At the end of your fixed rate term your account will become an Instant Access Cash ISA and it's terms and conditions will apply. Your account will earn interest at the Cash ISA Standard Rate and you can continue to make subscriptions and access the money in it as normal. If we no longer offer the Instant Access Cash ISA when your fixed term ends, we will write to you to let you know before this happens with full details. If you decide you do not want an Instant Access Cash ISA after we have switched it over, you can ask us to: Reinvest your account into another Fixed Rate Cash ISA (please note this can only be done on or after the maturity of the account).
Move your money to another account with Tesco Bank (if this account is not an ISA it will lose its tax free status)
Send your money to your linked or nominated account or another account you hold with Tesco Bank, (if this account is not an ISA it will lose its tax free status)
Transfer your funds to another ISA provider, see How do I move my ISA with Tesco Bank to another provider?
A linked account is an account you have told us about and held in your name at another bank in the UK or another Tesco Bank account.
You can use linked accounts to move money out of your Cash ISA Account. To add a linked account, login to Online Banking and select Add another account at the bottom of the page.
When you add a linked account we check that you are the owner of that account and that you are authorised to make payments to it. If this check doesn't complete successfully, you may be asked to send proof of ownership.
We are changing our Instant Access Cash ISA Account Terms and Conditions with effect from 14 June 2019.
Here are some of the changes:
Protecting your Account – we’ve added wording to help you keep your account safe
Standardised terminology updates to align with industry terminology
General updates to wording to make our Terms and Conditions clearer, simpler and easier for you to understand.
For more information please contact us.
We will provide you with a statement free of charge each month when you've had any activity on your account excluding credit interest. We'll also provide you with an annual statement on the anniversary of your account opening.
If you have opted to go paperless on your account, we'll contact you by email or text to let you know that your statement is ready to view electronically.
You can transfer money out of your account to another Tesco Bank Cash ISA once your account has matured. If you would like to do this, please contact us and we’ll arrange this for you. You will not have to complete another application or complete another Cash ISA Declaration, as long as your current Cash ISA Declaration hasn’t expired (we’ll tell you if this happens).
The timescales for clearing cheques have reduced across the industry. In 2017, banks introduced a new way to process cheques called the Image Clearing System. This means that, when you pay a cheque into your Tesco Bank Savings or Current Account the money will be available to spend sooner than before.
Cheque Clearing Timescales
If we receive and process your cheque on a business day, your money will be available to spend and will start earning interest before midnight on the next Business Day. For example, if we receive your cheque on a Friday, your money will be available and start earning interest before midnight on Monday. You can check your payment has been successful by logging into our Mobile Banking App or by logging into Online Banking.
Instant Access Cash ISA
Interest is earned at a daily rate and we will calculate your interest on the money in the Account at the end of each day. Interest is paid annually, at the end of the year we will add up the interest from each day over the year and the pay the total into your Account. We will pay your interest on the anniversary of your Account opening. This means if you opened your Account on the 2nd April we will pay your interest on the 2nd April the next year and so on depending upon the term of your Cash ISA and how long you keep it open.
Fixed Rate Cash ISA
Interest will be earned at a daily rate and we will calculate your interest on the money in the Account at the end of each day. Interest is paid annually, at the end of the year we will add up the interest from each day over the year and the pay the total into your Account. We will pay your interest on the anniversary of your Account opening. This means if you opened your Account on the 2nd April we will pay your interest on the 2nd April the next year and so on depending upon the term of your Cash ISA and how long you keep it open.
If you need to transfer your Cash ISA to another ISA before the end of your fixed rate term, we will charge you a 90 day interest penalty. You must transfer all of the funds in your account when you do this. We will always contact you to let you know if we are going to charge you a fee. If your fixed rate term has come to an end, we will not charge you a fee for making a transfer. If you would like to transfer your money to another ISA provider, you will need to ask the new provider to arrange this. They will contact us to arrange the transfer and, if you are transferring to another Cash ISA, we will ensure that your money is transferred to the new provider within 5 Business Days of receiving their request (transfers to Stocks and Shares ISAs and Innovative Finance ISAs may take up to 30 days).
Yes, you can withdraw current and previous years' subscription. Replacement money has to be paid back into your Instant Access Cash ISA in the same tax year it is withdrawn or you will lose the ability to replace it.
This means you will need to replace any money you have withdrawn before midnight on 5th April, however we recommend that you do so by 5pm on 5th April to ensure that any funds are in your Account before the cut off deadline at the end of the tax year.
- Are there exceptions to this?
Yes, there are certain circumstances when you cannot replace withdrawals. These are; transfers out to other providers, withdrawals by HMRC to cover a tax debt, withdrawals made on the instruction of HMRC to remove invalid subscriptions and cancellations (within 30 days of receiving your welcome pack).