Reinvest your Fixed Rate Savings
If you want to keep saving with your existing Tesco Bank Fixed Rate Saver account, you can reinvest for another fixed term through our Mobile App or Online Banking.
Things you should know about reinvesting:
- You can reinvest up to 30 days before your term ends.You can reinvest up to 30 days before your term ends.
- Your new rate and term will start on the date your existing term ends - or on the date we process your reinvestment request if your term has already ended.Your new rate and term will start on the date your existing term ends - or on the date we process your reinvestment request if your term has already ended.
- You can reinvest your full balance up to a maximum of £5million. You can also include any interest due with your reinvestment or send this to your linked account. There are other options if you'd like to reinvest another amount.You can reinvest your full balance up to a maximum of £5million. You can also include any interest due with your reinvestment or send this to your linked account. There are other options if you'd like to reinvest another amount.
- Once your money has been reinvested, you can make additional deposits for 30 days after your reinvestment date. After this 30 day period, you won’t be able to cancel the account, add more money, or make withdrawals because your money is locked away for the duration of your new fixed term.Once your money has been reinvested, you can make additional deposits for 30 days after your reinvestment date. After this 30 day period, you won’t be able to cancel the account, add more money, or make withdrawals because your money is locked away for the duration of your new fixed term.
- Please revisit the Summary Box and Terms and Conditions. These will remind you of the features and terms of our Fixed Rate Saver account, as some may have changed since you first applied.Please revisit the Summary Box and Terms and Conditions. These will remind you of the features and terms of our Fixed Rate Saver account, as some may have changed since you first applied.
- Check out our FAQs if you have more questions about reinvesting.Check out our FAQs if you have more questions about reinvesting.
|
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.
How to reinvest your savings:
To continue saving with us, use our Mobile App or Online Banking to reinvest your full Fixed Rate Savings balance in a few easy steps by:
- Picking your new term and ratePicking your new term and rate
- Choosing between annual or monthly interestChoosing between annual or monthly interest
- Opting to reinvest your interest due, or send it to your linked accountOpting to reinvest your interest due, or send it to your linked account
Don’t have log in details?
Easily manage your account anywhere, anytime - starting with reinvesting your savings by downloading our Mobile App, or registering for Online Banking.
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Alternatively, if your term has already ended, you can contact us to reinvest your savings.
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*Rates shown in the Mobile App and Online Banking examples are for illustrative purposes only.
A Summary Box sets out the key features of a savings account. It’s designed to help you easily compare between accounts. For full details, please read the account terms and conditions.
Summary Box
Fixed Rate Saver
The interest depends on the term you choose and whether you choose annual or monthly interest.
|
Term |
Annual Interest Gross AER (fixed) |
Monthly Interest Gross AER (fixed) |
|---|---|---|
|
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% |
*Available to existing Fixed Rate Saver customers when reinvesting only.
- You’ll start earning interest from the date the account reaches the minimum deposit amount of £2,000. Interest is then calculated on a daily basis and accrues until the date your account matures
- Interest will be paid directly to your Linked Account on the funding anniversary of the account. This will be monthly or annually, depending on what you choose at application
- Please note that if you fund your account by cheque, interest will be applied 2 Business Days after receipt
Gross is the interest paid before tax is deducted.
The Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Interest on this account is paid directly into a separate account of your choice and is therefore not compounded.
No. The interest rate is fixed for your chosen term.
The balance of the account would not change as interest gets paid into the Linked Account.
Below shows the annual or monthly (Gross) interest payment that you would receive throughout your chosen fixed term, depending on which option you select. The monthly interest calculation is an average as this will vary depending on the number of days in the month:
|
Term |
Annual Interest option selected |
Monthly Interest option selected |
|---|---|---|
|
1 year |
£96.80 |
£7.90 |
|
15 months* |
£97.00 |
£7.92 |
|
18 months |
£97.00 |
£7.92 |
|
2 years |
£97.00 |
£7.92 |
|
3 years |
£97.00 |
£7.92 |
|
5 years |
£97.00 |
£7.92 |
*Available to existing Fixed Rate Saver customers when reinvesting only.
