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Tesco Bank's high-interest current account rate will be cut from 1% AER to pay zero interest from September.
This is the latest in a long line of rate cuts, thanks to the Bank of England's decision to reduce the base rate to an historic low of 0.1% to ease the economic effects of the coronavirus outbreak.
The interest rate will be cut from 1% AER to 0% on 22 September 2020 - but if you want a bank account that pays a return on your cash, you could get double the current rate if you switch now.
Here, Which? explains how Tesco Bank's account will change and what alternatives are out there for making a return from your current account.
Simply put, existing Tesco Bank current account customers will lose up to £30 a year in interest.
At the moment, 1% AER is paid on the first £3,000 in your account - so £30 is the most you can earn over a year.
You'll continue to earn interest until the rate is officially changed on 22 September. After that, money held in the account won't earn any interest.
However, that's not to say that Tesco Bank's current account won't have any benefits after the rate change. For one thing, you'll still earn Tesco Clubcard points when you spend on your debit card in store, online or buy fuel, which goes towards vouchers or partner rewards.
While the rates you can earn with a current account aren't what they were - this time last year you could earn 5% AER - there are several on the market that can beat the current rate Tesco Bank's current account offers, let alone when it stops paying interest altogether.
The top three accounts are:
Find out more:best high-interest current accounts
While it's a good idea to make your money work as hard as possible, receiving interest on your current account isn't the only thing you should consider when deciding whether or not to make a switch.
As a starting point, you should also think about:
Each year, we survey thousands of current account customers and undertake detailed product analysis to find the best and worst banks - see our guide to find out more.