Hints & Tips

Important Info about our savings accounts

Tesco Personal Finance plc is part of Tesco PLC.

Tesco Personal Finance plc.
Registered in Scotland No. SC173199.
Registered office:
Interpoint Building,
22 Haymarket Yards,
Edinburgh
EH12 5BH.

Withdrawal Limits

For security reasons our savings accounts have withdrawal limits. These are illustrated below:

Withdrawal Method Maximum daily withdrawal limits:
Instant Access Savings: Internet Saver:
Online: £10,000 £10,000
Telephone: £50,000 per day N/A
In-store (Customer Service Desk): £500 N/A
Instore (at Checkout): £100 N/A
ATM: £300 N/A

Financial Services Compensation Scheme

Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 08457 10 40 10, refer to the FSCS website www.fscs.org.uk or call 020 7892 7300.

Frequently asked questions

What is the Financial Services Compensation Scheme (FSCS)?

The FSCS is an independent body created under the Financial Services and Markets Act 2000 (FSMA). The service is free to consumers. They can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. From 7 October 2008 the maximum levels of compensation for deposits were increased from £35,000 to £50,000.

What are the maximum levels of compensation?

  • Deposits: £50,000 per person (effective 7 October 2008). 100% of the first £50,000
  • Investments, Mortgage advice and arranging, Long-term insurance (e.g. pensions and life assurance) and General Insurance are also covered by the scheme. However, please note that different levels of compensation apply for different products.

Is Tesco Bank covered separately under the scheme?

Yes, as it is separately authorised and covered by the guarantee so any customer with deposits would get back £50,000. The guarantee applies to each institution separately authorised by the FSA.

Can joint account holders claim separately?

Yes, joint account holders are each entitled to claim compensation (For joint accounts £100,000 is covered - £50,000 per person).

How do I get further information about the FSCS?

Please be aware that the information provided here is a summary of the scheme. If you would like further information and full details of the limitations, please go to the FSCS:

  • Web: www.fscs.org.uk
  • Customer Services Team on: 020 7892 7300
  • Financial Services Compensation Scheme
    7th Floor
    Lloyds Chambers
    Portsoken Street
    London E1 8BN
  • Email: enquiries@fscs.org.uk

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

Terms and Conditions

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