Savings FAQs

You can view, print and save your statements and documents securely through the Mobile Banking App. Your documents include information that could be used by a fraudster; if you choose to email, export or print your documents, it is your responsibility to keep them secure. Your online statements will look exactly the same as the paper copies we post out, and we’ll send you an email when there’s a document or statement ready for you to view.

You can go paperless easily in Online Banking or our Mobile Banking App.

Adding a payee in our Mobile Banking App is simple. Please follow these instructions:

iPhone users:

Android users:

You can only add new linked accounts using Online Banking and the account needs to be in your name.

You can find all the information you need on how to close your account on our account closure page.

You can access 18 months of PDF statements. You can also access all your historic transactions by pulling down on your transaction screen each time you log in.

You can access statements older than 18 months by logging in to Online Banking.

We regularly review our savings accounts to check they are still active. If you have not transacted on your accounts for at least 3 years, we may write to you to check that you are still using the account.

Visit our dormant, lost or closed accounts page to find out more about our dormancy process.

A linked or nominated account is an account held in your name at another bank in the UK or another Tesco Bank account. You can use linked accounts to move money out of your savings account.

To view or add a linked account, log in to Online Banking, visit the 'Move Money' section and select 'Manage linked accounts and Payees'.

When you add a linked account, we'll check that you are the owner of that account and that you are authorised to make payments to it. If this check doesn't complete successfully, you'll be asked to send a copy of your bank statement.

You can access your Certificate of Interest in your Document Store in Online Banking after 12 April each year.

Due to volumes processed at this time, it can sometimes take a day or two to appear.

Alternatively, you can see the amount of interest you have been paid in your transactions, which you can view in Online Banking or the Mobile Banking App.

We no longer automatically issue a Certificate of Interest via post; however, one can be provided on request.

If your account is closed, your Certificate of Interest will not be available in your Document Store and you'll need to contact us, however you can request it when you close your account.

You can post cheques directly to us by sending them to:

Freepost
Tesco Bank
4943

Please note, no other address details such as road, town or postcode are required, and you will need to write the Tesco Bank sort code and account number on the back of the cheque.

Cheques must be in UK pounds and in English, payable to you or, for joint accounts, to either or both of you. Only cheques made payable to the correct account holder(s) will be accepted.

You are no longer able to pay in cheques at Tesco stores.

You can move money into your account in the following ways:

Once your account is active, you can use our Pay by Bank feature in our Mobile App to make deposits from your bank account to your savings account.

You can also move funds from any other Tesco Bank accounts using our Mobile App or Online Banking.

You can transfer payments from your other account providers. Choose to make one-off payments or set up a standing order to make regular payments. To set this up, you’ll need your Tesco Bank Savings sort code and account number. You’ll find them on your statement, welcome letter or with our Mobile App or Online Banking.

You can post cheques to us at:

Freepost
Tesco Bank
4943

No other address details are needed. Make sure the cheque is payable to the person named on the savings account. And lastly, please write the account number and sort code on the back of the cheque.

It depends on the way you make the payment.

Immediate

Payments made using the service are normally made within two hours, but may take up until the close of business the following day if we take our service offline for maintenance. If the account you're transferring to does not accept Faster Payments, please call us and you can transfer the money via CHAPS, or we can send you a cheque from your account.

If we receive the instruction before 1:30pm then the funds will be credited to the receiving account before the close of business on the same day. If received after the cut-off, then the funds will be received by close of business the next working day.

Please refer to our information on access to your money for further information about daily withdrawal limits.

Once we've confirmed your identity, your account will be opened straight away. You can pay money into your account as soon as it's opened, but you won't be able to take money out until you send us certain information by post. We'll tell you what this involves once your account is open.

If we need more information to confirm your identity, we'll write to you and explain what we need. We'll process your application as soon as we've received this from you.

When your account is open, you'll receive a Welcome Pack that contains information on how to use your account and helpline numbers if you need to contact us.

Interest earned throughout each year will be paid on the last day of March.

If Bonus Interest applies to your account, we'll apply this at the end of your Bonus term.

