Tesco Bank has increased the rate paid on its easy access savings account by 0.06% to cement its position as a chart leader.
Internet Saver now pays a highly eye-catching variable rate of 1.27% yearly, including a 12-month bonus of 0.52%. This has enabled it to streak away from its competitors and hold its position at the very top of its sector.
As the name suggests, this account must be opened and operated online. A minimum investment of just £1 is required, and up to £1 million can be saved in the account before the rate drops to 0.75%.
Savers are welcome to plough additional funds into the account at any time, and withdrawals can be made without penalty or notice. However, there is a daily limit on withdrawals: up to £10,000 can be withdrawn to non-Tesco Bank accounts, while a higher limit of £100,000 is in operation for withdrawals made to Tesco Bank accounts in the saver's own name.
This account stands head and shoulders above its peers - something that is sure to attract the attention of savers. Provided they are happy to review their account's competitiveness in a year's time when the bonus rate expires, this easy access deal could be the perfect home for emergency funds.
Moneyfacts rating: Excellent
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.