Flexible Savings Account
Choose instant-access savings to get to your money when you need it. Save in a way that suits you, with regular or one-off payments.
Internet Saver
Includes a fixed bonus rate of 2.20% Gross for 12 months on balances up to £1m only
- Open your account with just £1
- Online access to your account 24/7
- Manage your money on the go with our mobile banking app
- Earn interest on your savings tax free, up to a certain amount. Learn more about Personal Savings Allowance
Instant Access Savings Account
- Open your account with just £1
- Savings card lets you withdraw cash when you need it. Daily withdrawal limits apply
- Choose to have your interest paid monthly or annually
- Following the Government’s introduction of the Personal Savings Allowance, we will no longer deduct tax from your interest earned. Learn more about Personal Savings Allowance.
Instant Access Cash ISA
Includes a fixed bonus rate of 2.15% Gross for 12 months
- Save up to £20,000 tax-free (2022/23 tax year)
- Take money out and replace it later, without it counting towards your annual ISA allowance. All you have to do is replace the money in the same tax year it was withdrawn
- Start saving from just £1 and add to your account throughout the year
- Online access to your account 24/7
- Manage your account online or over the phone
Personal Savings Allowance
- Introduced by Her Majesty’s Revenue and Customs, the Personal Savings Allowance will mean 95% of people won’t pay tax on the interest they earn (Source: HMRC 2016).
- The current tax rules are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.
Benefits of an instant access savings accounts
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1Top up with regular or one-off payments.
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2Your money starts earning interest from the moment we receive it.
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3Get access to your money whenever you need it. Daily withdrawal limits apply
Financial Services Compensation Scheme
Your eligible deposits with Tesco Bank are currently protected up to the current Financial Services Compensation Scheme limit, the UK's deposit protection scheme. Any deposits you hold above the current limit are not covered.
Other ways to save
Tax free savings
Savings options with great fixed rates
Compare our savings accounts
Important information
Internet Saver rates
|
All Balances |
Gross/AER* |
|---|---|
|
Standard Interest Rate (variable) |
0.70% |
|
Bonus interest rate |
2.20% |
|
Rate (including bonus interest rate) |
2.90% |
Rates correct at 15 February 2023.
The interest rate of 2.90% Gross/AER (variable) is available on balances up to £1 million. This rate includes a fixed bonus of 2.20% for the first 12 months from the date the account is opened. This is on top of our standard rate of 0.70% Gross/AER (variable). After the bonus period, the Standard Interest Rate (variable) that’s available at the time will apply. Balances above £1m will receive the Standard Interest Rate of 0.70% Gross/AER (variable).
*On 6 April 2016, the Government introduced the Personal Savings Allowance. This allows you to earn interest on your savings tax free, up to a certain amount. It means we will no longer deduct tax from the interest you have earned, unless we are required to do so in specific circumstances prescribed by law.
Instant Access Savings Account rates
Our current interest rates are shown below. You can choose to have this paid monthly or annually.
|
All balances |
Annual interest Gross/AER* |
Monthly interest Gross/AER* |
|---|---|---|
|
Standard Interest Rate (variable) |
0.70% |
0.70% |
Rates correct at 15 February 2023.
*The Personal Savings Allowance was introduced on 6 April 2016, meaning we won’t deduct tax from the interest you have earned.
Interest rate definitions
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.
Internet Saver Account
The maximum daily limit for Internet Saver withdrawals is £10,000 to non-Tesco Bank accounts in the UK and £100,000 by making internal transfers to other Tesco Bank accounts in your own name. But if you want to withdraw more, you can call us and we'll be happy to help you.
Instant Access Savings Account
The maximum daily withdrawal limits for Instant Access Savings Accounts are as follows:
- Telephone: £100,000
- Online: £10,000 to non-Tesco Bank accounts in the UK and £100,000 by making internal transfers to other Tesco Bank accounts in your own name
- Most UK cash machines: £300
Instant Access Cash ISA
The maximum daily limit for Instant Access Cash ISA withdrawals is £10,000 via online banking, no restriction by telephone.
Maximum daily withdrawal limits may change from time to time. We will notify you of these changes.
Contact us - we're here to help
Have a question or need help applying? Our friendly, UK-based customer service team is here to help.