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Tesco’s top-three easy access account

Tesco’s top-three easy access account

Category: Savings
Author: Lieke Braadbaart
Date: 20/07/2018

Tesco Bank has increased several of its savings rates by up to 0.19%, as a result of which its easy access account takes over third place in the with-bonus Best Buy charts, earning a high rating at the same time.

The basics…

Internet Saver now boasts a variable rate of 1.34%, including a fixed bonus of 0.79% 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, with 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 can feel secure that the rate offered won't go below the bonus, but may want to review the account after 12 months when it disappears. 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 its top-three spot 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

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