Policy document

Please read the Terms and Conditions carefully. We will send you a copy separately.

They tell you important information about your Instant Access Savings Account and are the terms of the agreement between you and Tesco Personal Finance Limited.

By signing the Account application form, you accept these Terms and Conditions.

• Apply now Instant Access Savings

DEFINITIONS

1. When we say 'You'/'the Customer', we mean the person or persons who hold the Account – and when we say 'We'/'Us', we mean Tesco Personal Finance Limited and its associated companies.

   'Account' means the Instant Access Savings Account opened by us in your name – and where an Account is opened in the name of two persons, we describe it as a 'Joint Account'.

   'Card' means an Instant Access Savings Account Card.

   'PIN' means the Personal Identification Number issued for use with a Card.

   'RBS Group' means The Royal Bank of Scotland plc Group of companies.

   'Telephone and Online Service' means the service which allows Customers to carry out transactions and/or give instructions or receive information about their Account by telephone or online over the Internet.

   'Tesco' means Tesco PLC and its subsidiaries.

AVAILABILITY

2. This Account is only available to private customers aged 16 or over. A parent or guardian can open an Account in his or her name for the benefit of a young person under 16 years of age; the parent/guardian will be the Customer for this Agreement.
3. With a Joint Account, we may act on written instructions sent by post by either of you; or instructions received over the telephone and the Internet by either of you registered as Users of the Telephone and Online Service. This means that either of you will be able to withdraw the full balance unless you have provided us with alternative instructions.
   1. You will each be responsible for meeting the requirements of this Agreement as a Customer and/or Joint Account holder; and
   2. Should either of you die, we will hold any credit balance on the Account for the survivor.

YOUR INFORMATION

Using and Sharing Your Information

4. 1. Your account is with Tesco Personal Finance, a Joint Venture between The Royal Bank of Scotland plc and Tesco PLC. We are a member of the Royal Bank of Scotland Group. In this section, the Group refers to The Royal Bank of Scotland Group of companies and Tesco refers to Tesco PLC and its subsidiaries. For information about the Group, visit www.rbs.com and click on 'About Us'. Alternatively call 0131 556 8555 or Textphone 0845 900 5960.

      Your information includes any information we, Tesco or the Group hold now or in the future including details of any dealings with us, Tesco and the Group and information about your transactions.

      If you contact us electronically, we may collect your electronic identifier, (e.g. Internet Protocol (IP), address or telephone number) supplied by your service provider.

   2. We, Tesco and Group may use and share your information to help us and them:
      1. assess financial and insurance risks;
      2. recover debt;
      3. develop customer relationships, services and systems;
      4. prevent and detect crime.
   3. We may use and share your information with other members of the Group to help us and them;
      1. assess financial and insurance risks;
      2. recover debt;
      3. prevent and detect crime;
      4. understand our customers' requirements;
      5. develop and test products and services.
   4. From time to time we may change the waywe use your information. Where we believe you may not reasonably expect such a change we shall write to you. If you do not object to the change within 60 days, you consent to that change.
   5. If you would like a copy of the information Tesco Personal Finance holds about you, please write to us at the address provided in the next paragraph. A fee may be payable.
   6. We may transfer your information to other countries. If we do this we will ensure that anyone to whom we pass it provides an adequate level of protection.

   Credit reference agencies

   7. We may obtain information about you from credit reference agencies to verify your identity. The agencies will record our enquiries.

      Our helpline can provide the names and addresses of the agencies we use if you would like a copy of the information they hold about you. The agencies may charge a fee.

      If you need to write to us, our address is: Tesco Personal Finance, Freepost SCO 2024/11, PO Box 10 40 10, George House, 36 North Hanover Street, Glasgow, G1 2YF.

   FRAUD PREVENTION AGENCIES

   8. If false or inaccurate information is provided and fraud identified or suspected, details may be passed to fraud prevention agencies.

      Law enforcement agencies may access and use this information.

      We and other organisations may also access and use this information to prevent fraud and money laundering, for example when;

      1. checking applications for, and managing credit or other facilities and recovering debt;
      2. checking insurance proposals and claims;
      3. checking details of job applicants and employees.

      We, and other organisations that may access and use information recorded by fraud prevention agencies, may do so from other countries.

