts also have a 3% interest rate (depending on your balance) and cashback on certain direct debit transactions.