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Good3.9(82 ratings)

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Reviewed by: readingmole

I took out this savings account because at the time it offered the best (but still dismal) interest rate. It's...

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Does Tesco Bank provide your savings account?

Tell us what you think of them because it will help others.

Compare Tesco Bank Savings

Tesco Bank Instant Access Savings
Account Type
Instant Access
Open With
£1
Interest Rate
0.6% AER variable
Protection Scheme
FSCS
Tesco Bank Internet Saver
Account Type
Easy Access
Open With
£1
Interest Rate
1.01% AER variable inc. 0.26% fixed bonus for 12 months
Protection Scheme
FSCS
Tesco Bank Fixed Rate Cash ISA
Account Type
Cash ISA
Open With
£1
Interest Rate
1.31% AER fixed for 1 year
Protection Scheme
FSCS
Tesco Bank Instant Access Cash ISA
Account Type
Cash ISA
Open With
£1
Interest Rate
0.75% AER variable
Protection Scheme
FSCS
Tesco Bank 1 Year Fixed Rate Saver Annual
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
1.41% AER fixed for 1 year
Protection Scheme
FSCS
Tesco Bank 1 Year Fixed Rate Saver Monthly
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
1.41% AER fixed for 1 year
Protection Scheme
FSCS
Tesco Bank 2 Year Fixed Rate Saver Annual
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
1.51% AER fixed for 2 years
Protection Scheme
FSCS
Tesco Bank 2 Year Fixed Rate Saver Monthly
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
1.51% AER fixed for 2 years
Protection Scheme
FSCS
Tesco Bank 3 Year Fixed Rate Saver Annual
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
2.15% AER fixed for 3 years
Protection Scheme
FSCS
Tesco Bank 3 Year Fixed Rate Saver Monthly
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
2.15% AER fixed for 3 years
Protection Scheme
FSCS
Tesco Bank 4 Year Fixed Rate Saver Annual
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
2.4% AER fixed for 4 years
Protection Scheme
FSCS
Tesco Bank 4 Year Fixed Rate Saver Monthly
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
2.4% AER fixed for 4 years
Protection Scheme
FSCS
Tesco Bank 5 Year Fixed Rate Saver Annual
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
2.8% AER fixed for 5 years
Protection Scheme
FSCS
Tesco Bank 5 Year Fixed Rate Saver Monthly
Account Type
Fixed Bond
Open With
£2,000
Interest Rate
2.8% AER fixed for 5 years
Protection Scheme
FSCS
Tesco Bank Junior Cash ISA
Account Type
Junior Cash ISA
Open With
£1
Interest Rate
3% AER variable
Protection Scheme
FSCS

Tesco Bank savings reviews

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Does Tesco Bank provide your savings account?

Tell us what you think of them because it will help others.

25 Nov 2014

Recommended

Pretty average - relatively user friendly.

I took out this savings account because at the time it offered the best (but still dismal) interest rate. It's fine. Not really remarkable in any way. Easy access to savings and average rates of interest. Annual statements provided by post which is good, not all on line savings accounts do. Website is fine and reasonable user friendly.

3
Satisfactory
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

2 Nov 2014

Recommended

Fair Interest Rates

Interest rates have stayed competitive but would still check as bonuses have come and gone as with most savings accounts. Was easy to set up account and customer service on the phone is very good. Easy to manage the account on website. However, there is no cash card so you have to be organised and transfer money when you need it.

Interest rates

No cash card

4
Good
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

19 Nov 2014

Recommended

A very useful account

I found being able to pay in to this account in-store incredibly useful - no extra journeys or post charges. It has been a very usable account. The interest has been up and down but still better than many bank accounts. It is easy to get transfers in and out of the bank via telephone banking. I haven't had any problems on the whole and I have been an account holder since the bank opened. Sometimes I have had to wait in store for an appropriate member of staff to be at the service desk, but on the whole the account has been easy to manage and use.

In store convenience

more difficult to no notice transfer large amounts

3
Satisfactory
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

15 Oct 2014

Recommended

Tesco Savings Bank review

I have nothing but praise for Tesco bank as their saving account has been nothing but good for me, being able to add to it at random when shopping, getting a good interest rate, collecting reward points and having my money always accessible. In answer to your question, how did I find the product: via an email sent to me directly from Tesco. I find their customer service to be very good - friendly, informative and understanding

Accessibiliyt and interest rates

5
Excellent
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

16 Oct 2014

Tesco Bank Savings Account

Tesco offered a better rate of interest than others. It was very easy to set up the account and I have had no problems with it. Having said that I have not really had much activity on the account. I am a little worried that in their present poor financial situation Tesco bank may decide to appropriate the funds in their accounts to help plug the hole of £250 million that their poor management has left them with. On the other hand any losses will be covered by the government so maybe nothing to worry about.

easy to set up and good interest rate

4
Good
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

15 Oct 2014

Recommended

No problems. 5 year fixed rate.

Straightforward application process. The interest is paid annually to my Current Account at another bank. Interest rate is competitive, or I'd have gone elsewhere. Everything done on-line without the need to involve salesmen or "advisors". I would definitely consider this product if you have already used up ISA allowances and the rate is still OK.

Interest rate was OK

4
Good
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

9 Dec 2014

Recommended

Best rate available

These days it is hard to get a decent rate of interest on your savings so it is really the case of picking the best of what's out there. I used the money.co.uk comparison site and Tesco came out best for me. Also,they have internet banking and do not charge you for making withdrawals. One other option is using peer to peer lending services but there is an element of risk involved with that which means it doesn't suit everybody. I am happy with my Tesco account at the moment but will change it as soon as a better savings rate comes along because that seems to be the only way to manage money at the moment. Banks don't seem to be rewarding loyalty really unfortunately.

5
Excellent
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

28 Oct 2014

Recommended

Allows direct debit payments in

One of the few accounts that allows funding via direct debit, so can set it and forget it. Excellent for regular saving. Downside is that Tesco security is ridiculously over the top, and it is easy to get locked out of your account necessitating a phone call. This starts with failing to recognise the computer (because in this day and age, people clear cookies regularly or get the browser to do it for them). However customer service is excellent when needed.

Direct debit payments, competitive interest

Easy to get locked out of online

5
Excellent
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

20 Nov 2012

Abysmal service, has taken me over a month and my savings acc still isn't open

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!

Friendly staff - have to be, I imagine all they get is complaints!

Lack of service, messing up applications, fail to communicate anything

1
Poor
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

27 Jun 2013

Recommended

Tesco Savings Account

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.

Good customer services, good rates, good website

4
Good
  • Customer service

  • Value for money

  • Flexibility & fairness

  • Product features

Does Tesco Bank provide your savings account?

Tell us what you think of them because it will help others.