You can move money into your account in the following ways:
1. Contact your account provider 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 statement or your welcome letter.
2. Post a cheque made payable to yourself, to: Freepost RTGU-ULZJ-XYTK, Tesco Bank, PO Box 4943, Lancing BN11 9YL. Please remember to include your product name, sort code and account number on the reverse of the cheque.
3. You can move funds from another account you have with Tesco Bank using Online Banking or the Mobile App.
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.
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 provide you with a statement free of charge each month where 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.
From the date we receive your cleared deposit. This date will be shown on your Certificate of Deposit, which will be posted out after we receive your payment, you can also view it in Online Banking.
If you don’t receive your Certificate or if it’s lost or stolen, you can contact us.