-
Apply or reinvest on our Mobile App, Online Banking or over the phone. To be eligible you must:
- Be a UK resident over 18 years of age
- Provide details of a Linked Account in your own name
- be a UK resident over 18 years of age
- provide details of a Linked Account in your own name
- Deposit a minimum of £2,000 up to a maximum of £5 millionDeposit a minimum of £2,000 up to a maximum of £5 million
-
You can:
- make multiple deposits within the first 30 days of opening a new account, or
- reinvest your balance plus any interest due, but you can’t make additional deposits
- make multiple deposits within the first 30 days of opening a new account, or
- reinvest your balance plus any interest due, but you can’t make additional deposits
- Manage your account and check your balance in our Mobile App, Online Banking or over the phone Manage your account and check your balance in our Mobile App, Online Banking or over the phone
- We’ll write to you before your maturity date to let you know your optionsWe’ll write to you before your maturity date to let you know your options
*This number may be included as part of any inclusive minutes provided by your phone operator.
- No - you can’t take your money out until your fixed term ends. If you need to access your money due to exceptional circumstances, we will pay you the balance on your Account and the account will be closed. You will not be charged for this.No - you can’t take your money out until your fixed term ends. If you need to access your money due to exceptional circumstances, we will pay you the balance on your Account and the account will be closed. You will not be charged for this.
- The following examples are examples of what we consider ‘exceptional circumstances’ - death, diagnosis of terminal illness, bankruptcy, insolvency or sequestration. We may ask you to provide evidence of your circumstances. (House purchases are not considered exceptional circumstances).The following examples are examples of what we consider ‘exceptional circumstances’ - death, diagnosis of terminal illness, bankruptcy, insolvency or sequestration. We may ask you to provide evidence of your circumstances. (House purchases are not considered exceptional circumstances).
- We will send you a reminder before the end of your chosen term with options on what you can do with your money. If you don’t give us an instruction your money will stay in the account until you provide this. You will earn interest at a rate which we will inform you of before your fixed term ends.We will send you a reminder before the end of your chosen term with options on what you can do with your money. If you don’t give us an instruction your money will stay in the account until you provide this. You will earn interest at a rate which we will inform you of before your fixed term ends.
We won’t deduct tax from your interest – this will be paid gross. If you exceed your Personal Savings Allowance, you may need to pay tax on the interest you earn.
View or download the account documents
Frequently asked questions
You can reinvest your savings up to 30 days before your existing fixed term ends using our Mobile Banking App or Online Banking. Log in and follow the steps to select a reinvestment option.
If your existing fixed term has already ended, you'll need to contact us to reinvest.
You have 2 options for reinvesting: your full original balance or your full original balance plus the interest due when your existing fixed term ends.
If you reinvest your original balance:
- The total amount you deposited within the first 30 days of opening your Fixed Rate Saver will be reinvested.
- The interest you're due when your existing fixed term ends will not be reinvested.
- When your existing fixed term ends, we'll instead send your interest to your linked account.
If you reinvest your original balance and the interest:
- The total amount you deposited within the first 30 days of opening your Fixed Rate Saver will be reinvested.
- The interest you're due from your Fixed Rate Saver will also be reinvested.
- Please note that, if your existing fixed term has already ended, you will not be able to reinvest the interest as it will already have been sent to your linked account.
Once your money has been reinvested, you can make additional deposits for 30 days after your reinvestment date. After this period, your money is locked away for the duration of your new fixed term. You cannot cancel your account, add more money or make any withdrawals during this time, unless there are exceptional circumstances.
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 request to reinvest your savings up to 30 days before your existing fixed term ends or once it has ended.
Please note that, if your existing fixed term has already ended, you'll only be able to reinvest your original balance and not the interest you have earned, as the interest will already have been sent to your linked account. You'll also need to contact us to reinvest, as you can only reinvest using our digital channels if your existing fixed term has not ended yet.
If you request to reinvest your savings before your existing fixed term ends, your new fixed term will begin on the date your existing fixed term ends.
If you request to reinvest your savings after your existing fixed term has ended, your new fixed term will begin once your reinvestment request has been processed.
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.
Protecting your savings
Your eligible deposits held by a UK establishment of Barclays Bank UK PLC are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Barclays, Barclays Business Banking, Barclays Premier Banking, Barclays Wealth Management and Tesco Bank. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please ask for further information or visit www.fscs.org.uk.
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Get detailed answers to your questions about our products and more in our Help and Support Centre or contact our friendly, UK-based customer service team.