Fixed Rate Saver account

With our Fixed Rate Saver, you'll benefit from a higher interest rate than our instant access savings accounts, but no withdrawals are permitted, so you won't be able to access your money until the end of your chosen term.

You will make one deposit of between £2,000 and £5m within 30 days of account opening. You can do this as you open your account or within 30 days – whatever works best for you.

Contact your account provider to make your one-off payment into your account. You’ll need your Fixed Rate Saver Sort Code and Account Number to do this.

With a fixed rate savings account, you get a higher rate of interest, but you can’t make withdrawals as you go along.

Your money has to stay in the account until the end of your chosen term. So make sure this suits your lifestyle and financial set up.

When your Fixed Rate Saver is nearing the end of its term, we’ll write to you beforehand to remind you, and again when your account matures.

You'll have the option to re-invest your balance into a new Fixed Rate Saver, switch to one of our savings accounts or withdraw your money.

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 post maturity interest rate until you move them to another account.

Your interest is calculated daily from the date we receive your deposit and paid either monthly or annually.

Tesco Bank will no longer deduct tax on the interest you earn. This is due to the Government’s introduction of the Personal Savings Allowance.

This is the good bit. You don’t have to wait to get your hands on your interest. It’s paid into a separate bank account in your own name: this could be your current account, an ISA or any savings account you like - just check with your account provider to make sure they accept interest payments. And you can choose monthly or annual payments – whichever you prefer.

From 6 April 2016 the Government has introduced a Personal Savings Allowance. This means a basic rate tax-payer can earn £1,000 interest without paying tax and a higher rate tax-payer can earn £500.

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

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.

On 6 April 2016 the Government welcomed the introduction of the Personal Savings Allowance. Following this, Tesco Bank will no longer deduct tax from the interest you earn.

We want you to be happy with your savings account. To help you decide whether the Tesco Bank Fixed Rate Saver is right for you, please read the factsheet and terms and conditions.