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Tesco’s easy access saver improved

Tesco’s easy access saver improved

Category: Savings
Author: Lieke Braadbaart
Date: 29/06/2018

Tesco Bank has increased several rates, including the one on its easy access account, which sees it improve its position in the Best Buy charts and earn a high rating.

The basics…

Internet Saver now boasts a variable rate of 1.30%, including a fixed bonus of 0.75% for the first 12 months on funds below £1 million. If you exceed that limit, you will get only 0.55% interest and may want to consider putting some of the money away into a fixed rate bond or ISA to gain a higher return. Interest is paid yearly and must be compounded.

The finer details…

This account requires a minimum investment of just £1. Unlimited additions and withdrawals are allowed, but there is a maximum daily withdrawal limit of £10,000 when moving funds to a non-Tesco bank account in the UK and a £100,000 limit to Tesco Bank accounts in the customer's own name. Interested savers would do well to remember that due to the high bonus, a review of the account after 12 months is probably a good idea. The account can only be opened online, but then also managed via smartphone app, while external transfers of more than £10,000 can be made over the phone too.

Why we like it…

The improved rate easily earns this product a high place in the Best Buy chart for easy access accounts that come with a bonus, as well as a high rating.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

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