Fixed rate savings accounts​

Put your money away for longer, get a better interest rate with our fixed rate savings accounts.

    Fixed Rate Saver

    Annual interest rates 0.70% Gross/AER for 5 year term Monthly interest rates may differ from that shown.
    • Choose from a range of terms between 1 and 5 years.
    • Make a single deposit between £2,000 and £5m within the first 30 days of account opening.
    • Earn interest on your savings tax free, up to a certain amount.

    Fixed Rate Cash ISA

    Interest rate 0.40% Gross/AER Fixed for the 12-month term of your ISA providing your money is kept in the account for the fixed term.
    • Save up to £20,000 tax-free (2020/21 tax year).
    • Watch your savings grow - you've 30 days from account opening to deposit up to the maximum allowance.
    • Guaranteed interest rate for a year.

    Benefits of fixed rate savings accounts​

    • Sterling pound sign.
      Make a one-off payment and let your savings grow
    • Icon of a calendar.
      Choose to receive your interest monthly or annually
    • Icon lock.
      Your interest rate is fixed for the term of your savings account​

    Financial Services Compensation Scheme

    Your eligible deposits with Tesco Bank are currently protected up to the current Financial Services Compensation Scheme limit, the UK's deposit protection scheme. Any deposits you hold above the current limit are not covered.

          Other ways to save

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          Save and access your money when you need it

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          Compare our savings accounts

          Important information

          Our current interest rates and available terms are shown below.

            Important information about our Fixed Rate Savings accounts

            Length of term

            Gross/AER*

            Gross monthly*

            1 year

              0.40%

                0.40%

                  15 months

                    0.45%

                      0.45%

                        2 years

                          0.60%

                            0.60%

                              3 years

                                0.65%

                                  0.65%

                                    5 years

                                      0.70%

                                        0.70%

                                          These rates are subject to change and may be withdrawn at any time. Rates correct as at 14 July 2020.

                                          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.

                                          *The Government has now introduced a Personal Savings Allowance, which will enable savers to earn interest on their savings tax free, up to a certain amount. We will no longer deduct tax from the interest you earn.

                                          Interest 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 is paid directly into a separate account of your choice and is therefore not compounded.

                                            Contact us – we’re here to help

                                            Have a question or need help applying? Our friendly, UK-based customer service team is here to help.