Fixed Rate Saver
Great rates of interest with 2 and 3 year fixed terms available!
Our Fixed Rate Saver might be right for you if you're looking for a great rate and can lock your money away for 2 or 3 years.
Once you put your money in you can't close your account early or get your money out until the end of the term.
These rates are limited and may be withdrawn at any time.
Please read our Fact Sheet [373KB, PDF] and
Terms and Conditions [797KB, PDF] for full information.
Apply online now
It's fast, easy to do and you can deposit money straight away using a debit card.
What's in it for me? The key benefits...
- Great rates of interest, guaranteed during the term of the account
- Choose how long you want to save for with 2 and 3 year fixed terms available
- Deposit money as soon as your account is open
- 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
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.
If you'd prefer to be able to access your money at any time then we have two other accounts that might be right for you - Instant Access Savings Account and Internet Saver.
What do I need to apply?
The Fact Sheet and Terms and Conditions will give you more information and help you make sure that a Fixed Rate Saver is right for you. To apply you'll then need to:
- Be 18 years or over
- Be a UK resident
- Know details of the bank account you would like interest to be paid to
- Have your debit card ready if you wish to use it to make a deposit
If you can answer yes to all of the above then you can apply today. Click on one of the apply online buttons above.
Once we confirm your identity we can open the account straight away.
Interest Rates
| 2 Year Fixed Rate | AER | Gross | Net |
|---|---|---|---|
| Annual | 2.10% | 2.10% | 1.68% |
| Monthly | 2.10% | 2.08% | 1.66% |
| 3 Year Fixed Rate | AER | Gross | Net |
|---|---|---|---|
| Annual | 2.20% | 2.20% | 1.76% |
| Monthly | 2.20% | 2.18% | 1.74% |
Tesco Bank Fixed Rate Saver rates are subject to change and can be withdrawn or changed at any time.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 16 April 2013.
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.
How does it work?
Applying for a Fixed Rate Saver is easy and quick online.
- 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 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 see Terms and Conditions.
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 the Money Advice Service web site or call 0300 500 5000 (call rate may vary).
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