From time to time, we offer Bonus Interest at account opening, in addition to our standard variable rate. The bonus is offered at a fixed rate for the first year. Once this bonus comes to an end, interest will be earned at our standard variable rate. We'll write to you in advance of the bonus ending to remind you about this. Learn more about how bonus interest rates work.

If you subsequently wish to benefit from a new introductory bonus, you can open a new account and transfer the funds from your old account.

You can check our introductory rates online. These rates apply for the first 12 months the account is open:

You can move money out of your account using:

You can move up to £10,000 a day to a non-Tesco Bank linked account in your own name and up to £100,000 a day to other internal Tesco Bank accounts in your own name.

Contact us to withdraw larger amounts.

Yes, you can open a joint Internet Saver Account.

If both parties are new to Tesco Bank, please start the application process. Both parties will need to register for Online Banking separately and set up individual security details.

If one of you is already an existing customer, please log in to Online Banking and click to apply.

If you already have an Internet Saver Account and want to add a joint account holder, please contact us. Please note that both parties must be present during the call for security purposes.

An application pack will be sent out in the post for you to sign and complete. Once this is returned to us and processed, the account will be active and the joint account holder will then be able to register for Online Banking.

For your Instant Access Savings Account card, you can request a new PIN or a reminder if you forget your current PIN either online or by phone.

You can activate your card for your Instant Access Savings Account by logging in to Online Banking. ​​​​​​

Once logged in:

You can move money out of your account by using:

You can move up to £10,000 a day to a non-Tesco Bank linked account in your own name and up to £100,000 a day to other Tesco Bank accounts in your own name.

You can withdraw up to £300 a day using your Instant Access Savings Account card and PIN.

If you have a joint account, you must use the card that is in your own name to make withdrawals.

Contact us to withdraw larger amounts.

Maximum daily withdrawal limits may change from time to time. We'll notify you of this should they be changed.

Yes, you can open a joint Instant Access Savings Account. To do this, one party would need to either log in to Online Banking and click to apply, or if you are not an existing customer, please start the application process which will register you for Online Banking.

If the joint account holder is not an existing customer, then an application pack will be sent out in the post for you to sign and complete. Once this is returned to us and processed, the account will be active and the joint account holder will then be able to register for Online Banking.

If you already have an Instant Access Savings Account and want to add a joint account holder, please contact us. Please note that both parties must be present during the call for security purposes.

Interest will be earned at a daily rate. We'll calculate your interest on the money in your account at the end of each day.

We'll add up the interest earned from each day and then apply this to your account annually or monthly depending on the account you have chosen.

If you have chosen to have your interest paid annually, interest earned throughout each year will be paid on the last day of April.

If you have chosen to have your interest paid monthly, interest will be paid into your account on the last day of each month.

If Bonus Interest applies to your account, we'll apply this at the end of your Bonus term.

You can make multiple deposits within the first 30 days of opening your account. Your total balance must be at least £2,000 and no more than £5 million by the end of this period. After this time, no further deposits can be made.

You can add money in the following ways:

About 2 weeks before your Fixed Rate Saver matures, we’ll get in touch to ask you what you want to do with your money. You'll have the following options:

You can visit our maturity page to learn more about these options.

Please tell us your maturity instructions up to 30 days before your maturity date. If we do not hear from you before your account matures, we’ll send the interest you’ve made to your linked account. After this, your account will begin to earn our standard variable rate.

The Fixed Rate Saver offers a fixed rate of interest for a fixed term and does not allow any early access other than in exceptional circumstances (death, diagnosis of a terminal illness, bankruptcy, insolvency or sequestration).

If you need to access your money due to exceptional circumstances, we'll pay the balance on your account to you and the account will be closed. You'll not be charged for this.

We'll pay interest monthly or annually into your linked account, depending on what you chose when opening your account.

It will be paid on the same date that you made your first deposit.

For example, if you opened your account on the 15th of the month and made your first deposit on the 20th, interest will be paid to you on the 20th of each month or year.

Remember, you have 30 days from account opening to make deposits into your account.

Yes, you can apply for a Fixed Rate Saver online - compare our Savings Accounts.

If you are an existing customer, please log in to Online Banking and then apply for your new product. This will ensure your account can be viewed alongside your existing accounts.

