Online banking

Instant Access Savings Account

Instant Access Savings Account

Flexible ways to bank and access to your money when you need it.

Instant Access Savings Account

Open your account with just £1. Then with online banking, telephone banking and in-store services, you can add to your savings or make withdrawals whenever and wherever suits.

How our Instant Access Savings Account works

Managing your account

Flexible ways to manage your money

Register for online and telephone banking to make sure you can access your money whenever you need it. And you can download and use our mobile banking app too.

You can also manage your savings at the Customer Service Desk in selected Tesco stores.

Making deposits

Making saving easier

With lots of ways of managing your account, you can fit saving in around your lifestyle.

You can make deposits online or pick up the phone to set up a regular Direct Debit or Standing Order. Or, make one-off payments by transfer from another bank.

You can also deposit cash and cheques at the Customer Service desk in selected Tesco stores.

Access to your money

Easy access to your funds

You get a savings card that lets you withdraw cash free at any of the 40,000 LINK cash machines across the country.

For security, there are maximum daily withdrawal limits:

  • Telephone: You can withdraw all of your money over the phone
  • Online: £10,000 to non-Tesco Bank accounts in the UK and £100,000 by making internal transfers to other Tesco Bank accounts in your own name
  • In-store (Customer Service Desk): £500
  • ATM: £300

You can make withdrawals and transfer money from your savings account online, over the phone and at selected Tesco stores.

The in-store withdrawal service is available in selected Tesco stores only. Daily withdrawal limits may change from time to time, but we'll let you know if this happens.

Our interest rates

Interest rates

Our current interest rate is 0.60% Gross/AER (variable) and you can choose to have this paid monthly or annually.

All balancesAnnual interest Gross/AER*Monthly interest Gross/AER*
Standard interest rate (variable)0.60%0.60%

Rates correct at 21 January 2015. Please note that rates aren't fixed and may be subject to change.

How interest is calculated and paid.

Interest is calculated daily.

If you choose to have your interest paid monthly, it will be paid on the last day of the month.

If you choose to have your interest paid annually, it will be paid on the last business day in April.

Interest is paid net of basic rate tax, depending on your status.

*From 6 April 2016, Tesco Bank won’t deduct tax from the interest you earn. This follows the Government’s introduction of the Personal Savings Allowance.

Personal Savings Allowance

Personal Savings Allowance

Earn tax free interest on your savings, up to a certain allowance.

  • £1,000 interest tax free for basic rate tax-payer
  • £500 interest tax free for higher rate tax-payer

The current tax rules are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.

FSCS - protecting your money
FSCS - protecting your money

Financial Services Compensation Scheme

Your eligible deposits with Tesco Bank are currently protected up to the current Financial Services Compensation Scheme limit, the UK's deposit protection scheme. Any deposits you hold above the current limit are not covered.

Apply for an Instant Access Savings Account today

Contact us

Have a question or need help applying? Our friendly, UK-based customer service team is here to help.

Help for existing customers

Helpful numbers

Customer services 0345 678 5678*

Customer services textphone 0345 671 0672*

Lines are open Monday to Friday 8am-10pm, Saturday and Sunday 9am-5pm.

*This number may be included as part of any inclusive call minutes provided by your phone operator.

Need help with online banking?

Having trouble registering or managing your account online? Don't worry, we're here to help.

Current interest rates

Check our current interest rates to see what your savings account is currently earning.

Important information

Interest 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.

The Government has introduced a Personal Savings Allowance, which means you can earn interest on your savings tax free, up to a certain allowance.

Terms & conditions

To help you decide whether the Tesco Bank Instant Access Savings Account is right for you please read the terms and conditions.

Summary of key information

Key information for our Instant Access Savings Account

Account nameInstant Access Savings Account
Interest rates (AERs)

0.60% Gross/AER (variable).

Interest is calculated daily and paid monthly or annually as you choose. Interest will be paid on the last day of the month for monthly accounts and the last day in April for annual accounts.

Tax status

Following Her Majesty’s Revenue and Custom’s (HMRC) introduction of the Personal Savings Allowance, Tesco Bank will no longer deduct tax on the interest you earn. If you exceed your Personal Savings Allowance you may still be liable to pay tax on the interest earned. For more information visit the HMRC factsheet or contact HMRC directly via the links below this table.

Conditions for bonus payment

No bonus applies.

Withdrawal arrangements

Instant access without notice or penalty. Daily withdrawal limits apply (see below).

You can set up payee details over the phone once you've registered for telephone banking.

For security reasons, you'll also need to register for our online banking service to set up and amend payee details online.

Daily withdrawal limits

The maximum daily withdrawal limits for Instant Access Savings Accounts are as follows:

  • Telephone: You can withdraw all of your money over the phone
  • Online: £10,000 to non-Tesco Bank accounts in the UK and £100,000 by making internal transfers to other Tesco Bank accounts in your own name
  • In-store (Customer Service Desk): £500
  • ATM: £300

The in-store withdrawal service is available in selected Tesco stores only. Maximum daily withdrawal limits may change from time to time. We will notify you of these changes.

Access

In order to access your account we recommend that you register for our telephone and online banking services.