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Current Interest Rates

The tables below show the current interest rates on our Tesco savings accounts. Rate 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.

Internet Saver

Standard Rate

All Balances Gross / AER Net
Standard Rate (variable) 1.25% 1.00%

Standard rate effective from 28 May 2009.

Bonus Rate

Applies to new accounts applied for from 27 October 2011 to date.

All Balances Gross / AER Net
Standard Rate (variable) 1.25% 1.00%
Bonus 1.55% 1.24%
Rate (including bonus) 2.80% 2.24%

The bonus rate of 1.55% is fixed for 12 months and is available on balances up to £1 million. Balances above £1 million earn our standard rate on the amount above £1 million.

Applies to new accounts applied for from 27 October 2011 to date.

Instant Access Savings

Monthly

Saved amounts Gross AER Net
£1+ 0.75% 0.75% 0.60%
£10,000+ 1.00% 1.00% 0.80%
£50,000+ 1.24% 1.25% 0.99%

Effective from 28 May 2009.

Annual

Saved amounts Gross / AER Net
£1+ 0.75% 0.60%
£10,000+ 1.00% 0.80%
£50,000+ 1.25% 1.00%

Effective from 28 May 2009.

Fixed Rate Saver

Interest Rate

2 Year Fixed RateAERGrossNet
Annual 3.60% 3.60% 2.88%
Monthly 3.60% 3.54% 2.83%
3 Year Fixed RateAERGrossNet
Annual 3.70% 3.70% 2.96%
Monthly 3.70% 3.64% 2.91%

Tesco Bank Fixed Rate Saver rates are subject to change and can be withdrawn or changed at any time. So call or go online now to secure this rate which is guaranteed for the full length of your chosen term.

Interest is calculated daily from the date we receive your deposit and can be paid to a separate account of your choice either monthly or annually. You can make one deposit of between £2,000 and £5m within 30 days of account opening. Once we receive your payment, withdrawals and early closures are not permitted. 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. Rates correct as at 26 April 2012.
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.

    Interest on this account is paid directly into a separate account of your choice and is therefore not compounded.
  • Net is the interest rate paid after tax is deducted.

Tesco Bank Fixed Rate Saver rates are subject to change and can be withdrawn at any time. Interest is calculated daily.

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