Tesco Bank increases Instant Access Cash ISA rate
15 March 2013
Tesco Bank has increased the rate on its Instant Access Cash ISA to 2.30% Gross/AER (variable). The ISA can be opened online or over the phone, with a minimum of £1 and allows customers to make deposits (up to the subscription limit) and unlimited withdrawals through-out the tax year.
|Tesco Bank Instant Access Cash ISA||
including a 0.30% bonus after 12 months
David McCreadie, Managing Director of Banking, Tesco Bank, commented,
“We know customers are looking for competitive savings products and today’s increase will help savers looking for good returns. ISA’s are a convenient, tax-free way for customers to save and they can start saving in a Tesco Bank Instant Access Cash Isa with just a £1.”
For more information and media enquiries please contact:
Tesco Bank press office
+44 (0) 131 274 3630
Notes to Editors:
- Gross: is the investment rate paid before deduction of tax.
- Interest paid annually
- Annual Equivalent Rate: illustrates what the interest rate would be if paid and compounded each year.
- Transfers not accepted.
- When you take money out of a Cash ISA it will lose its tax-free status. This means that if you take money out, you can’t return that amount to your account if this would exceed the remaining allowance for that tax year.
- The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.
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