THE CARD

5. As a Customer, you may receive a Card. Please remember that all Cards belong to us – and, if requested, you must immediately return them to our agents or us. At the end of the Agreement, please cut your Card(s) in two across the black strip. Also, remember that you are still liable for your Card use between the time we ask for the Card(s) and the time we get it back.

6. You must make sure that:

   1. All Cards are signed on receipt and always kept secure.
   2. You memorise your PIN and then immediately destroy the notification slip.
   3. You do not tell anyone else your PIN and do not write it or record it at all. You can choose your own PIN. You should choose it carefully.

LOST OR STOLEN CARDS

7. If any Card is lost or stolen, if anyone else knows your PIN, or if the Card or the PIN is for any other reason liable to be misused, you must tell us as soon as possible by phoning 0845 710 40 10 (24 hours). If a Card is subsequently found, please don't use it. Please cut it in two across the black strip and return it to us straightaway.

8. Unless we can show that you have acted fraudulently or without reasonable care, your liability for the misuse of your Card will be limited as follows:

   • If someone else uses your Card before you tell us it has been lost or stolen or that someone else knows your PIN, the most you will have to pay is £50.
   • If someone else uses your Card without your permission, and your Card has not been lost or stolen, you will not have to pay anything.
   • If your Card is used before you receive it, you will not have to pay anything.

   If you allow someone else to use your Card or if you have not followed the terms of this Agreement, you will be liable for all Card use.

   If your Card is lost or stolen, or if someone else finds out your PIN, we may advise the Police and give them any information they ask for.

   You must give us any information or help to get the Card back. We may show this information to third parties (including the Police) to control card fraud and to any relevant party involved in processing Card transactions.

WITHDRAWALS/MONEYOUT

9. Withdrawals from the Account may be requested by post or by using the Telephone and Online Service. You can also use your Card to withdraw cash using cash machines which accept the Cards, at participating Tesco stores to buy goods and services and by using the 'cashback' facility at checkouts at participating Tesco stores. Certain services may not be available from time to time.

   Please note that when a cheque is paid into the Account, we must get payment from the bank on which it is drawn. The value of the cheque will be credited to the Account when we receive it and it will begin to earn interest, usually 3 business days later. However, you will not be allowed to withdraw these funds until after 5 business days have passed since the cheque was credited to the Account. It is possible that the cheque may be returned unpaid after 5 business days. If this happens, your Account will be debited with the amount of the cheque.

10. When you use your Card to make a purchase in a Tesco store, we will deduct the amount of each purchase or cash withdrawal from your Account immediately. Also, we may deduct a purchase from the Account where a sales voucher has been incorrectly completed, or where no sales voucher has been signed - but only if it is clear you have authorised the transaction.
11. Arranged overdrafts are not available on the account. If any debt arises on the Account, you are responsible for repayment. If this happens, you are not entitled to use your Card. Purchases and/or cash withdrawals may be refused as no funds are available. If two people are named as the Customer, each person can be held fully responsible for any debt on the Account. This is known as "joint and several liability".

DEPOSITS/PAYING IN

12. Deposits may be made by Direct Debit or Standing Order or by using our Telephone or Online Service. You may also deposit a cheque or cash for payment into the Account at the checkout of any participating Tesco Store. Cheques may also be paid into the Account at any UK bank, or by post, accompanied by a Giro credit slip.
13. Wages or salary pay-ins are not allowed to be paid directly into this Account. You cannot set up a Direct Debit from an account that is not in your name.
14. In certain circumstances, we may refuse to accept a payment into the Account, e.g. to comply with money laundering rules. Cheques paid into the Account must be in sterling and drawn on a bank located in the United Kingdom.

INTEREST PAID TO THE CUSTOMER

15. We will work out interest daily on the cleared credit balance. Interest will be paid into your Account as specified in the interest rate flyer. Interest rates will change from time to time. You can get details of your current interest rates by using our Telephone and Online Service. When we change our interest rates we will notify you personally within thirty days of the change.

SERVICE CHARGES

16. Any service charges are explained in the interest rate flyer or by using the Telephone and Online Service. You will be given at least 30 days' written notice of any changes to these.

