Savings account changes

On 22 April 2018 we're making some changes to how you move money in and out of your savings account.

Moving money into your account

You'll no longer be able to make regular or one-off Direct Debit payments into your account. Any existing Direct Debits set up on your account will be cancelled. If you've not already cancelled your Direct Debits on 22 April 2018 they will cancel automatically and you won't be able to set up any new ones. Find out ways to move money into your account

Moving money out of your account

You'll only be able to make payments out of your account to linked accounts in your name. Payments that are not set up to linked accounts will be cancelled and removed from your account. Find out ways to move money out of your account

Ways to move money into your account

Standing Orders or one-off payments

How do I set up a Standing Order or make a one-off payment?

You can contact your account provider or use their online banking service to make one-off payments 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 welcome letter.

By cheque

How do I make a payment with a cheque?

You can post a cheque made payable to yourself, to: Freepost RTGU-ULZJ-XYTK, Tesco Bank, PO Box 4943, Lancing BN11 9YL. You must include your product name, sort code and account number on the reverse of the cheque.

In store - Instant Access Savings Accounts only

How do I make a payment in store?

Instant Access Savings Account customers can make deposits by cash or cheque in selected UK Tesco stores.

Read more about deposits and withdrawals below for more details.

You’ll need to have your card present to pay in any cheques, and any cheques must be made payable to the name printed on your card.

ISA/Junior ISA customers only

How do I make a payment to my ISA/Junior ISA account?

If you have an ISA account you can only deposit up to the annual subscription limit. For tax year 2017/18 the annual subscription limit is £20,000 for ISA customers and £4,128 for Junior ISA customers.

Ways to move money out of your account

What is a Linked Account?

What is a linked account?

A linked account is another account you have told us about and held in your name with another bank in the UK or another Tesco Bank account with your name. You can use linked accounts to move money out of your Savings Account.

From 22 April 2018, a linked account in your own name will be the only account you'll be able to make one-off or regular payments to. Any payees that are not linked accounts in your own name will no longer be available.

To view or add a linked account, login to Online Banking, visit the Move Your Money section and select Manage Accounts and Payees.

How do I set up a new linked account?

How do I set up a new linked account?

If you're registered for Online Banking you can log in to Online Banking, go to the ‘Move Your Money’ section and select ‘Manage Accounts and Payees’. Any existing linked accounts you have will be displayed under the ‘Your accounts’ section. To add a new linked account, you should select ‘Add Account’.

If you’re not registered for Online Banking, you can do this below. You'll need your Tesco Bank Savings account number and sort code to do this.

When you add a linked account we check that you're the owner of the account. If this check doesn't complete successfully, you may be asked to send us a bank statement.

How do I view my linked accounts?

How do I view my linked accounts?

If you're registered for Online Banking you can log in to Online Banking, go to the ‘Move Your Money’ section and select ‘Manage Accounts and Payees’. Any existing linked accounts you have will be displayed under the ‘Your accounts’ section.

You can also view your linked accounts in the Mobile App by tapping the ‘i’ icon on your savings account carousel.

Please note: any accounts shown under ‘Your payees’ will no longer be available within Online Banking from 22 April 2018.

Linked accounts in the Mobile App

Can I set up a linked account in the Mobile App?

You can't set up linked accounts in the Mobile App, you'll need to log in to Online Banking to set up new linked accounts.

Once your new linked accounts are set up, you can make payments to those accounts via the Mobile App.

Already making payments to accounts in your name?

I make payments to an account in my own name but it is not set up as a linked account

From the 22 April 2018, you'll only be able to move money out of your Savings Account to a linked account in your name.

You'll need to ensure that any accounts that you wish to make payments to are set up as linked accounts.

Current account customers

I also hold a Current Account with Tesco Bank, will this be affected by the changes?

No, your Current Account will be unaffected and you can continue to make one-off or regular payments to any account. The changes only apply to Savings Accounts.