Easy access savings
What is an easy access account?
A savings account that gives you the flexibility to save at your own pace, with the ability to add or withdraw money whenever you need. You’ll start earning interest from the moment we receive your deposit, making it a simple, convenient way to keep your savings accessible while they grow.
So, if you're looking for the freedom to make deposits and withdrawals, an easy access account could benefit your daily savings needs.
Internet Saver
Have instant access to your money and receive your interest annually.
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Withdrawals
Unlimited -
Number of deposits
Unlimited (fixed bonus applies on balances up to £1m only) -
Minimum deposit
£1
Instant Access Cash ISA
Save flexibly without paying tax on the interest you earn and receive your interest annually.
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Withdrawals
Unlimited -
Number of deposits
Unlimited up to £20,000 for the current tax year across all your ISAs -
Minimum deposit
£1
Why save with Tesco Bank?
Save with us, bank with anyone
Unlike some other banks, you don’t need to have an existing account with us.
Easily manage your money
Our Mobile App and Online Banking will help you manage your savings, or our friendly call centre colleagues are here if you need help.
Your money is FSCS protected
Your funds are protected up to a total of £85,000 per person by the Financial Services Compensation Scheme.
Useful terms and FAQs
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.
Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year.
Gross is the interest rate paid before tax is deducted.
Like our other savings accounts, funds in instant access accounts may be protected by the Financial Services Compensation Scheme (FSCS). This scheme is an independent body and it’s free to consumers
Your eligible deposits held by Barclays Bank UK PLC, trading as Tesco Bank, are protected up to a total of £85,000 per person if the bank goes out of business. 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.
ISA stands for ‘Individual Savings Account’.
When you save in an ISA, the interest you earn is tax-free - meaning you don’t 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 isn’t an ISA, it will count towards your Personal Savings Allowance.
This doesn’t mean you’ll pay income tax on the interest you earn (most people can earn some interest from their savings without paying tax, source: HMRC “Tax on Savings Interest” 16/09/2024) but it could if the amount of interest you earn goes beyond your Personal Savings Allowance.
The Personal Savings Allowance depends on what rate of income tax you pay:
- Basic-rate (20%) taxpayers: can earn £1,000 in savings interest per year with no tax
- Higher-rate (40%) taxpayers: can earn £500 in savings interest per year with no tax
- Additional-rate (45%) taxpayers: £0 – they do not get an allowance
- If you're a non-taxpayer – that is 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 won’t contribute to your Personal Savings Allowance. You can learn more about how ISAs work.
Tesco Bank won’t 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.
Some easy access accounts do have deposit limits, our Internet Saver has no maximum deposit. However, ISAs have a maximum annual limit across all your ISAs, this is £20,000 for the current tax year.
While many easy access accounts allow an unlimited number of withdrawals, others may have restrictions with penalties. You should always check with your provider.
Our easy access accounts provide you the freedom of making withdrawals and deposits daily.
Learn more about savings
Which savings account is right for me?
What is an ISAs?
A guide to ISA Transfers
How to save money
Save more money each month
Savings jargon buster
The psychology of saving money - 5 top tips
Protecting your savings
Your eligible deposits held by a UK establishment of Barclays Bank UK PLC are protected up to a total of £85,000 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.
