from 62 ratings
62 customers rated their Tesco Bank savings as 3.9 out of 5 in our Consumer Finance Awards and Reviews.
Customer Service
Flexibility & Fairness
Product Features
Value For Money
Tesco Bank 5 Year Fixed Rate Saver Annual
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.003.2% fixed
for 5 years
on £2,000+
FSCSPhone
Tesco Bank 5 Year Fixed Rate Saver Monthly
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.003.2% fixed
for 5 years
on £2,000+
FSCSPhone
Tesco Bank Junior Cash ISA
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Junior Cash ISA£1.003% variable
on £1+
FSCSOnline & Phone
Tesco Bank 4 Year Fixed Rate Saver Annual
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.002.85% fixed
for 4 years
on £2,000+
FSCSPhone
Tesco Bank 4 Year Fixed Rate Saver Monthly
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.002.85% fixed
for 4 years
on £2,000+
FSCSPhone
Tesco Bank 3 Year Fixed Rate Saver Annual
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.002.5% fixed
for 3 years
on £2,000+
FSCSPhone
Tesco Bank 3 Year Fixed Rate Saver Monthly
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.002.5% fixed
for 3 years
on £2,000+
FSCSPhone
Tesco Bank 2 Year Fixed Rate Saver Annual
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.002.2% fixed
for 2 years
on £2,000+
FSCSPhone
Tesco Bank 2 Year Fixed Rate Saver Monthly
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.002.2% fixed
for 2 years
on £2,000+
FSCSPhone
Tesco Bank 1 Year Fixed Rate Saver Annual
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.001.85% fixed
for 1 year
on £2,000+
FSCSPhone
Tesco Bank 1 Year Fixed Rate Saver Monthly
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Fixed Bond£2,000.001.85% fixed
for 1 year
on £2,000+
FSCSPhone
Tesco Bank Fixed Rate Cash ISA
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Cash ISA£1.001.65% fixed
for 1 year
on £1+
FSCSOnline & Phone
Tesco Bank Instant Access Cash ISA
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Cash ISA£1.001.45% variable
on £1+
-Online & Phone
Tesco Bank Internet Saver
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Easy Access£1.001.4% variable
on £1+
FSCSOnline
Tesco Bank Instant Access Savings
Account TypeOpen WithInterest Rate (AER)Protection SchemeOpen Account
Instant Access£1.000.75% variable
on £1+
FSCSOnline & Post

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Reviews related to Savings

Online banking from well known company
Not user friendly, low interest rates imminent .

Online access is not user friendly and does not lean towards a pleasant experience. If a mistake is made in entering your access details, and believe me, this can be done quite easily due to the web pages convoluted nature, you are locked out and have to phone customer services to reset. Even finding this telephone number is frustrating as the help section sends you round in circles. As an example, try and find their existing accounts interest rates ! Also Tesco have announced that from August their interest rates are being dropped to a run of the mill figure no better than the competition.

Savings account with fast instant payments in and out
Interest rate 2.8% variable is fair, if not the highest
Recommended by smithd

I have had aTesco internet saver account for 3 years, and found it a useful addition to my main current account, which I have with another provider. The Tesco saver is opened and operated online. It offers a decent interest rate of 2.8% (at present) when the first year bonus is included.
I was pleasantly surprised at the end of my first year, and at the end of the second year, when Tesco wrote to me and extended the bonus each time. Admittedly, the ongoing bonus is a little less than in the first year, but it is still significant and is enough for me to stay with Tesco bank for the moment. This extension of bonus does not seem to be mentioned on the website, but presumably it may well apply to any other user.
The account enables fast instant payments, both in and out. There is a limit of ?10,000 for withdrawals, per day, but I have never reached that limit ! Unlike some other savings accounts on the market, I found that the money really does move within minutes or perhaps seconds.
It is necessary to first set up a linked account, in your own name, to move money in and out, but you can set up as many linked accounts as you like.

Easy Online Access
No paper trail
Recommended by debina

Very good online saving, easy to put money in and take out, access online at anytime whilst still offering good security

Online use
Recommended by st3v3clay

Not a bad rate, way to access and work online, no complaints so far. I haven't admittedly had to speak to anyone, so customer service I have no ideas on!

Easy website to understand
Impersonal
Recommended by jimdun

Good introductory rate (2.35%)but that dropped almost as soon as we had deposited. However rate (1.75%) now no worse than competitors.Website easy to use and paperwork was delivered promptly.

Good customer services, good rates, good website
Recommended by leachy

Very good rate of 2.3%, which matched the best offers out there for just 1 year, so decided to join, had a bit of bother when forgetting to send one of the forms back, but they were very helpful when i called them up and got sorted quickly.

easy access to money
poor interest rate
Recommended by debol1

Not the best interest rate although it is added to the account monthly which helps. Easy access to your money and very helpful customer service team.

dreadful bank

i opened tesco bank i even paid into account my and would not let me wirhdraw i asked them why and keep get told some one will call me back still no call and cannot access funds they are usless

stick to selling beans

Friendly staff - have to be, I imagine all they get is complaints!
Lack of service, messing up applications, fail to communicate anything

I would not recommend Tesco Bank at all. They lost part of my ID, then told me it was my fault for sending the wrong type, fair enough did pay to replace it, but 3 out of 5 letters they claim to have sent me when I've rung them to find out what's going on have never arrived. I've spent more money ringing this bank to find out what's happening and time on hold than ever before for any company. Their latest service fail is to send me a temporary security code that should allow me to register for the online service, but in fact when I get to that page I need a sort code and account number instead, neither of which I've ever been given, and can't register. Rip-off - in the time it's taken me to open this and on calls to them the advantage from the slightly higher interest rate (the only reason I didn't cancel my application earlier in the process) I could have made more in an account with a different bank with a lower rate! Can't believe it's taken so long to try and open 1 simple online account, nor that their communication (or lack of) is so appalling!

As listed

I have had a Tesco Instant Access Savings Account for a number of years, as when I opened it they had one of the best instant access interest rates.

Unfortunately their online presence is very poor. The access to the site has become increasingly glitchy over the last year and their new interface is very basic and frustrating to navigate.

I have also recently discovered they have been sending statements to my old address despite changing my address and having correspondence sent to my new address from them. Very disappointing and a big security concern.

When I wanted to report this error I discovered that you can either write to them via snail mail or call. No options of logging a query or complaint online - most unhelpful in this techno savvy age.

Their now low interest rate is not sufficient enough to make the frustration worth while.

Therefore I would not recommend this product or service I'm afraid as I can not think of one positive.