Internet Saver Account

Pay in when you can and access your money online

Internet Saver Account

Like online banking and want a flexible way to save? Then take a look at what our Internet Saver Account has to offer.

How this online savings account works

Managing your account

Manage your savings online

This internet savings account is managed entirely online, so there's no sitting in call queues or waiting for the bank to open to deposit or withdraw your cash. And you can use our handy mobile banking app to manage your money on the go.

But don't worry, you're not on your own! If you need help setting up or managing your account, or experience any problems with online banking, we're always available on the phone to help you out.

Making deposits

Start your online savings account with just £1

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

Access to your money

Instant access to your funds

You can make withdrawals and transfer money from your online savings account at any time - useful for unexpected expenses or last-minute getaways.

For security, there's a maximum daily withdrawal limit of £10,000 to non-Tesco Bank accounts in the UK, and £100,000 to other Tesco Bank accounts in your own name.

Don't worry if you need to withdraw more, just give us a call and we'll be happy to help. After all, it's your money.

Daily withdrawal limits may change from time to time, but we'll let you know if this happens.

Our interest rates

Interest rates

Internet-Saver-rates
All Balances Gross/AER*
Standard Interest Rate (variable)0.55%

The Standard Interest Rate (variable) will change from 0.55% to 0.35% Gross/AER on 24 October 2019

Rates correct at 7 August 2019. Rates are subject to change.

See the important information for more help understanding interest rates. Rate definitions

How interest is calculated and paid

Interest is calculated daily. Standard rate interest is paid to you annually in March.

*Tesco Bank will no longer deduct tax on the interest you earn. This follows the Government’s introduction of the Personal Savings Allowance on 6 April 2016. Learn more about Personal Savings Allowance

Personal Savings Allowance

Personal Savings Allowance

You can now earn interest on your savings tax free, up to a certain allowance.

A basic rate tax-payer can earn £1,000 tax free and a higher rate tax payer can earn £500 tax free.

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 our Internet Saver 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 new Personal Savings Allowance was introduced on 6 April 2016. This means Tesco Bank won’t deduct tax from the interest you earn unless in certain circumstances prescribed by law.

Terms & conditions

We want you to be happy with your savings account. To help you decide whether the Tesco Bank Internet Saver is right for you, please read the terms and conditions.

Summary Box

Summary Box for our Internet Saver

Account nameInternet Saver
What is the interest rate?

Standard Interest Rate: 0.55% Gross/AER (variable)*

Please note that the Standard Interest Rate will change from 0.55% to 0.35%Gross/AER (variable) from 24/10/19.

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 or less, which we pay to you at the end of the bonus period (on the anniversary of the account opening)
  • 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.

Can Tesco Bank change the interest rate?
  • 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 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 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
What would the estimated balance be after 12 months based on a £1,000 deposit?

The estimated balance would be £1,005.50 after 12 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).

This estimated balance is based on the current live Standard Interest Rate of 0.55% Gross/AER (variable).

How do I open and manage this account?

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 Banking App.

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

Can I withdraw money?
  • 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 that you can transfer per day)

  • 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

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.

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.