Internet Saver
Freedom to save, with easy access whenever you need it
Unlimited withdrawals and deposits
4.40% Gross/AER (variable) includes a fixed bonus of 3.35% Gross/AER for 12 months, on balances up to £1m
FSCS protected up to a total of £120,000
Why choose our Internet Saver?
- 4.40% Gross/AER (variable)
This rate includes a guaranteed fixed bonus rate of 3.35% for the first 12 months (on balances up to £1m), plus our standard variable rate, which is currently 1.05%. After 12 months, you’ll continue to receive our standard variable rate (all rates are Gross/AER). Interest is paid annually. - Make unlimited withdrawals
Withdraw any amount, as frequently as you need, without any fees. Bear in mind, to protect your account, daily transfer limits are in place - Start saving from as little as £1
Kick start your savings with any amount you choose from £1. - Deposit as much and as often as you like
There’s no restriction to how much you can save in your account. - Save with us, bank with anyone
Unlike some other banks, you don’t need to have an existing account with us. - Manage your money in our Mobile Banking App or Online Banking
Our friendly call centre staff are here too if you want to speak with someone. - Your money is FSCS protected
Your savings are protected up to a total of £120,000 per person across all Barclays and Tesco Bank accounts.
*Rates shown in the Mobile App example are for illustrative purposes only.
Please read the Summary Box before moving on to apply.
A Summary Box sets out the key features of a savings account. It’s designed to help you easily compare between accounts. For full details, please read the account terms and conditions.
Summary Box:
Internet Saver
4.40% Gross/AER* (variable) for the first 12 months. The rate is made up of:
- A fixed bonus rate of 3.35% Gross/ AER which is applied for the first 12 months on balances up to £1million
- And our standard variable rate (which is currently 1.05% Gross/ AER) which this account will continue to earn after the bonus rate has ended
How you receive interest:
- Interest will be earned at a daily rate and paid into the account on the anniversary of the account opening and at account closureInterest will be earned at a daily rate and paid into the account on the anniversary of the account opening and at account closure
- The Bonus Interest Rate applies on balances up to £1 million or less, which we pay to you at the end of the bonus period (on the anniversary of the account opening)The Bonus Interest Rate applies on balances up to £1 million or less, which we pay to you at the end of the bonus period (on the anniversary of the account opening)
- We pay the standard variable rate annually to you in March
*Gross 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.
- 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 14 days’ notice, by letter or email (depending on your statement preferences)Yes – the standard variable rate may change. If we decide to reduce the standard variable rate, we will always contact you in advance, with at least 14 days’ notice, by letter or email (depending on your statement preferences)
- The reasons which may lead us to reduce the standard variable rate can be found in the “Interest” section of the Terms and Conditions of the account and include, for example, changes in market conditions which affect interest ratesThe reasons which may lead us to reduce the standard variable rate can be found in the “Interest” section of the Terms and Conditions of the account and include, for example, changes in market conditions which affect interest rates
- If we increase the standard variable rate, the new rate can be viewed in Online Banking and we may also contact you to let you knowIf we increase the standard variable rate, the new rate can be viewed in Online Banking and we may also contact you to let you know
- Bonus Interest Rates are always fixed and won’t vary during the Bonus Period. We will write to you in advance to let you know when your current Bonus Period is coming to an endBonus Interest Rates are always fixed and won’t vary during the Bonus Period. We will write to you in advance to let you know when your current Bonus Period is coming to an end
The estimated balance would be £1,044.00 after 12 months (including your bonus interest) and £1,054.96 after 24 months.
Estimated balances are for illustrative purposes only and assume no further deposits, withdrawals or changes to the standard variable rate. Your actual balance may differ depending on the standard variable 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).
You can apply online or over the phone. To be eligible you must:
- Be a UK resident
- Be over 18 years of age
- Provide details of a Linked Account in your own name
You can deposit a minimum of £1, you don't need to make a minimum deposit on a regular basis and there is no maximum balance limit.
