Internet Saver Account
Pay in when you can and access your money online
Like online banking and want a flexible way to save? Then take a look at what our Internet Saver Account has to offer.
How this online savings account works
Managing your account
Manage your savings online
This internet savings account is managed entirely online, so there's no sitting in call queues or waiting for the bank to open to deposit or withdraw your cash. And you can use our handy mobile banking app to manage your money on the go.
But don't worry, you're not on your own! If you need help setting up or managing your account, or experience any problems with online banking, we're always available on the phone to help you out.
Start your online savings account with just £1
Then save however and whenever it suits you.
You can set up a regular Direct Debit or Standing Order, if you like seeing your savings stacking up neatly.
You can also make one-off deposits whenever you like with transfers from another bank account.
Access to your money
Instant access to your funds
You can make withdrawals and transfer money from your online savings account at any time - useful for unexpected expenses or last-minute getaways.
For security, there's a maximum daily withdrawal limit of £10,000 to non-Tesco Bank accounts in the UK, and £100,000 to other Tesco Bank accounts in your own name.
Don't worry if you need to withdraw more, just give us a call and we'll be happy to help. After all, it's your money.
Daily withdrawal limits may change from time to time, but we'll let you know if this happens.
Our interest rates
|Balances £1 to £1 million||Gross/AER*|
|Standard Interest Rate (variable)||0.40%|
|Bonus interest rate||0.60%|
|Rate (including bonus interest rate)||1.00%|
Rates correct at 2 December 2016. Rates are subject to change.
See the important information for more help understanding interest rates. Rate definitions
Interest rates explained
The interest rate of 1.00% Gross/AER (variable) is available on balances up to £1 million. This rate includes a fixed bonus of 0.60% for the first 12 months the account is opened. This is on top of our standard rate of 0.40% Gross/AER (variable). After the bonus period, the Standard Interest Rate (variable) that’s available at the time will apply.
Balances above £1 million will receive the Standard Interest Rate of 0.40% Gross/AER (variable).
How interest is calculated and paid
Interest is calculated daily. Standard rate interest is paid to you annually in March and bonus interest is paid to you at the end of the bonus period.
*Tesco Bank will no longer deduct tax on the interest you earn. This follows the Government’s introduction of the Personal Savings Allowance on 6 April 2016. Learn more about Personal Savings Allowance
Personal Savings Allowance
Personal Savings Allowance
You can now earn interest on your savings tax free, up to a certain allowance.
A basic rate tax-payer can earn £1,000 tax free and a higher rate tax payer can earn £500 tax free.
The current tax rules are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.
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 our Internet Saver account today
Have a question or need help applying? Our friendly, UK-based customer service team is here to help.
Other customers have been asking:
Help for existing customers
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.
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 new Personal Savings Allowance was introduced on 6 April 2016. This means Tesco Bank won’t deduct tax from the interest you earn unless in certain circumstances prescribed by law.
Terms & conditions
We want you to be happy with your savings account. To help you decide whether the Tesco Bank Internet Saver is right for you, please read the terms and conditions.
Summary Box for our Internet Saver
|Account name||Internet Saver|
|What is the interest rate?|
Interest rate without bonus: 0.40% Gross/AER (variable)*
Interest rate with bonus (includes a fixed bonus of 0.60% for 12 months): 1.00% (variable)
How you receive interest:
*Gross interest is the interest rate paid before tax is deducted.
The Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year.
|Can Tesco Bank change the interest rate?|
Yes – the Standard Interest Rate is a variable interest rate so we may change it at any time. If we decide to reduce the Standard Interest Rate, we will always contact you in advance with at least two months’ notice by letter or email (depending on your preferences). The reasons which may lead us to reduce the Standard Interest Rate can be found in the 'Interest' section of the Terms and Conditions of the account.
The Bonus Interest Rate is fixed for 12 months and cannot change during this period. We will write to remind you when this will end at least two months before.
|What would the estimated balance be after 12 months based on a £1,000 deposit?|
The estimated balance would be £1,010.00 after 12 months (including your bonus interest) and £1,014.04 after 24 months.
Estimated balances are for illustrative purposes only and assume no withdrawals and no changes to the Standard Interest Rate. Your actual balance may differ depending on the Standard Interest Rates in effect and when your account was opened (Standard Interest is paid in March and Bonus Interest at the end of the bonus period).
|How do I open and manage this account?|
To be eligible you must:
You can deposit a minimum of £1 (no maximum balance)
You can manage your account online or on the mobile app, as long as you have registered for Online Banking.
If you experience any issues, you can call us on 0345 678 5678**
|Can I withdraw money?|
Yes, you can withdraw money from your Internet Saver account without notice. You can make withdrawals online or over the phone if the amount you wish to transfer is above our online daily limit noted below.
Daily withdrawal limits (maximum that you can transfer per day):
For timescales on withdrawals, please refer to the 'Payments out of your account' section of your Terms and Conditions.
** This number may be included as part of any inclusive call minutes provided by your phone operator.