Tesco Savings continue to increase rates
11 May 2007
Britain's biggest supermarket bank, Tesco Personal Finance is continuing to pass on the benefits of the Bank of England interest rate rise to savers, with yet another rate increase of 0.25%.
Since 2000, Tesco Savings have passed on the full benefit of every rate rise to their customers.
This latest increase, effective from 20 June 2007, will see Tesco Instant Access Savings customers receive the following gross annual interest rates:
| Deposit | Current rate | Rate as of 20 June 2007 |
|---|---|---|
| £1.00 | 4.10% | 4.35% |
| £3,000 | 4.30% | 4.55% |
| £5,000 | 4.50% | 4.75% |
| £15,000 | 5.00% | 5.25% |
| £50,000 | 5.25% | 5.50% |
In addition, new customers who open an account by 19 June will not only see their rates rise on the 20 June, but providing they have a balance of £1000 or more in the account on 30 June, will receive 1,000 free Clubcard points.
The points will be received in their August Clubcard statement and can be used as £10 off their shopping in store or as £40 to spend on Tesco Clubcard Deals.
Jeremy Sutton, head of Savings and Investments at Tesco Personal Finance comments: "It will be interesting this time round to see just how many other companies also pass on the full benefit of the base rate rise. We are committed to offering great value to our customers and rewarding them for choosing to save with us. Our track record of passing on the full rate rise and current Clubcard points offer demonstrates that commitment."
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