Important info
Important info about our Tesco Savings Accounts
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.
Financial Services Compensation Scheme (formerly Deposit Protection Scheme).
The Financial Services Compensation Scheme, set up under the Financial Services and Markets Act 2000, covers your account. For money held in a bank or building society in the UK the scheme will cover up to £35,000 of your claim. Most people who make deposits, including individuals and small firms, are covered. Deposits in all currencies are treated the same. For more information on the conditions of the scheme, please contact the FSCS at www.fscs.org.uk (new window).
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Automated Teller Machines (ATMs) that charge a fee, our statements show the withdrawal as an inclusive sum of amount withdrawn and fee charged.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a customer withdraws £100 from an ATM which charges a £2 withdrawal fee the customer's statement discloses the sum withdrawn as £102. We intend to amend our statements so that charges can be identified separately from the amount of cash withdrawn in line with the requirements of the Banking Code.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.