STATEMENTS

17. We will send you a statement of your Account ("statement") on a quarterly basis.

YOUR RIGHT TO CANCEL/COMPLAINTS PROCEDURE

18. If you are not happy with your choice of Savings Account, you have 14 calendar days from receiving yourWelcome Pack to write to us at Tesco Personal Finance, PO Box 10 40 10, George House, 36 North Hanover Street, Glasgow, G1 2YF to cancel your account.
19. Either you orwe can end this agreement by writing to the other, or you may end it by means of the Telephone Service. If this happens, you must return all Cards to us immediately (cut in two across the black strip). If we wish you to close the Account, we will give you at least 30 days' notice. If at the end of this time, you have not closed the Account, we can refuse to accept any more payments into the Account and may return any existing balance to you. You will continue to be liable to repay any debt on the Account. We will cancel any Card, if you ask us to do so in writing, or on closure of the Account, and you must return the Card (cut in two across the black strip) to us.
20. In the event of a complaint between you and Tesco Personal Finance about your Savings Account or the service we have provided, please write to us at Tesco Personal Finance, PO Box 10 40 10, George House, 36 North Hanover Street, Glasgow, G1 2HD. We will aim to answer your complaint within two working days of its receipt. If we are unable to do this, we will:
    • Send you a written acknowledgement of your complaint after two working days have passed.
    • Aim to resolve your complaint in writing within 10 working days of receipt.
    • If we are unable to resolve your complaint within 10 working days of receipt then you will receive an update from us after day ten.
    • We have a maximum of eight weeks from receipt of your letter to issue you with a response or 'final response' to your complaint.
    • After 8 weeks have elapsed or you receive a 'final response' from us, you may refer the complaint to: The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR.
    • If at any time you would like a copy of our complaint handling procedures, please feel free to contact us at the address at the top of this section.

TELEPHONE AND ONLINE SERVICE

These Terms and Conditions explain the customer's rights and responsibilities and those of Tesco Personal Finance Limited governing the use of Telephone and Online Service.

If you do not hold a Tesco Personal Finance credit card, then the terms and conditions which relate to credit cards will not apply to you.

Definitions

21. 'We', 'Us', 'Our' means Tesco Personal Finance Limited.

    'You', 'Your' for savings accounts means:

    1. in the case of an individual, the customer who has an account(s) with us on which the Service is available. If you have a joint account, references in these terms and conditions to 'you' include both of you together and separately; or
    2. in the case of a limited company, any Director, Official and any other persons authorised by the customer to give instructions on the account(s); or
    3. in the case of a partnership, the individual partners (in their separate capacities of partners and individuals) and any other persons authorised by the customer to give instructions on the account(s); or
    4. in the case of a limited liability partnership, any member and any other person(s) authorised by the customer to give instructions on the account(s); or
    5. in the case of a sole trader or professional practitioner, the customer who has an account(s) and any other person(s) authorised by the customer to give instructions on the account(s); or
    6. in the case of a club, society or unincorporated body, any official and any other person(s) authorised by the customer to give instructions on the account(s); or
    7. in the case of a trust, any trustee and any other person authorised by the trustees to give instructions on the account(s). 'You', 'Your' for credit card accounts means the customer who has a credit card account with us. 'Security Details' means the identifying words, codes and numbers agreed between you and us that are used in the security procedure. 'Service' means Telephone and Online Service when accessed using the telephone or Internet.

Authority

22. You authorise us to accept and act on your instructions and to pay to and from your account(s) the amounts involved when the transaction has been authenticated by the use of the security procedure we require you to follow. You acknowledge and agree that this may be on an account that could otherwise only be operated by two or more persons.
23. If you have a joint account, we will act on the instructions of either of you but you are each responsible for all transactions carried out and for the repayment of any borrowing which arises on your account.

Security Procedure

24. You must keep your Security Details secret and take all reasonable precautions to prevent unauthorised or fraudulent use of them.
25. You must not disclose your Security Details to any other person or record your Security Details in anyway that may result in them becoming known to another person.
26. Please note that after initial registration or enrolment we will never contact you, or ask anyone to do so on our behalf, with a request to disclose your Security Details in full. If you receive any such request from anyone (even if they are using our name and logo and appear to be genuine) then it is likely to be fraudulent and you must not supply your Security Details to them in any circumstances. You should report any such requests to us immediately.
27. Where a transaction on the account is confirmed by use of the Security Details and the Service but you subsequently show was not authorised by you, you will not be liable for that transaction provided you have kept your Security Details secret, you have acted with reasonable care and in accordance with these Terms and Conditions, and you have not acted fraudulently.
28. If you suspect someone knows your Security Details you must contact us immediately. If you fail to do so, you will be liable for any unauthorised transactions on your account confirmed by use of the Security Details.
29. You will be responsible for all instructions received by us between the time you pass the security procedure until you exit from the Service. Please note that this includes any input errors or instructions sent by someone other than yourself so please do not leave the device you are using to access the Service unattended while you are still logged onto our website.
30. Telephone calls may be recorded.

