If you want to close your account please telephone us on 0345 678 5678* or write to us at Tesco Bank, PO Box 27017, Broadway One, Glasgow, G2 9FH. We can close your account immediately and repay the balance to you. This can be sent to your chosen account, along with any outstanding interest.
Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
It depends on the way you make the payment;
Transfer to another Tesco Bank account in your name - immediate
Faster payments - Payments made using the service are normally made within two hours, but may take up until the close of business the following day if we take our service offline for maintenance. If the account you are transferring to do not accept faster payments, please call us and you can transfer the money via CHAPS or we can send you a cheque from your account. CHAPS - If we receive the instruction before 1.30pm then the funds will be credited to the receiving account before close of business the same day. If received after the cut off then the funds will be received by close of business the next working day.
Refer to the relevant Savings account Summary Box on this website for further information about daily withdrawal limits. When you use Online Banking you can only transfer money to accounts that can accept Faster Payments.
A Linked or Nominated Account is an account 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 Internet Saver Account. To view or add a Linked Account, log in to Online Banking, visit the Move Money section and select Manage Linked Accounts and Payees.
When you add a Linked Account we will 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 will be asked to send a copy of your bank statement.
From the 30 January 2017, your eligible deposits protected by the Financial Services Compensation Scheme (FSCS) increased to £85,000 from the previous £75,000 per depositor per bank, building society or credit union. This protection means that if your bank, building society or credit union should become insolvent your eligible deposits will be protected up to £85,000. For more information on this please visit the FSCS website.
Once we've confirmed your identity your account will be opened straight away. You can pay money into your account as soon as it is opened, but you won't be able to take money out until you send us certain information by post. We'll tell you what this involves once your account is open. If we need more information to confirm your identity we will write to you and explain what we need. We will process your application as soon as we have received this from you. When your account is open, you will receive a Welcome Pack that contains information on how to use your account and helpline numbers if you need to contact us.
Yes. Both parties will need to register for Online Banking separately and set up individual security details. If you already have an Internet Saver Account and want to add a joint account holder, please call us on 0345 6785678*. Please note that both parties must be present during the call for security purposes. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
From time to time, we offer Bonus Interest at account opening, in addition to our standard variable rate. This bonus is offered for a fixed period. Once this bonus comes to an end, interest will be earned at our standard variable rate. We will write to you in advance of the bonus ending to remind you about this. You can check our introductory rates online. These rates apply for the first 12 months the Account is open: View our current introductory rate View our previous introductory rates
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 each April. 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.
Our Internet Saver Account Terms and Conditions changed with effect from 14 June 2019. Here are some of the changes:
Payment Service Regulations (PSD2) – we’ve made changes to remove reference to authorised third party providers (TPPs). More information on these can be found in your service channel Terms and Conditions. You can still use TPPs, but the way they access your account is changing. You will also have access to a new payment option.
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.