You can move money into your account in the following ways:
1. Tesco Bank Online Banking - make a one-off payment into your account from your linked account or Debit Card. Once you’ve logged in you’ll see the Online Banking Overview. Select the ‘Manage’ button beside your account summary to go to your Account Overview. Click on ‘Move my Money’ then ‘Money in’ from the menu on the left hand side, and choose how you’d like to make your payment.
2. Tesco Bank Telephone Banking - just call 0345 678 5678* and one of the savings team will be happy to help you. Make a one-off payment into your account from your linked account or Debit Card.
*This number may be included as part of any inclusive call minutes provided by your phone operator.
3. From Your Current Account - contact your bank or use their online banking service to make a one-off payment into your account. You’ll need your Tesco Bank Savings sort code and account number to do this – you’ll find this on your welcome letter.
Important – please bear in mind that you can currently only make a single deposit to your Fixed Rate Saver account, so be sure before you make your deposit that this is the final amount you wish to invest. This must be paid within the first 30 days.
We pay interest monthly or annually, depending on what you chose when opening your account.
Interest will be paid on the same date that your deposit was credited to your account.
For example, if you opened your account on the 15th of the month and deposited your funds on the 20th, interest will be paid to you on the 20th of each month or year.
No. The Fixed Rate saver offers a fixed rate of interest for a fixed term, but does not allow any early access other than in exceptional circumstances.
If you need to access your money due to exceptional circumstances, we will pay the balance on your account to you and the account will be closed. You will not be charged for this.
The following are examples of what we think are ‘exceptional circumstances’: death, diagnosis of a terminal illness or, bankruptcy, insolvency or sequestration. If you think you may need to access some or all of your savings more quickly, then a Fixed Rate Saver may not be the best product for your circumstances; we also offer an Instant Access Savings Account and an Internet Saver account, both of which offer immediate access.
Shortly before your Fixed Rate Saver reaches the end of its term we will write to you asking you to call us to tell us what to do with your money. You will have the following options:
Reinvest in a new Fixed Rate Saver from the range available on our Savings page
Choose to move your money to another account with us or open another account with us
Withdraw your funds and return them to your external bank account (e,g, your current account)
If you do not contact us with instructions at the end of your account term, your money
will stay in an instant access account until you contact us. We will continue to pay interest on your money at the rate we stated in the letter we send to you before your account matures.
We do change the rates on our fixed rate products from time to time, however, they are not directly impacted by these changes. For customers who already have a fixed rate product, we guarantee their rate for the duration of the agreed term.
In order to reduce waste and keep our costs low to provide better value for you, we no longer automatically issue an annual summary of interest; however, one can be provided on request.
You can access your Certificate of Interest in Your document store in Online Banking. Alternatively, you can see the amount of interest you have been paid in your transactions, which you can view in Online Banking.
We will post a statement to you on the anniversary of the account opening and on each anniversary thereafter. We will also make one available in Online Banking. If you are registered for Online Banking, you can switch off paper statements at any time by selecting 'My Preferences'. You can also view your transactions in Online Banking at any time.