Transactions

31. Banking instructions received for your current and savings accounts by 6:30pm on any banking day will normally be processed that day. (You will be advised at the time you send the instruction if the instruction cannot be processed that day but will be processed the next banking day). Instructions received at any other time will be processed the next banking day.
32. You are responsible for all transactions carried out using the Service and for repayment of any debt that arises from use of the Service.

Charges

33. We reserve the right to charge you and you agree to pay the charges for the Service or any part of it. Details of new charges and changes to charges will be notified to you in writing, or by a text message or e-mail, at least one month before they take effect and will also be available on the Tesco Personal Finance website www.tesco.com

Availability of the Service

34. While we will make reasonable efforts to provide the Service, we will not be liable for any failure to provide the Service, in part or full, for any cause that is beyond our reasonable control. This includes, in particular, any suspension of the Service resulting from maintenance and upgrades to our systems or those of any party used to provide the Service.

Variation/Termination of the Service

35. We reserve the right to change the Service from time to time and shall give you notice of any material changes.
36. We may, where we consider it appropriate for you or your protection, suspend, withdraw or restrict the use of the Service or any part of the Service. We will tell you as soon as practicable if we take such action. We may also end the Service or any part of the Service at any time by giving you reasonable notice.
37. We reserve the right to vary these Terms and Conditions and will give you 30 days' notice of any material changes.
38. You may terminate your subscription to the Service by notifying us. The notification will not be effective until we receive it.

GENERAL

39. We may, if we consider it appropriate for your or our protection, suspend, withdraw or restrict the use of a Card and/or PIN at any time. But we will tell you before we do this, or as soon as we can afterwards.
40. We will not be liable for any equipment, system or power failure, strike or dispute or if your Card is retained or damaged, or any other circumstances affecting the use of the Card, where such matters are beyond our control. We will not be liable if anyone refuses to accept or honour your Card.
41. All notices or other communications ("communications") may be given verbally unless these Terms state they should be in writing. References to writing include electronic mail if you have registered for use of the Telephone and Online Service online. Communication in writing by you to us may be given by post to the address last notified by us to you or if we give an electronic mail address to you, by electronic mail to that address. Communications sent to us will be treated as received only if actually received by us. Communications sent by us to you will, if sent by post, be treated as delivered 2 days after posting; if sent by electronic mail, be treated as delivered upon us sending the communication and your electronic mail address to the relevant Internet service provider whether or not the communication arrives.
42. All correspondence will be conducted in English.
43. If your address is in Scotland, Scottish law applies to the contract between you and us. If you live elsewhere, English law applies to the contract between you and us.
44. Instructions sent by fax or telex are not acceptable.
45. If you break this Agreement, we will be entitled to recover from you charges and costs incurred by us as a result. We may do this by debiting your Account, if we choose – after first telling you of any such charges or costs.
46. We may alter any of these Terms and Conditions on giving at least 30 days prior written notice. Where changes have been made to your advantage, we will make the change immediately and personally notify you within 30 days of the change taking effect. This notice will contain the date on which the alteration takes effect. If we have made a major change or a lot of minor changes in any one year, we will give you a copy of your new terms and conditions or a summary of the changes.
47. We may transfer, assign or otherwise dispose of this Agreement, or any sums due under it (in whole or in part) without notice to you.
    1. You allow us to pass any financial or other information relating to you to any assignee – and agree that such assignee may rely on the truth or accuracy of any information or representation provided by you, or at your request, to us.
    2. If this Agreement is assigned, the assignee will advise you of any alternative address or telephone number for contacting them under Condition 7. Until such notification, the telephone number in Condition 7 will continue to apply.

Tesco Personal Finance is a joint venture between The Royal Bank of Scotland plc and Tesco PLC. Tesco Personal Finance Limited. Registered in Scotland No. 173199. Registered office: 24 St Andrew Square, Edinburgh EH2 1AF. Financial Services Authority No. 186022.