Savings Accounts
Compare our range of accounts to help get your savings growing
How do you want to save?
Select the type of savings account you need above or compare all savings accounts below:
products for you to look at:
products for you to look at:
products for you to look at:
Internet Saver
This savings account gives you 24/7 access to your money, and lets you manage your cash with our Mobile Banking App
Includes a fixed bonus rate of 3.56% Gross for 12 months on balances up to £1m only
Instant Access Cash ISA
Save up to £20,000 (for the current tax year - this is the combined limit for all ISA types), with the flexibility to make withdrawals when you need to. You can take money out and put it back later, without it counting towards your annual ISA allowance (if you replace the money in the same tax year it was withdrawn). Minimum deposit £1.
Includes a fixed bonus rate of 3.05% Gross for 12 months
Tax free info
Junior Cash ISA
Our Junior Cash ISA is a simple way to save for your child's future (if they don’t have a Child Trust Fund). The money you save in the ISA belongs to the child, who can withdraw it when they reach 18. You can save up to £9,000 in the current tax year (this is the combined total you can contribute to a Junior Cash ISA and a Junior Stocks and Shares ISA).
Fixed Rate Saver: terms between 1 and 5 years available
After depositing between £2,000 and £5m within 30 days of opening your account, we'll give you a guaranteed interest rate for the duration of the term you choose. Interest is paid to a separate account, and it's important to know that you can't make withdrawals during the fixed term. You can choose monthly or annual interest payments.
Interest rates vary by term and monthly interest rates may differ from that shown.
Fixed Rate Cash ISA: 1 Year
Want to make a lump sum deposit and leave your money to grow tax free? In the first 30 days you can pay in up to £20,000 (for the current tax year - this is the combined limit for all ISA types) and we reward you with a fixed interest rate. You can't withdraw any money during the fixed term unless you close the account and pay a fee.
Important information
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. For our Fixed Rate Saver, interest is paid directly into a separate account of your choice and is therefore not compounded.
Our current Fixed Rate Saver interest rates and available terms are shown below.
|
Length of term |
Gross/AER |
Gross monthly |
|---|---|---|
|
1 year |
5.00% |
4.89% |
|
18 months |
4.80% |
4.70% |
|
2 years |
4.60% |
4.51% |
|
3 years |
4.40% |
4.31% |
|
5 years |
4.10% |
4.03% |
These rates are subject to change and may be withdrawn at any time. Rates correct as at 17 April 2024.
Interest is calculated daily from the date we receive your deposit and will be paid to a separate account of your choice either monthly or annually.
If we do not hear from you ahead of your fixed rate maturing, your matured funds will remain in the account and revert to a standard variable interest rate (currently 1.25% Gross/AER) until you move them to another account.
Internet Saver Account
The maximum daily limit for Internet Saver withdrawals is £10,000 to non-Tesco Bank accounts in the UK and £100,000 by making internal transfers to other Tesco Bank accounts in your own name. But if you want to withdraw more, you can call us and we'll be happy to help you.
Instant Access Savings Account
The maximum daily withdrawal limits for Instant Access Savings Accounts are as follows:
- Telephone: £100,000
- Online: £10,000 to non-Tesco Bank accounts in the UK and £100,000 by making internal transfers to other Tesco Bank accounts in your own name
- ATM: £300
Instant Access Cash ISA
The maximum daily limit for Instant Access Cash ISA withdrawals is £10,000 via online banking, no restriction by telephone.
Maximum daily withdrawal limits may change from time to time. We will notify you of these changes.
Fixed Rate Saver
With our Fixed Rate Saver account, you lock your money away for guaranteed interest.
Your money must stay in the account until the end of your chosen term, and you can’t make any withdrawals. Make sure this suits your needs.
Fixed Rate Cash ISA
Make sure you’re comfortable with putting your money away for 12 months
The Tesco Bank Fixed Rate Cash ISA gives you a guaranteed interest rate for one year - but this means that you can't withdraw any money during the fixed term unless you close your account and withdraw all of the money.
If you close your account or transfer your money out of it during the fixed term, we'll charge you a fee equal to 90 days' interest on the balance of your account.
Who can access the money and when
The money in a Junior Cash ISA belongs to the child who can only withdraw it when he or she reaches age 18 – a great start to adult life.
No money can be withdrawn from the account until the child reaches age 18, but it can be transferred to another Junior ISA before the child reaches age 18.
So if you want to close your Tesco Bank Junior Cash ISA and transfer the balance to another provider, you just have to contact your new provider. They'll arrange everything with us using the ISA Transfer process.
The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.
What you can transfer
You can transfer ISA subscriptions (money paid in) without losing your tax free benefit. You can transfer subscriptions in the following ways:
- Between ISA providers
- Between different Tesco Bank Cash ISA accounts
- Between Cash ISAs, Stocks and Shares ISAs, Junior ISAs and other eligible types of ISA (please note: some types of ISA have restricted terms)
- To ensure your interest payments remain tax free, you need to transfer your funds using the ISA transfer process (this process is offered by Tesco Bank and most other providers)
You can transfer:
- All of your current year’s subscriptions to a Cash ISA, Stocks & Shares ISA or other eligible types of ISA. You can then make further subscriptions to your new ISA in the same tax year, as long as you don't exceed your annual allowance
- All or part of any subscription made in previous tax years.
- Transferring your money from one ISA to another, does not count towards your annual subscription of £20,000.
For Junior ISAs, you can transfer:
- All, but not part, of the funds saved in an existing Junior Cash ISA to a new Junior Cash ISA
- All or part of the funds in a Junior Cash ISA saved in a previous tax year to a Junior Stocks and Shares ISA
- All of the money held in a Junior Cash ISA to a Junior Stocks and Shares ISA, then a new Junior Cash ISA can be opened
Other providers may have restrictions on transfers, so you should always check this with them before transferring money to another provider.
How to transfer an existing ISA to Tesco Bank
New customers should complete an application either online or by calling us on 0345 678 5678, and we can begin the transfer process during the application. This number may be included as part of any inclusive call minutes provided by your phone operator.
Get in touch with our Community
Head over to our Community to ask questions, find answers to common queries, leave feedback on your experience and make suggestions on how we can improve.