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, or any person authorised by law, together with any interest due. *This number may be included as part of any inclusive call minutes provided by your phone operator.
Faster Payments are fully supported by Tesco Bank. Therefore if the Bank or Building Society to which you are sending the money also uses the Faster Payments system, the money will be transferred to that account within hours. Please note: daily withdrawal limits apply. See withdrawal limits for Internet Saver Accounts. 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. You can check if the Bank or Building Society you are sending money to supports Faster Payments either by asking them, or by visiting the Sort Code Checker on the public website of the Payments Council. If the Bank or Building Society does not use the Faster Payments Service we will ask you to call us and we will give you the option to transfer the money using CHAPS or we can send you a cheque from your Account. CHAPS payments requested by 1.30pm on a Business Day will be made on the same Business Day. If you ask us to make the transfer after 1.30pm on a Business Day or on a non-Business Day we will treat your instruction as having been received at the beginning of the next Business Day and this is when we will start processing it. A Business Day is any day from Monday to Friday which is not a bank holiday in England and Wales.
A Linked Account is another account you have told us about and held in your name with another bank in the UK. You can use Linked Accounts to move money in or out of your Internet Saver Account. To view or add a Linked Account, login to Online Banking, visit the Move Money section and select Manage Linked Accounts. 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 and from it. If this check doesn't complete successfully, you may be asked to send proof of ownership.
Once we've confirmed your identity your Account will be opened straight away. 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. Once your Account has been opened, you will receive a welcome pack. This contains information on how to use your Account and helpline numbers if you need to contact us. We'll also ask you to register for Online Banking by requesting a Temporary Security Number from our Online Helpdesk on 0345 601 0900*. This will enable you to register securely and we'll send you this by post. When you receive it (within 5-10 working days), visit tescobank.com, select Savings from the menu at the top right of the page and select Register. *This number may be included as part of any inclusive call minutes provided by your phone operator.
We have consistently offered competitive savings rates and are confident that we will continue to do so. The Standard Interest Rate (variable) is a variable rate that may change in the future. Should the rate change, all affected customers will be given sufficient notice, in line with the terms and conditions of their accounts.
No, the interest rate on the Internet Saver Account is not tiered. The underlying Standard Interest Rate will apply to the entire balance. 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 If you opened your Account more than 12 months ago, you can telephone us to check your current interest rate.
No, Tesco Bank does not charge for any withdrawals from the Internet Saver Account. Please Note, for security reasons a daily limit for online withdrawals does apply. Find out more about daily withdrawal limits here.
We will post a statement to you each April and 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.