Tesco Bank’s savings account stays in top 10 | Product News - Moneyfacts

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Tesco Bank’s savings account stays in top 10

Tesco Bank’s savings account stays in top 10

Category: Savings
Date: 31/10/2014

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 It is now over 6 months old so the content may be out of date.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 made slight reductions to its fixed rate bonds. However, despite the decrease, the five-year deal has held onto its spot among the top 10 best buys.

The basics…

The five-year version of Fixed Rate Saver now has a rival-beating rate of 3.00% per annum (2.96% per month), which sees it retain its place in the Moneyfacts charts.

Meanwhile, the one-year variant now has a yearly rate of 1.60% (1.59% monthly) and the two-year version has a rate of 2.00% per year (1.98% per month). The three-year term has a new annual rate of 2.30% (2.28% monthly) and the four-year term pays 2.65% yearly (2.62% monthly).

The finer details…

These accounts can be opened by phone or online with a minimum investment of £2,000. They can then be managed in the same way.

Like many other fixed rate deals, these accounts do not allow early access to funds or further additions, so investors must be comfortable with the amount they invest and the length of the term.

Why we like them…

The five-year version of this fixed rate bond pays a competitive amount of interest, securing it a place among the top 10 of its sector. Although no early access or further additions to funds are permitted, this bond's attractive rate is likely to appeal to savers who are happy to lock their money away for the full five years.

Four Moneyfacts Stars have been awarded.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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