Instant Access Savings Account

Choose to save the way that suits you best.

You can deposit your money quickly and easily:

  • Online
  • By phone
  • At a Tesco store
Access your savings in store

What's in it for me?

  • Convenience - Deposit cash and cheques at the customer service desk in selected Tesco stores (for availability please see Depositing in Tesco Stores)
  • Instant access to your funds - Online and through Telephone Banking (Please note daily withdrawal limits apply)
  • Get a Savings card - Withdraw cash FREE at any of 40,000 LINK cash machines across the country
  • Interest - can be paid monthly / annually
  • Regular Savings - set up a Direct Debit to make regular (and one off) payments into your Instant Access Savings Account when it suits you
  • Under 16s - an adult can open an account for the benefit of an under 16

Managing your Instant Access Savings Account

Access your accounts 24 hours a day, seven days a week online, or at the customer service desk in selected Tesco stores. Here's what you can do:

Deposit MoneyWithdraw Money
  • Online and Telephone Banking
  • Selected Tesco stores, customer service desk or checkout (for availability see Depositing in Tesco Stores)
  • Tesco ATM or LINK machines

Please note daily withdrawal limits apply.

* Faster Payments are fully supported by Tesco Bank, but your other Bank or Building Society will need to use Faster Payments too for payments to be made this way.

Faster Payments are fully supported by Tesco Savings, but the other Bank or Building Society will also need to use the Faster Payment system for a payment to be made using this method. We're unable to accept CHAPS payments.

A BACS transfer is an electronic transfer from another Bank Account.

Annual interest rates

Choose the Annual or Monthly interest tabs above to view our rates.

All balancesGross/AERNet
Standard Interest Rate (variable) until 20 January 2015 0.75% 0.60%
Standard Interest Rate (variable) from 21 January 2015 0.60% 0.48%

Tesco Instant Access Savings Account rates are subject to change. Interest is calculated daily and paid annually. Interest will be paid on the last business day in April for annual accounts.

Rates are variable and current rates are effective from 1 August 2013. Rate definitions.

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.
  • Net is the interest rate paid after tax is deducted.

Tax

Tesco Savings interest rates are variable and subject to change. 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.

Monthly interest rates

Choose the Annual or Monthly interest tabs above to view our rates.

All balancesGross/AERNet
Standard Interest Rate (variable) until 20 January 2015 0.75% 0.60%
Standard Interest Rate (variable) from 21 January 2015 0.60% 0.48%

Tesco Instant Access Savings Account rates are subject to change. Interest is calculated daily and paid monthly. Interest will be paid on the last day of the month for monthly accounts.

Rates are variable and current rates are effective from 1 August 2013. Rate definitions.

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.
  • Net is the interest rate paid after tax is deducted.

Tax

Tesco Savings interest rates are variable and subject to change. 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.

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).

Donating to charity from your Instant Access Savings

Using your Instant Access Savings Account card, you can donate money directly to any of the chosen charities supported by LINK scheme ATMs in the UK. ATMs at Tesco will allow this from 14 June 2012.

For any queries relating to donations you make at ATMs from your Instant Access Savings Account, please contact us on 0845 678 5678 or textphone 0845 671 0672.

For more information on Tesco Bank's charity of the year and ATMs at Tesco, please see the following pages:

Lost or stolen cards?

If your card is lost or stolen call us immediately on:
0845 678 5678

Textphone:

0845 671 0672

Typetalk:

18001 0845 678 5678

FSCS - protecting your money
Search our FAQs