Instant Access Savings Account

Flexible ways to bank and access to your money when you need it.

Instant Access Savings Account

Open your account with just £1. Then with online banking, telephone banking and in-store services, you can add to your savings or make withdrawals whenever and wherever suits.

How our Instant Access Savings Account works

Managing your account

Flexible ways to manage your money

Register for online and telephone banking to make sure you can access your money whenever you need it. And you can download and use our mobile banking app too.

You can also manage your savings at the Customer Service Desk in selected Tesco stores.

Making deposits

Making saving easier

With lots of ways of managing your account, you can fit saving in around your lifestyle.

Contact your account provider to make regular or one off payments into your account. You’ll need your Instant Access Savings Account Sort Code and Account Number to do this.

You can also deposit cash and cheques at the Customer Service desk in selected Tesco stores.

Access to your money

Easy access to your funds

You get a savings card that lets you withdraw cash free at any of the 40,000 LINK cash machines across the country.

For security, there are maximum daily withdrawal limits:

  • Telephone: You can withdraw all of your money over the phone
  • 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
  • In-store (Customer Service Desk): £500
  • ATM: £300

You can make withdrawals and transfer money from your savings account online, over the phone and at selected Tesco stores.

The in-store withdrawal service is available in selected Tesco stores only. Daily withdrawal limits may change from time to time, but we'll let you know if this happens.

Our interest rates

Interest rates

Our current interest rate is 0.30% Gross/AER (variable) and you can choose to have this paid monthly or annually.

interest-rate-table
All balancesAnnual interest Gross/AER*Monthly interest Gross/AER*
Standard interest rate (variable)0.30%0.30%

Rates correct at 24 October 2019. Please note that rates aren't fixed and may be subject to change.

How interest is calculated and paid.

Interest is calculated daily.

If you choose to have your interest paid monthly, it will be paid on the last day of the month.

If you choose to have your interest paid annually, it will be paid on the last business day in April.

Interest is paid net of basic rate tax, depending on your status.

*From 6 April 2016, Tesco Bank won’t deduct tax from the interest you earn. This follows the Government’s introduction of the Personal Savings Allowance.

Personal Savings Allowance

Personal Savings Allowance

Earn tax free interest on your savings, up to a certain allowance.

  • £1,000 interest tax free for basic rate tax-payer
  • £500 interest tax free for higher rate tax-payer

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

FSCS - protecting your money
FSCS - protecting your money

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.

Apply for an Instant Access Savings Account today

Important information

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.

The Government has introduced a Personal Savings Allowance, which means you can earn interest on your savings tax free, up to a certain allowance.

Terms & conditions

To help you decide whether the Tesco Bank Instant Access Savings Account is right for you please read the terms and conditions.

Summary Box

Summary Box for our Instant Access Savings Account

Account nameInstant Access Savings Account
What is the interest rate?
  • 0.30 Gross/AER* (variable)
  • Interest will be earned at a daily rate. We will add up the interest earned from each day, and then apply this to your Account annually or monthly and at account closure
  • If you choose to have your interest paid annually, interest earned throughout each year will be paid on the last day of April. If you choose to have your interest paid monthly, interest earned through the month will be paid into your Account on the last day of each month

*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.

Can Tesco Bank change the interest rate?
  • Yes – this is a variable interest rate account so we may change the interest rate at any time. If we decide to reduce the Standard Interest Rate we will always contact you in advance with at least two months’ notice by letter or email (depending on your paperless preferences)
  • The reasons which may lead us to reduce the Standard Interest Rate can be found in the ‘interest’ section of the Terms and Conditions of the Account and include, for example, changes in market conditions which affect interest rates
  • If we increase the Standard Interest Rate, the new rate can be viewed in Online Banking and we may also contact you to let you know
What would the estimated balance be after 12 months based on a £1,000 deposit?

The estimated balance would be £1,003.00.

This is only an example and does not take into account your individual circumstances. The example assumes that no further deposits or withdrawals are made, any interest earned stays in the account and the interest rate does not change during the 12 months.

How do I open and manage this account?

You can apply online or over the telephone. To be eligible you must:

  • Be over 16 years of age
  • Provide details of a Linked Account in your own name
  • Accounts may be opened by an adult for the benefit of an under 16 by calling 0345 678 5678**
  • You can deposit a minimum of £1 (you don't need to make a minimum deposit on a regular basis and there is no maximum balance limit)
  • You can manage your Account via Online Banking or the Mobile Banking App
  • You can also manage your Account over the telephone and make deposits (between £5 and £2,000 per day) at the Customer Service Desk in selected Tesco stores in the UK; for more information on stores offering this service please visit www.tescobank.com/help/deposits-and-withdrawals/
Can I withdraw money?
  • Yes, you can withdraw money from your Instant Access Savings Account without notice
  • A Linked Account is another account you have told us about and held in your name with another bank in the UK or another internal Tesco Bank account in your own name
  • You can make withdrawals online, over the phone, at Link cash machines and at the Customer Service desk in selected UK Tesco stores

Daily Limits (maximum you can withdraw each day subject to your available balance):

  • Customer Service Desk - £500
  • Link Cash Machine - £300
  • Internal Transfers to other Tesco Bank accounts in your own name using the Mobile Banking App and Online Banking - £100,000
  • Internal Transfers to other Tesco Bank accounts using a Third Party Provider (TPP) - £10,000
  • Transfers to other non-Tesco Bank accounts in your own name in the UK using the Mobile Banking App, Online Banking and a Third Party Provider (TPP) - £20,000; with a £10,000 limit for each payment option
  • Telephone Banking – £100,000

For timescales on withdrawals and more information, please refer to the 'Payments out of your Accounts' section of your Terms and Conditions.

Additional information
  • Since the Government introduced the Personal Savings Allowance on 6 April 2016, we will no longer deduct tax and interest will be paid gross. If you exceed your Personal Savings Allowance you may still need to pay tax on the interest you earn.

** This number may be included as part of any inclusive call minutes provided by your phone operator.