You can manage your account using our Mobile App or on Online Banking.
You can also contact us to speak to us about your account.
- Yes, you can withdraw money from your account to a Linked Account in your own name without noticeYes, you can withdraw money from your account to a Linked Account in your own name without notice
- A Linked Account is another account you have told us about and held in your name with another bank in the UK or another internal Tesco Bank account in your own name A Linked Account is another account you have told us about and held in your name with another bank in the UK or another internal Tesco Bank account in your own name
- You can make withdrawals online or over the phone if the amount you wish to transfer is above our online daily limit noted below: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 Limits (maximum you can move out each day subject to your available balance):
- Internal Transfers to other Tesco Bank accounts in your own name using the Mobile App and Online Banking – £100,000Internal Transfers to other Tesco Bank accounts in your own name using the Mobile App and Online Banking – £100,000
- Internal transfers to other Tesco Bank accounts using an authorised Third Party Provider (TPP) authorised by the FCA - £10,000Internal transfers to other Tesco Bank accounts using an authorised Third Party Provider (TPP) authorised by the FCA - £10,000
- Transfers to other non-Tesco Bank accounts in your own name in the UK using the Mobile App, Online Banking and a TPP – £20,000; with a £10,000 limit for each payment optionTransfers to other non-Tesco Bank accounts in your own name in the UK using the Mobile App, Online Banking and a TPP – £20,000; with a £10,000 limit for each payment option
For transfers above these limits please contact us. For timescales on the above please refer to the “Payments out of your Account” section of your Terms and Conditions.
We won’t deduct tax from your interest – this will be paid gross. If you exceed your Personal Savings Allowance, you may need to pay tax on the interest you earn.
Ready to apply?
To apply, you must be aged 18 or over, have a UK personal current account and be a UK resident, or a Crown employee serving overseas.
Applying should take about 10 minutes.
If you still have questions, we've got some useful FAQs below.
View or download the account documents
Frequently asked questions
The easiest way to save is with our Pay by Bank feature, which lets you pay directly from your bank account into your savings account. Once your account is active, you can use Pay by Bank immediately in our Mobile Banking App.
You can also move funds from any other Tesco Bank accounts using our Mobile App or Online Banking.
Alternatively, you can make regular or one-off payments using your bank account. To send money from your bank account, you’ll need your Internet Saver sort code and account number. You can find your account details by logging in to our Mobile App or Online Banking, on your annual statement, or in your Welcome Pack.
Please note that if you have a joint account, you may need to wait up to 48 hours after account opening to send money via your bank account.
The easiest way to check the current interest rate for your savings account is to log in to our Mobile Banking App or Online Banking.
To see your current interest rate in our Mobile App, select your savings account from the home screen.
To see your current interest rate in Online Banking, select your savings account from your Online Banking Overview.
If you want to see how your rate compares or look back on what we’ve offered in the past 5 years, you can also check the interest rate on your existing savings account.
As rates can vary depending on your product and when you opened it, checking both your current rate and previous rates can help you understand how your rate has changed over time.
For the first 12 months, your interest rate is made up of a fixed bonus rate and our standard variable rate.
When the 12-month bonus period ends, you'll continue to earn our standard variable rate, currently 1.05% Gross/AER. We'll let you know before your bonus rate ends.
To see your current interest rate, your bonus rate end date, and what your interest rate will be after your bonus period ends, log in to our Mobile Banking App and select the information icon next to your balance.
For more information, please refer to our guide on how bonus rates work.
Protecting your savings
Your eligible deposits held by a UK establishment of Barclays Bank UK PLC are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Barclays, Barclays Business Banking, Barclays Premier Banking, Barclays Wealth Management and Tesco Bank. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please ask for further information or visit www.fscs.org.uk.
Not the right account for you?
Are you an existing customer?
If you're an existing customer and are looking for some help, visit our Existing Customer page.