You’ll need to be a UK resident, aged 18 or over and have details of the bank account you’d like to have your interest paid into.

Your statement is sent on the anniversary of your account opening but your interest is paid on the anniversary of your deposit.

This means that, unless you made your first deposit on the day you opened your account, your annual statement will not display interest earned over the last 12 months.

For example, if you opened your account on 1 March but the account wasn't funded until 5 March, then your annual statement would be issued on 1 March of the following year, but your interest wouldn't be paid until 5 March of the following year.

Your first annual statement won't show any interest, but this will appear on your next statement.

This will vary depending on the fixed rate term you applied for.​

The money will be held for your chosen duration, starting from the date you made your first deposit.​

You can find details of your chosen term and when you made this deposit in Online Banking or our Mobile Banking App.​

Remember, you have 30 days from account opening to make deposits into your account.

You need to open an account with us either via Online Banking or via the phone. Once open, we'll include a Cash ISA transfer form with your Welcome Pack if you requested to fund your account with a transfer during your application.

After you have returned any documents requested in your Welcome Pack, you can also download a Cash ISA transfer form from Online Banking by clicking on your Tesco Bank Cash ISA account and clicking the 'Find out more' button next to 'Cash ISA transfer'.

Once you return the form to us, we’ll ask your existing Cash ISA provider within 5 business days to arrange for your funds to be transferred to your Tesco Bank Cash ISA.

For Cash ISAs, they have 5 business days from receiving the request to do this and the transfer should be completed within 15 business days of us receiving your form. We'll start paying interest from the day your existing Cash ISA provider sends us your money or 16 business days after we receive your form (if this is earlier).

Transfers from ISAs other than Cash ISAs may take up to 30 days.

The Cash ISA annual subscription limit for the current tax year is £20000. HMRC sets the annual subscription limit for each tax year (6 April to the following 5 April). This can be paid into one type of ISA (as long as you are eligible) or a combination of all types.

For example, if you saved £10,000 into a Cash ISA in this tax year, the maximum which can be saved into other types of ISA in the same tax year is £10,000.

So, you can save up to your whole annual allowance in your Tesco Bank Cash ISA, provided you don’t go over your total ISA allowance for the tax year.

Tesco Bank only offers Cash ISAs and not Stocks and Shares ISAs, but you can open a Stocks and Shares ISA or an Innovative Finance ISA with another provider.

The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.

You can only deposit up to the annual Cash ISA subscription limit each year. You can do this in the following ways:

Contact your account provider or use their online banking service to make a one-off payment into your account, or set up a Standing Order to make regular payments. You’ll need your Tesco Bank Savings sort code and account number to do this – you’ll find this on your statement or your welcome letter.

You can post cheques to us at:

Freepost
Tesco Bank
4943

No other address details are needed. Please ensure the cheque is made payable to the person named on the savings account and clearly write the account number and sort code on the back of the cheque. On average this takes 2 business days to arrive, however, timescales may vary.

You can move funds from another account you have with Tesco Bank using Online Banking or the Mobile Banking App.

If your Tesco Bank Cash ISA accepts transfers in, transfer from another ISA using the ISA transfer process. If you have a Fixed Rate Cash ISA you are only able to pay money into your account for the first 30 days from account opening so regular payments such as Standing Orders and Direct Debits will not be available.

We'll write to you at least 14 days before your account is due to mature and give you your options. You can ask us to:

If you would like to transfer your funds to another ISA provider, please see our guide to ISA transfers.

If we do not hear from you, at the end of your fixed rate term, your account will become an Instant Access Cash ISA and its terms and conditions will apply. Your account will earn interest at the Cash ISA Standard Rate and you can continue to make subscriptions and access the money in it as normal. If we no longer offer the Instant Access Cash ISA when your fixed term ends, we will write to you to let you know before this happens with full details.

The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstance.

You can move money out of your account to a linked account in your own name. You can do this by logging in to Online Banking, clicking on your account and then selecting 'Manage account' on the right-hand side. You can then select the linked account you wish to make the payment to. You can also do this via the Mobile Banking App.

You can set up a new linked account at any time in Online Banking by selecting 'Move Your Money' and then 'Manage Linked Accounts and Payees'.

