Online banking

Internet Saver Account

Internet Saver Account

Pay in when you can and access your money online

Internet Saver Account

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.

Making deposits

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

Interest rates

Balances £1 to £1 millionGross/AER*
Standard interest rate (variable)0.75%
Bonus interest rate0.46%
Rate (including bonus interest rate)1.21%

Rates correct at 9 May 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 1.21% Gross/AER (variable) is available on balances up to £1 million. This rate includes a fixed bonus of 0.46% for the first 12 months the account is opened. This is on top of our standard rate of 0.75% 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 0.75% 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.

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 our Internet Saver 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 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 of key information

Key information for our Internet Saver

Account nameInternet Saver
Interest rates (AERs)

1.21% Gross/AER (variable) for new customers.

This rate includes a fixed bonus of 0.46% for the first 12 months the account is opened on balances up to £1 million.

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.

Tax status

The Personal Savings Allowance was introduced by Her Majesty’s Revenue and Customs (HMRC) on 6 April 2016. It allows you to earn interest on your savings tax free, up to a certain amount. Tesco Bank won’t deduct tax from the interest you earn, unless we are required to do in specific circumstances prescribed by law. For more information visit the HMRC factsheet or contact HMRC directly via the links below this table.

Conditions for bonus payment

Bonus interest is earned on balances up to £1 million . Balances above £1 million will receive the standard interest rate of 0.75% Gross/AER (variable).

After the bonus period, standard interest rate of 0.75% Gross/AER (variable) will apply. Tesco Bank reserves the right to withdraw this promotion at any time.

Withdrawal arrangements

Instant access without notice or penalty (daily withdrawal limits apply).

Withdrawals for Internet Saver accounts should be requested using our online banking service.

Daily withdrawal limits

The maximum daily limit for Internet Saver withdrawals is £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.

If you want to withdraw more, you can call us on 0345 678 5678 and we'll be happy to help you. This number may be included as part of any inclusive call minutes provided by your phone operator.

Maximum daily withdrawal limits may change from time to time. We will notify you of these changes.

Access

Online only.