Tesco Bank gives savings accounts a boost | Product News - Moneyfacts

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Tesco Bank gives savings accounts a boost

Tesco Bank gives savings accounts a boost

Category: Savings
Date: 22/04/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tesco Bank has given selected savings accounts a welcome rate boost of up to 0.60%, catapulting an easy access account and a two-year fixed deal into the Moneyfacts charts.

The basics…

Internet Saver now pays a joint market-leading rate of 1.35% yearly, including a 12-month bonus of 0.60%, which enables it to sit right at the top of its sector. Meanwhile, the two-year Fixed Rate Saver pays a top-10 rate of 2.00% yearly (1.98% monthly).

The finer details…

Internet Saver must be opened and operated online with an initial deposit of just £1. Further additions are welcomed and unlimited, penalty-free withdrawals can be made without notice. Savers should note that interest must be compounded and that access must be made via a nominated account.

The fixed rate deal can be opened and managed by phone and online with a minimum investment of £2,000. Further additions, withdrawals and early access are not permitted, so savers must ensure that they are comfortable with the amount they invest and the length of the term. Interest must be paid away.

Why we like them…

The rate boost to both of these accounts has enhanced their competitiveness, with the Internet Saver proving to be particularly attractive. This easy access account, which now sits right at the very top of its sector, boasts an appealing rate as well as the flexibility of allowing further additions and penalty-free withdrawals. However, savers must remember that the headline rate includes a 12-month bonus, which means a review of the account's competitiveness in a year's time is a must.

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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