Aug 9 2017

Instant Access Savings Accounts – Tesco Bank #internet #savings #account


From our current account that likes to thank you as you spend, to our travel money delivered wherever it’s most convenient for you, we aim to give you banking the way you want it.

Whether it’s to help manage your spending, spreading the costs of a one-off purchase, or the serious business of buying a house, we’ve got it covered.

Our range of savings accounts can give you competitive rates and easy access, while our ISAs offer tax free saving for you and your children.

Whether you’re protecting your car, your pets, your house, your loved ones, or just want to be safe on your travels, we have a comprehensive range of insurances with options that let you tailor your cover to your lifestyle.

Calculators and comparison tables, jargon busters and top tips – our selection of tools and helpful information can help you get to grips with our products.

If you’re already banking or have insurance with us and you’ve got a question, need some help, or want to know what’s available to you, you’ve come to the right place.

Instant access savings

Personal Savings Allowance

Personal Savings Allowance

  • Recently 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.

Rates correct at 5 May 2017.

The interest rate of 1.06% Gross/AER (variable) is available on balances up to £1 million. This rate includes a fixed bonus of 0.66% for the first 12 months the account is opened, on top of our standard rate of 0.40% Gross/AER (variable). After the bonus period, the Standard Interest Rate (variable) that’s available at the time will apply.

Balances above £1 million will receive the Standard Interest Rate of 0.40% 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.

Learn more about Personal Savings Allowance

Instant Access Savings Account rates

Our current interest rates are shown below. You can choose to have this paid monthly or annually.

Annual interest Gross/AER*

Monthly interest Gross/AER*

Standard Interest Rate (variable)

Rates correct at 8 November 2016.

*The Personal Savings Allowance was introduced on 6 April 2016, meaning we won’t deduct tax from the interest you have earned.

Learn more about Personal Savings Allowance

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.

Daily withdrawal limits

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: 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

The in-store withdrawal service is available in selected Tesco stores only.

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.

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