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Tesco Bank increases Fixed Rate Saver rates

Tesco Bank is offering savers some of the best interest rates currently available across its popular Fixed Rate Saver range.  Interest rates will increase on the one-year, 18-month, two-year, three-year and four-year accounts. As a result of these changes, all Tesco Bank Fixed Rate Saver accounts offer highly competitive rates for customers.

Term Interest Rate Gross/AER (annual rates)*
1-year 1.90%
18-month 2.05%
2-years 2.25%
3-years 2.55%
4-years 2.75%
5-years 3.05%


David McCreadie, Managing Director, Banking at Tesco Bank said,

“We’re always looking to offer customers competitive rates on their savings.  Today’s new rates demonstrate this commitment, and will help customers find better returns across the Fixed Rate Saver range.”

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes to Editors:

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

The rates have increased by 0.10% on the 1,2,3,4 – year products, the 18-month rate has increased by 0.05%. Rates remain unchanged on the 5 year product.

Tesco Bank Fixed Rate Saver:

  • Saving with Tesco Bank is quick and easy – customers can open a Fixed Rate Saver in approximately 10 minutes.
  • Tesco Bank Fixed Rate Saver customers can open online, 24hrs a day, or over the phone between 8am – 10pm Monday-Friday and 9am – 5pm on Saturday and Sunday.
  • Tesco Bank prompts savers 30 days in advance that their funds are maturing to:
    • Reinvest in a new Fixed Rate Saver, another Tesco Bank savings product, or withdraw their money.
    • If a customer does not contact Tesco Bank, their funds are placed into a roll-over account currently paying 0.75% interest.
    • Customers receive a further prompt, 7 days after their account matures, to ask them to contact Tesco Bank.
  • 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.
  • 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 made their deposit they cannot close the account early or make a withdrawal before the end of the term.
  • Customers can visit our website at www.tescobank.com/savings to apply.

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

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