You can move money out of your account by either:
Tesco Bank Online Banking or via the Mobile App - you can move up to £10,000 a day to a non Tesco Bank linked account in your own name and up to £100,000 a day to other Tesco Bank accounts in your own name
Tesco Bank Telephone Banking - call us on 0345 678 5678* to withdraw larger amounts
Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
CHAPS is a payment system which offers same day transfers. 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. There is no fee for CHAPS payments from your Internet Saver account.
If your funds have been sent via Faster Payment or BACS, then you will start earning interest as soon as we receive your funds. Cheques If we receive and process your cheque on a business day, your money will be available to spend and will start earning interest before midnight on the next Business Day. For example, if we receive your cheque on a Friday, your money will be available and start earning interest before midnight on Monday. You can check your payment has been successful by logging into our Mobile Banking App or by logging into Online Banking.
You can only move money out of your account to a linked account in your own name.
To view or add a linked account, log in to Online Banking, click on your account and then select Manage account in the top right hand corner. Visit the Move Money section and select Manage Linked Accounts and Payees.
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.
You should contact your own Tax Office for advice. Following the Government’s introduction of the Personal Savings Allowance, from 6th April 2016 banks are no longer required to deduct tax from interest earned on savings or cash deposits including current accounts. As a result we will no longer deduct tax from the interest you have earned, unless we are required to do so in specific circumstances prescribed by law. Learn more Please note that you may still be liable to pay tax on the interest you have earned. If you need more information on tax or tax exemptions please contact HMRC.
If you are unsure about whether you can claim tax back, please contact your tax office for information or visit the HMRC website at: https://www.gov.uk/apply-tax-free-interest-on-savings.
Once your application is submitted, we will send you your Welcome Pack. This contains information on how to use the account and helpline numbers if you need to contact us. 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. We'll also ask you to register for Online Banking by requesting a Temporary Security Number from our Online Helpdesk on 0345 300 3511*. This will enable you to register securely and we'll send you this by post or SMS. When you receive it, visit our Login page and select Sign up. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
We regularly review our savings accounts to check they are still active. Where you have not transacted on your accounts for at least 3 years, we may write to you to check you are still using the account.
To find out more about our dormancy process visit here: https://www.tescobank.com/dormant-account