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Tesco Bank increases Instant Access Cash ISA rate

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.

Product Gross/AER Minimum deposit
Tesco Bank Instant Access Cash ISA

2.30% (variable)

including a 0.30% bonus after 12 months

£1

 

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.”

--ENDS--

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.

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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