Alternatively, you can contact us so we can make the payment for you.

Remember, when you take money out of an ISA, it will lose its tax-free status. If you are simply looking to withdraw from your ISA and not close the account, you're able to withdraw and replace money as often as you like from both current and previous years’ subscriptions on your Instant Access Cash ISA. Should you wish to replace what you have withdrawn, we recommend you do so by 5pm on 5 April in the same tax year it was withdrawn. This will ensure that any funds are in your account before the cut-off deadline at the end of the tax year at midnight on 5 April.​​​​​​​

If you have a Fixed Rate Cash ISA, withdrawals are not permitted during the fixed term. For more information, please see 'Can I withdraw money?' in the Summary Box on our Fixed Rate Cash ISA product page.

The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.

You can transfer money out of your account to another Tesco Bank Cash ISA once your account has matured. If you would like to do this, please contact us and we’ll arrange this for you.

If there has been a change to the child's address, please contact us or write to us at:

Tesco Bank
PO Box 27017
Broadway One
Glasgow
G2 9FH

The Junior Cash ISA annual subscription limit for the current tax year is £9000. It's important to note that the current rules for ISAs are subject to change by HM Revenue and Customs and the value of tax benefits depends on personal circumstances.

You can only deposit up to the Annual Junior Cash ISA subscription limit each year. You can do this in the following ways:

Contact your account provider or use their online banking service to make a one-off payment into your account, or set up a Standing Order to make regular payments. You’ll need your Tesco Bank Savings sort code and account number to do this – you’ll find this on your statement or your welcome letter.

You can post cheques to us at:

Freepost
Tesco Bank
4943

No other address details are needed. Please ensure the cheque is made payable to the child named on account and clearly write the account number and sort code on the back of the cheque. On average this takes 2 business days to arrive, however, timescales may vary. Please note only cheques made payable to the correct account holder will be accepted.

You can move funds from another account you have with Tesco Bank using Online Banking or the Mobile Banking App.

If your Tesco Bank Junior Cash ISA accepts transfers in, transfer from another ISA using the ISA transfer process.

Yes, you can transfer the whole of your Child Trust Fund (CTF) into a Junior ISA. Please note that CTFs do not have a sort code and account number, just an account ID. When completing the ISA transfer form, please add the account ID into the roll number box.

We’ll write to the child shortly before their 18th birthday to let them know the options available to them once they turn 18.

Once the child turns 18, there are two options:

If the child has not become the Registered Contact on the account before they reach 18, they will need to provide us with certain details to allow us to confirm their identity and the details of another bank account they hold before they can access the money in the account.

If the child doesn’t let us know what they would like to do with the funds, the account will remain tax-free.

The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstance.

No, apart from the right to cancel, money cannot be taken out of the account until the child turns 18. It is, however, possible to transfer a Junior Cash ISA to a Junior ISA with another provider.

In exceptional circumstances withdrawals may be allowed, for example, where the child is diagnosed with a terminal illness. We need permission from HMRC to do this. For more information about this please contact us.

The account can only be closed where:

If the Registered Contact or account owner want to close the account they must contact us to let us know or write to us at:

Tesco Bank
Broadway One
199 Renfield Street
Glasgow
G2 9FH

Your Personal Savings Allowance is the total amount of interest you can earn in a tax year without paying tax. If you're a basic rate tax-payer, your Personal Savings Allowance is £1,000. If you're a higher rate tax-payer it is £500. If you're an additional rate tax-payer, you won't have a Personal Savings Allowance.

Yes. It affects everyone with a non-ISA savings or current account that pays credit interest.

You only need to pay tax on any interest you earn above your Personal Savings Allowance. You are responsible for making sure you're paying the correct tax.

If you're unsure whether you are required to pay tax, please contact HMRC.

HMRC will normally collect the tax by changing your tax code. Banks and building societies will give HMRC the information they need to do this. If you fill in a Self-Assessment tax return, you should carry on doing this as normal.

No. You can still save up to your annual ISA subscription limit per tax year.

Your Personal Savings Allowance covers the interest you earn on all your non-ISA accounts with all banks and building societies as this is already tax-free.