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New Tesco Bank 3.25% (Gross/AER) 1-year Fixed Rate Saver

Tesco Bank is offering customers an interest rate of 3.25% Gross/AER (annual interest) on its 1-year Fixed Rate Saver from Thursday 8 March 2012, making it one of the best fixed rate savings rates available in the market. 

Since its launch in 2010, the Fixed Rate Saver has seen continued growth, with almost 50,000 customers by the end of 2011. The savings account continues to be popular among Tesco Bank customers, with approximately two-thirds of existing customers investing in a new Tesco Fixed Rate Saver on maturity.

David McCreadie, Banking Managing Director of Tesco Bank said,

“We pride ourselves on consistently offering good deals to customers, and the competitive interest rate on our 1-year Fixed Rate Saver further demonstrates this commitment. 

“At Tesco Bank, customers are our focus. We’re delighted that our competitive rates and straightforward maturity process have been so well received, and we are extremely proud that two-thirds of existing customers reinvest in a Fixed Rate Saver.” 

Customers can visit our website at www.tescobank.com/savings to find out more or to apply. 

Interest rates for new customers, effective from 8 March 2012:

Fixed Rate Saver            Annual Rate*

1 year                           3.25% Gross/AER

2 year                           3.50% Gross/AER

3 year                           3.55% Gross/AER

* Customers can choose to have their interest paid monthly or annually to a separate account of their choice. Monthly rates are available on our website.

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

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For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

About Us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

  • Interest on this account is paid directly into a separate account of the customer’s choice and is therefore not compounded.
  • The account allows a single deposit between a minimum of £2,000 and a maximum of £5 million that must be made within 30 days of opening. 
  • Once a customer has put their money in they can’t close the account early or get money out before the end of the term.    

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