Tesco 3% current account

joshly

I was looking to open a Tesco current account which pays 3% but read that the 3% AER variable on up to £3,000 is only valid until 1 April 2019.

Anyone know what happens to the % after that date? Will it drop to zero?

aj23_2

joshly wrote: »

I was looking to open a Tesco current account which pays 3% but read that the 3% AER variable on up to £3,000 is only valid until 1 April 2019.

Anyone know what happens to the % after that date? Will it drop to zero?

The variable rate of a minimum of 3% will become a standard 3% variable rate, meaning they can lower it from that date on should they choose to do so, but no one knows. It's still 9 months away.

Until then, they can't lower it.

joshly

Thank-you for the information.

aj23_2

If you have a spare 3k or a current account with at least 3k in it to switch, it's still worth it I'd say. They might leave it at 3%. Who knows.