Fixed Rate Saver
Great rates of interest with a choice of fixed terms available
- Choose how long you want to save for with 1 to 5 year fixed terms available
- Interest rate is guaranteed during the term of the account
- Deposit between £2,000 and £5m as soon as your account is open using a debit card
- Have your interest paid into a separate bank account, either monthly or annually
- View your account online with our secure Online Banking service - tell me more about this
Once you put your money in you can't close your account early or get your money out until the end of the term. Please read our Fact Sheet [PDF, 368KB] and Terms and Conditions [PDF, 295KB] for full information.
Our current products
Our current products
These rates are subject to change and may be withdrawn at any time.
|Length of term||Gross/AER||Gross monthly||Net annual||Net monthly|
It is important that you choose the right savings product for your needs - with a Fixed Rate Saver account you will benefit from a higher rate but there are no withdrawals permitted so you won't be able to access it until the end 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 20 March 2014. 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.
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Tesco Bank Fixed Rate Saver rates are subject to change and can be withdrawn at any time.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.
Information for customers who took out a Fixed Rate Saver prior to 6 April 2012
Before 6 April 2012, where a single deposit of £50,000 or more was made into a fixed rate savings account with a term of 5 years or less, interest was paid gross (without deduction of tax). As such, the account holder was then required to pay any necessary tax directly to HMRC.
From 6 April 2012, interest earned on one-off deposits of £50,000 or more into any of our Fixed Rate Saver products was no longer automatically paid gross. Instead, all interest payments are now paid net of tax at the basic rate.
If you made the deposit into your Fixed Rate Saver prior to 6 April 2012, and selected a 2-Year or 3-Year term, then your interest will be paid gross. If you are a UK taxpayer, then you will need to make arrangements to pay the appropriate level of tax directly to HMRC. For more information on how to do this, visit HM Revenue & Customs or call 0300 200 3312.
How does it work?
How does it work?
Applying for a Fixed Rate Saver is quick and easy.
- Open your account online and once we have confirmed your identity, your Fixed Rate Saver is open.
- Make your one-off payment - you can do this straight away, using a debit card, once your account is open, or you have 30 days from when your account is open to send us your deposit (online, by phone or by post). You start earning interest from the day your deposit arrives with us and we'll send you a Certificate of Deposit confirming this.
- We will contact you before the end of your term with options on what you can do with your money.
Please remember that you cannot take your money out or close your Fixed Rate Saver account until the end of your chosen term. For full details please read our Terms and Conditions [PDF, 295KB].