Tesco Bank has slightly reduced the rate paid on its easy access savings account, but despite this, it has continued to hold a competitive position in the charts and remains near the top of its sector.
Internet Saver now pays a variable rate of 1.50% yearly, including a 0.75% bonus for 12 months, allowing it to sit just behind the current market-leader of its sector.
This account must be opened and operated online with a minimum investment of just £1. Savers should note that balances of £1 million+ will earn a lower rate of 0.75%.
Additional deposits are welcomed at any time, and an unlimited number of penalty-free withdrawals can be made, provided they abide by the daily limits: a maximum of £10,000 can be withdrawn to non-Tesco Bank accounts, while a higher limit of £100,000 applies to withdrawals made to Tesco Bank accounts in the saver's own name.
This easy access deal may have had a slight rate discount, but it is still highly competitive and remains near the very top of its sector. It is also highly flexible, allowing savers to make unlimited additions and withdrawals. Provided savers are happy to reassess its competitiveness in a year's time when the bonus expires, this account should continue to be a popular choice.
Moneyfacts rating: Excellent
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