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. Posting cheques to us. You can post cheques to us at: Freepost TESCO BANK, 4943. No other address details are needed.
Please ensure the cheque is made payable to the person named on the Savings Account and clearly write the Account number and sort code on the back 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 (death, diagnosis of a terminal illness or, bankruptcy, insolvency or sequestration). 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.
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. Please note that if you want to add money or make a partial investment, you will need to close your existing account and open a new one. As part of this process your funds will be returned to your nominated account then you will need to arrange the transfer to the new account. If you have a joint account, both parties need to be present when making a request to reinvest your funds. This is for security purposes. 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).
Please contact Customer Services to provide us with your maturity instructions. If you do not contact us with instructions at the end of your account term, your money will stay in an instant access account at a lower rate of interest 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.
You can access your Certificate of Interest in your document store in Online Banking after 12th April each year. Due to volumes processed at this time, it can sometimes take a day or two to appear. Alternatively, you can see the amount of interest you have been paid in your transactions, which you can view in Online Banking or the Mobile App. We no longer automatically issue a Certificate of Interest via post; however, one can be provided on request. If your account is closed this will not be available in your Document Store and you will need to contact us.
From the date we receive your cleared deposit.
If your registered for Online Banking, we will issue a Certificate of Deposit, which can be viewed in your document store. If you need this posted, please contact us.
Your statement is sent on the anniversary of your account opening but your interest is paid on the anniversary of your deposit. This means that unless you made your first deposit on the day you opened your account, your annual statement will not display interest earned over the last 12 months.
For example, if you opened your account on 1st March 2017 but the account wasn't funded until the 5th, then your annual statement will be issued on 1st March 2018 but your interest won't be paid until the 5th March 2018. The first annual statement won't show any interest, but this will appear on your next statement.