Important info
Important info about your Tesco Instant Access Savings account
Definitions
- Gross means the rate of interest paid without tax.
- AER is the Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded each year.
- Net means the rate of interest paid after the deductions of tax.
Rates are variable and effective from the 15/08/2007.
Annual Interest rates
If you choose the annual interest option, the annual rates apply:
| Saved amounts | Current (effective from 15/08/2007) | Previous (effective from 20/06/2007) | ||
|---|---|---|---|---|
| Gross | AER | Net | AER | |
| £1 - £2,999 | 4.60% | 4.60% | 3.68% | 4.35% |
| £3,000 - £4,999 | 4.80% | 4.80% | 3.84% | 4.55% |
| £5,000 - £14,999 | 5.00% | 5.00% | 4.00% | 4.75% |
| £15,000 - £49,999 | 5.50% | 5.50% | 4.40% | 5.25% |
| £50,000+ | 5.75% | 5.75% | 4.60% | 5.50% |
Monthly Interest rates
If you choose the monthly interest option, the monthly rates apply:
| Saved amounts | Current (effective from 15/08/2007) | Previous (effective from 20/06/2007) | ||
|---|---|---|---|---|
| Gross | AER | Net | AER | |
| £1 - £2,999 | 4.52% | 4.60% | 3.62% | 4.35% |
| £3,000 - £4,999 | 4.72% | 4.80% | 3.77% | 4.55% |
| £5,000 - £14,999 | 4.91% | 5.00% | 3.93% | 4.75% |
| £15,000 - £49,999 | 5.39% | 5.50% | 4.31% | 5.25% |
| £50,000+ | 5.63% | 5.75% | 4.51% | 5.50% |
Financial Services Compensation Scheme (formerly Deposit Protection Scheme).
Tesco Personal Finance Limited is a member of the Financial Services Compensation scheme established under the Financial Services and Markets Act 2000. In respect of deposits with a UK office, payments under the scheme are limited to 100% of the first £2,000 of the depositer's total deposit with us and 90% of the next £33,000, resulting in a maximum payment of £31,700. Most depositers, including individuals and small firms, are covered. Deposits denominated in all currencies are treated alike. Further details of the Scheme are available on request.
Banking Code - separate presentation of ATM fees on statements
Where our customers use Automated Teller Machines (ATMs) that charge a fee, our statements show the withdrawal as an inclusive sum of amount withdrawn and fee charged. For example where a customer withdraws £100 from an ATM which charges a £2 withdrawal fee the customer's statement discloses the sum withdrawn as £102. We intend to amend our statements so that charges can be identified separately from the amount of cash withdrawn in line with the requirements of the Banking Code. This work will be concluded by 31 December 2006.
