Choose to save the way that suits you best. You can deposit your money quickly and easily:
- Online
- By phone
- At a Tesco store
We offer great rates of interest, up to 1.25% Gross/AER (variable). Minimum balance to earn this rate is £50,000.
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Instant Access Savings Account
What's in it for me?
- Convenience - Deposit cash and cheques at the Customer Service Desk in your local Tesco Store (excluding Express and Petrol Filling Stations)
- Instant access to your funds - Online and through Telephone Banking (Please note daily withdrawal limits apply)
- Get a Savings card - Withdraw cash FREE at any of 40,000 LINK cash machines across the country
- Benefit from tiered interest rates - the more you save the more you add to your savings!
- Interest - can be paid monthly / annually
- Regular Savings - set up a Direct Debit to make regular (and one off) payments into your Instant Access Savings account when it suits you
- Under 16s - an adult can open an account for the benefit of an under 16
Managing your Instant Access Savings
Access your accounts 24 hours a day, seven days a week online, or in Tesco stores at the Customer Service Desk up and down the country. Here's what you can do:
| Deposit Money | Withdraw Money |
|---|---|
|
|
Please note daily withdrawal limits apply.
* Faster Payments are fully supported by Tesco Bank, but your other Bank or Building Society will need to use Faster Payments too for payments to be made this way.
Additional Information
Faster Payments are fully supported by Tesco Savings, but the other Bank or Building Society will also need to use the Faster Payment system for a payment to be made using this method. We're unable to accept CHAPS payments.
A BACS transfer is an electronic transfer from another Bank Account.
Annual interest rates
Choose the Annual or Monthly interest tabs above to view our rates.
| Saved amounts | Current (effective from 28/05/2009) | Previous (effective from 16/04/2009) | ||
|---|---|---|---|---|
| Gross/AER | Net | AER | ||
| £1 + | 0.75% | 0.60% | 1.00% | |
| £10,000 + | 1.00% | 0.80% | 1.25% | |
| £50,000 + | 1.25% | 1.00% | 1.50% | |
Tesco Instant Access Savings Account rates are subject to change. Interest is calculated daily and paid annually. Interest will be paid on the last business day in April for annual accounts.
Rates are variable and effective from the 28th May 2009. Rate definitions.
Definitions
- Gross is the interest rate paid before tax is deducted.
- Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year.
- Net is the interest rate paid after tax is deducted.
Tax
Tesco Savings interest rates are variable and subject to change. Interest is paid net of basic rate tax. Non-taxpayers need to complete an R85 form to receive Gross interest. Higher rate taxpayers may have to pay additional tax.
Monthly interest rates
Choose the Annual or Monthly interest tabs above to view our rates.
| Saved amounts | Current (effective from 28/05/2009) | Previous (effective from 16/04/2009) | ||
|---|---|---|---|---|
| Gross | AER | Net | AER | |
| £1 + | 0.75% | 0.75% | 0.60% | 1.00% |
| £10,000 + | 1.00% | 1.00% | 0.80% | 1.25% |
| £50,000 + | 1.24% | 1.25% | 0.99% | 1.50% |
Tesco Instant Access Savings Account rates are subject to change. Interest is calculated daily and paid monthly. Interest will be paid on the last business day of the month for monthly accounts.
Rates are variable and effective from the 28th May 2009. Rate definitions.
Definitions
- Gross is the interest rate paid before tax is deducted.
- Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year.
- Net is the interest rate paid after tax is deducted.
Tax
Tesco Savings interest rates are variable and subject to change. Interest is paid net of basic rate tax. Non-taxpayers need to complete an R85 form to receive Gross interest. Higher rate taxpayers may have to pay additional tax.
Free bank account guide from The Money Advice Service
The Money Advice Service has impartial information and tools to help you with your money.
For more information log on to yourmoney.moneyadviceservice.org.uk or call 0300 500 5000 (call rate may vary).
Lost or stolen cards?
If your card is lost or stolen call us immediately on:
0845 678 5678
Textphone:
0845 671 0672
Typetalk:
18001 0845 678 5678
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