Hints & Tips
Internet Saver Account
Competitive rate of interest - Up to 2.75% Gross / AER (variable)
- Includes fixed 1.50% bonus interest on balances up to £100,000 for a year
- Balances above £100,000 earn the standard rate of 1.25% Gross/AER (variable)
- Rate reverts to the standard one at the end of the bonus period (currently 1.25% Gross / AER (variable)
What's in it for me? The key benefits...
- Instant access to your funds (Please note there are daily limits on withdrawals).
- Online Banking 24/7 - Manage your account online (once you've registered for Online Banking).
- Regular savings - Set up a Direct Debit to make regular (and one off) payments into your account when it suits you.
- Open your account with just £1!
What do I need to apply?
To complete an Internet Saver application you'll need to:
- Know your bank account details
- Be 18 years or over
- Be a UK resident only
If you can answer yes to all of the above why not - apply online now?
Manage your Internet Saver...
You'll be able to access your savings account 24 hours a day, seven days a week online. No sitting in call queues or waiting for the bank to open...
Deposit money the fast way...
You can pay money into your Internet Saver by:
- Faster Payment or BACs transfer
- Direct Debit / Standing Order
Withdraw money at any time...
Withdrawals for the Internet Saver account must be arranged using the Online Banking service.
Withdrawals for the Internet Saver account can be made using our online service to a nominated account in your name (Please note: for security reasons the Internet Saver has daily withdrawal limits).
Additional Information
Faster Payments are fully supported by Tesco Savings, but the other Bank or Building Society will also need to use the Faster Payment system for a payment to be made using this method. We're unable to accept CHAPS payments.
A BACs transfer is an electronic transfer from another Bank Account.
Our interest rates - earn a tidy sum
- Earn up to 2.75% Gross / AER (variable) with our Internet Saver
- Interest on our Internet Saver account is paid annually in March
| Balances £1 - £100,000 | Gross / AER | Net |
|---|---|---|
| Standard Rate | 1.25% | 1.00% |
| Bonus | 1.50% | 1.20% |
| Gross / AER (including bonus) | 2.75% | 2.20% |
Accounts with balances above £100,000 will receive the standard underlying rate (currently 1.25% Gross/AER (variable)) on the amount above £100,000.
Rates correct at 1st December 2009. Current rates shown include a fixed 1.50% bonus for 12 months. Rate definitions
Definitions
- Gross is the interest rate paid before tax is deducted.
- Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and combined each year.
- Net is the interest rate paid after tax is deducted.
Tesco Internet Saver account rates are subject to change. Interest is calculated daily and is paid annually. Interest will be paid the last business day in March.
Tax
Tesco Savings interest rates are variable and subject to change. Interest is paid net of basic rate tax. Non-taxpayers need to complete an R85 form to receive Gross interest. Higher rate taxpayers may have to pay additional tax.
Internet Saver Interest Bonus
Earn fixed 1.50% bonus interest on balances up to £100,000 for 12 months when opening a Tesco Internet Saver account.
Accounts with balances above this will receive the standard rate (currently 1.25% Gross / AER (variable)) on the amount above £100,000.
At the end of the bonus period the rate will revert to the standard underlying rate currently 1.25% Gross / AER (variable).
Please note: Only one account per person is eligible for the bonus. Tesco Personal Finance plc reserves the right to withdraw this promotion at any time.
When will my bonus interest be paid?
Your bonus will be calculated on the daily cleared funds held in your Internet Saver account for the first 12 months of opening. Bonus interest will show separately on your statement. It is applied to your account on the last business day in March.
Free bank account guide from Moneymadeclear
Moneymadeclear has impartial information and tools to help you with your money.
Download or order your free copy of Just the facts about your Bank Account from www.moneymadeclear.fsa.gov.uk or call 0300 500 5000 (call rates may vary).
Manage your Savings accounts online.
- It's free, safe and available to all acount-holding customers
- Register for My Accounts with one log-in
- View transactions, balances and transfer funds.
Lost or stolen cards?
Call our 24 hour contact number:
0800 015 3198
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