Internet Saver Account

Pay in when you can and access your money instantly

Want a flexible way to save with quick access to your bank? See what our Internet Saver Account has to offer.

    Please read the Summary Box before moving on to apply.

    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:

      Internet Saver

        4.66% Gross/AER* (variable) for the first 12 months. The rate is made up of:

        • A fixed bonus rate of 3.41% Gross/ AER which is applied for the first 12 months on balances up to £1million
        • And our standard variable rate (which is currently 1.25% Gross/ AER) which this account will continue to earn after the bonus rate has ended

        How you receive interest:

        • Interest will be earned at a daily rate and applied to your account annually and at account closure
        • The Bonus Interest Rate applies on balances up to £1 million, which we pay to you at the end of the bonus period (on the anniversary of the account opening). Balances above £1million will receive the standard variable rate currently 1.25% Gross/AER
        • We pay the Standard Interest Rate annually to you in March

        *Gross interest is the interest rate paid before tax is deducted.
        The Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year.

          • Yes – the Standard Interest Rate is a variable interest rate so we may change it at any time. If we decide to reduce the Standard Interest Rate, we will always contact you in advance, with at least 14 days 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 may 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
          • Bonus Interest Rates are always fixed and won’t vary during the Bonus Period. We will write to you at least two months in advance to let you know when your current Bonus Period is coming to an end

          The estimated balance would be £1,046.60 after 12 months (including your bonus interest) and £1,059.68 after 24 months.

          Estimated balances are for illustrative purposes only and assume no further deposits, withdrawals or changes to the Standard Interest Rate. Your actual balance may differ depending on the Standard Interest Rates in effect and when your account was opened (Standard Interest is paid in March and Bonus Interest at the end of the bonus period).

            You can apply online, and to be eligible you must:

            • Be a UK resident
            • Be over 18 years of age
            • Provide details of a Linked Account in your own name

            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 on the Mobile App.

            If you experience any issues, you can call us on 0345 678 5678*

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

              • Yes, you can withdraw money from your Internet Saver account to a Linked Account in your own name without notice
              • You can make withdrawals online or over the phone if the amount you wish to transfer is above our online daily limit noted below:

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

              • Internal Transfers to other Tesco Bank accounts in your own name using the Mobile App and Online Banking – £100,000 per transaction, with no limit on the number of transactions per day
              • 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 App, Online Banking and a TPP – £10,000 limit for each payment method

              For transfers above these limits please contact us. For timescales on the above please refer to the “Payments out of your Account” section of your Terms and Conditions.

                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.

                  Still have some questions? Check out our frequently asked questions.

                    Ready to apply?

                    Applying should take about 10 minutes.

                    View or download the account documents

                      From 29 August 2024, we’re making some changes to our Tesco Bank Savings Account Terms and Conditions. To help you understand what’s changing, we’ve summarised the main points in the link below:

                        Frequently asked questions

                        Start your online savings account with just £1.

                        Once your account is active, the easiest way to save is with our Pay by Bank feature. You’ll find it in our Mobile App, it lets you pay directly from your bank account into your savings account. 

                        You can also move funds from any other Tesco Bank accounts using our Mobile App or Online Banking. Alternatively, you can make regular or one-off payments from other account providers. All you’ll need is your Internet Saver sort code and account number.

                          During the first 12 months your interest rate is made up of a fixed bonus rate and our standard variable rate.

                          After the 12 month fixed bonus rate ends, you’ll continue to earn the standard variable rate that’s available at the time, currently 1.25% Gross/AER. We’ll always let you know before the bonus rate ends.

                            Protecting your savings

                            Your eligible deposits with Tesco Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

                                Not the right account for you?

                                Are you an existing customer?

                                If you're an existing customer and are looking for some help, visit our Existing Customer page.