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Tesco’s easy access saver now no. 2 with a bonus

Tesco’s easy access saver now no. 2 with a bonus

Category: Savings
Author: Lieke Braadbaart
Date: 31/05/2018

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 It is now over 6 months old so the content may be out of date.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 increased the rate on its easy access account with a bonus by 0.13%, which sees it take over the number two spot in the Best Buy chart for its sector and earns it a high rating.

The basics…

The Internet Saver now boasts a variable rate of 1.25%, which includes a fixed 0.70% bonus for the first 12 months on funds below £1 million. If you exceed that limit, you will get only 0.55% interest and should really consider putting some of the money away into a fixed rate bond or ISA to gain a much higher rate. 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, though there is a maximum daily withdrawal limit of £10,000 to non-Tesco bank accounts 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 amount, 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 transfer over £10,000 can also be made over the phone.

Why we like it…

The improved rate easily earns this product second place in the Best Buy chart for easy access accounts that come with a bonus, as well as its 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

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