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Your options when your Fixed Rate Saver term ends

As your Tesco Bank Fixed Rate Saver approaches maturity, you have a few options with what to do with your money. If we don’t 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 of 1.05% Gross/AER (variable).

1

Reinvest

Reinvest your money for another fixed term

2

Save a different way

Choose and apply for another type of account to save with

3

Close

Withdraw your funds and close your account

1. Reinvest for another fixed term

If you want to keep saving with your Fixed Rate Saver account, you can reinvest for another fixed term. You can reinvest your existing balance with or without interest due up to a maximum of £5 million.

You can reinvest up to 30 days before your term ends. Choose a new rate and term and keep earning interest right away.

You can make additional deposits for 30 days following your reinvestment date. To do this, use your Fixed Rate Saver sort code and account number to transfer in funds. After that, your savings will be locked away for the duration of your new term.

How to reinvest

Been a while since you first invested? Get up to speed with the ins and outs of our Fixed Rate Saver.

Term

Annual

Monthly

1 year

4.84%

4.74%

15 months*

4.85%

4.75%

18 months

4.85%

4.75%

2 years

4.85%

4.75%

3 years

4.85%

4.75%

5 years

4.85%

4.75%

All rates above are Gross/AER (fixed). Rates are subject to change and withdrawal at any time.

*Available to existing Fixed Rate Saver customers when reinvesting only.

2. Save with a different type of savings account

If you’d like to continue saving with us but in another way, take a look at the different types of savings accounts we offer.

Once you've found the right account for you, you can apply for a new one. Eligibility criteria will apply. You can set an instruction to withdraw your savings and close your existing account, then move your funds to your new account.

3. Withdraw your savings and close your account

You can set an instruction to withdraw your savings into your linked account and close your account at anytime with Online Banking. You can also contact us to arrange this.

You’ll receive your interest on the date your fixed period ends or the next business day. The rest of your balance will follow within 3 business days.

Your closing statement will arrive 5 to 7 days after your account has matured to close.

Frequently asked questions

You can find the account details for your existing Fixed Rate Saver Account in our Mobile Banking App or Online Banking.

In our Mobile App:

  • Your account number, sort code and current balance will be displayed on the home screen after you log in.
  • To view your interest rate, select the information icon next to your balance.
  • To view the details of your linked account, select your Fixed Rate Saver Account then select 'Move money' from the menu at the bottom of the screen. The account number and sort code of your linked account will be displayed under 'Payees'.
  • To change your linked account, log in to Online Banking and go to 'Manage Account', then visit the 'Move Money' section and select 'Manage linked accounts and Payees'.

In Online Banking:

  • To view your account number, sort code, current balance and interest rate, select your Fixed Rate Saver from your Online Banking Overview.
  • To view the details of or change your linked account, go to 'Manage Account', then visit the 'Move Money' section and select 'Manage linked accounts and Payees'.

You can also find your account number, sort code, current balance, and interest rate on your Fixed Rate Saver maturity letter, annual statement or Welcome Pack, or you can contact us.

You can update your linked account details using Online Banking. Log in and go to 'Manage Account', then visit the 'Move Money' section and select 'Manage linked accounts and Payees'. 

You can also contact us to update these details.

How and when you receive your interest depends on what you choose at the end of your existing fixed term:

  • If you choose to reinvest your original balance but not the interest due when your existing fixed term ends, your interest will be paid into your linked account on the date your existing fixed term ends.
  • If you choose to reinvest your original balance and the interest due when your existing fixed term ends, your interest will not be paid into your linked account. Instead, it will be reinvested for the duration of your new fixed term.
  • If your existing fixed term ends and you take no action, your interest will be paid into your linked account. Your original balance will remain in your Fixed Rate Saver and will earn our standard variable rate.
  • If you choose to close your account when your existing fixed term ends, your interest will be paid into your linked account on the date your existing fixed term ends or the next business day. The rest of your balance will be paid into your linked account within 3 business days.

Gross is the interest rate paid before tax is deducted.

AER (Annual Equivalent Rate) shows what the interest rate would be if interest was paid and compounded each year, helping you compare savings products. However, with our Fixed Rate Saver, interest is paid into your linked account either monthly or annually so is not compounded.

If you have any questions about your maturity options or need some help, please contact us.