Current interest rates

The tables below show the current interest rates on our Tesco savings accounts. 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.
  • Net is the interest rate paid after tax is deducted.

Internet Saver

Balances £1 to £1 millionGross/AERNet
Standard Interest Rate 0.75% 0.60%
Bonus Interest rate 0.60% 0.48%
Rate (including Bonus Interest rate) 1.35% 1.08%

Rates effective from 8 May 2014. The Bonus Interest is available on balances up to £1 million. Balances above £1 million earn the Standard Interest Rate on the amount above £1 million. After the Bonus Period ends the Standard Interest Rate will apply.

You can check our previous introductory rates.

This website provides details of introductory interest rates that apply in the first 12 months after the account is opened. If you opened your account more than 12 months ago you can telephone us on 0845 678 5678 to check your current interest rate.

Instant Access Savings

Monthly

All BalancesGross/AERNet
Standard Interest Rate (variable) 0.75% 0.60%

Effective from 1 August 2013.

Annual

All BalancesGross/AERNet
Standard Interest Rate (variable) 0.75% 0.60%

Effective from 1 August 2013.

Fixed Rate Saver

Interest Rate

Length of termGross/AERGross monthlyNet annualNet monthly
1 year 1.75% 1.74% 1.40% 1.39%
2 years 2.10% 2.08% 1.68% 1.66%
3 years 2.40% 2.37% 1.92% 1.90%
4 years 2.75% 2.72% 2.20% 2.18%
5 years 3.10% 3.06% 2.48% 2.45%

Tesco Bank Fixed Rate Saver rates are subject to change and can be withdrawn or changed at any time.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 22 August 2014.
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.

Cash ISAs

Instant Access Cash ISA

Instant Access Cash ISATotal Gross/AER
Interest rate 1.45% (variable)

Interest is paid on the anniversary of the account opening.

Fixed Rate Cash ISA

Fixed Rate Cash ISAGross/AER
Interest rate 1.65%

Interest is paid on the anniversary of the account opening.

Junior Cash ISA

Junior Cash ISAGross/AER
Interest rate 3.00% (variable)

Interest is paid on the anniversary of the account opening.

ISA Standard Rate*

ISA Standard RateGross/AER
Interest rate 1.25% (variable)

Interest is paid on the anniversary of the account opening.

* This is the rate you will earn once a fixed rate or bonus period ends.

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