Easy access savings

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.

Variable means the interest rate can change over time. This means the rate can go up or down based on factors like the Bank of England’s base rate changing.

This means the amount of interest you could earn may increase or decrease throughout the time you hold your account.

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.

For more information, please see our page on how your money is protected.

ISA stands for ‘Individual Savings Account’.

When you save in an ISA, the interest you earn is tax-free - meaning you do not have to pay income tax on it. The tax rules set by HM Revenue & Customs are subject to change, and the value of tax benefits depends on your individual circumstances.

There is a limit to how much you can save in an ISA within each tax year. For the current tax year, the ISA limit is £20,000.

This is the total amount you can save across all the ISA accounts you may hold combined - not per account.

You won’t always have to pay tax on the interest you earn in a regular Savings Account, it depends if the amount of interest you earn exceeds your Personal Savings Allowance.

When you earn interest from a savings account that is not an ISA, it will count towards your Personal Savings Allowance.

This does not necessarily mean you'll pay income tax on the interest you earn, but it could if the amount of interest you earn goes beyond your Personal Savings Allowance. Most people can earn some interest from their savings without paying tax*.

The Personal Savings Allowance depends on what rate of income tax you pay:

• Basic rate (20%) taxpayers: £1,000 in savings interest per year with no tax.
• Higher rate (40%) taxpayers: £500 in savings interest per year with no tax.
• Additional rate (45%) taxpayers: £0 - additional rate taxpayers do not get a Personal Savings Allowance.
• If you're a non-taxpayer (you have less than £12,570 income per year), you may be able to earn as much as £18,570 in savings interest tax-free.

If you’ve been saving in an ISA, the interest you earn will not contribute to your Personal Savings Allowance. To learn more about how ISAs work, please see our guide What is an ISA and how do they work?

Tesco Bank will not deduct tax from the interest you earn. The tax rules set by HM Revenue & Customs are subject to change, and the value of tax benefits depends on your individual circumstances.

*Source: GOV.UK "Tax on savings interest"

This depends on the provider and the type of account you have.

With our Internet Saver, there is no maximum deposit limit.

With our Instant Access Cash ISA, there is no maximum deposit limit, though there is a limit to how much you can pay in across your ISAs during each tax year. For more information, please refer to our FAQ How much can I save in an ISA?

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

Both our Internet Saver and Instant Access Cash ISA allow an unlimited number of withdrawals.

However, once money is withdrawn from an ISA, it loses its tax-free status. Since our Instant Access Cash ISA is a flexible Cash ISA, if you replace withdrawn money during the same tax year, it will not count towards your ISA allowance for the current tax year. 

For information about maximum daily withdrawal limits, please refer to the Terms and Conditions for your Internet Saver or Instant Access Cash ISA. Maximum daily withdrawal limits may change from time to time. We'll notify you of this should they be changed.

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