Tesco Bank savings rates

Tesco Bank offers a broad range of savings accounts with interest rates up to 4.81%.

4.0 ★★★★★ (93 reviews) Write a review
Tesco Bank

Formerly a partnership with RBS, Tesco Bank is now 100% its own thing, and provides a respectable range of savings products covering instant access accounts, bonds, ISAs and junior savings. Tesco Bank's top savings rate of 4.81% is available on one of its fixed-rate bond accounts.

Easy access savings accounts

Table: sorted by interest rate
Tesco Bank's best easy access rate of 4.66% is significantly lower than today's market-best rate of 7.49%.
1 - 2 of 2
Name Product Account type Withdrawals Min. opening balance Interest rate Deposit protection Open via Incentive Apply link
Tesco Bank – Internet Saver
Variable
Instant access
£1
4.66% AER variable (includes a 3.41% bonus )
FSCS logo
protected
Open via: website
Go to site
View details
Tesco Bank – Instant Access Cash ISA
Cash ISA
Instant access
£1
4.3% AER variable (includes a 3.05% bonus )
FSCS logo
protected
Open via: website, telephone
Go to site
View details
loading
Compare more instant and easy access accounts up to 7.49%

Cash ISAs

Table: sorted by interest rate
Tesco Bank's best cash ISA rate of 4.45% is slightly lower than today's market-best rate of 5.1%.
1 - 2 of 2
Name Product Interest rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description Apply link
Tesco Bank – Fixed Rate Cash ISA
4.45% AER fixed for 1 year
£1
Anniversary of account opening
Withdrawals not permitted
FSCS logo
protected
Open via: website, telephone
Go to site
View details
Tesco Bank – Instant Access Cash ISA
4.3% AER variable (includes a 3.05% bonus )
£1
Anniversary of account opening
Instant access
FSCS logo
protected
Open via: website, telephone
Go to site
View details
loading
Compare more ISAs up to 5.1%

Fixed-rate bonds

Table: sorted by interest rate
Tesco Bank's best fixed-rate bond rate of 4.81% is slightly lower than today's market-best rate of 5.5%.
1 - 5 of 10
Name Product Interest rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description Apply link
Tesco Bank – Fixed Rate Saver
4.81% AER fixed for 1 year
£2,000 - £5,000,000
Monthly
Withdrawals not permitted
Website, telephone
FSCS logo
protected
Open via: website, telephone
Go to site
View details
Tesco Bank – Fixed Rate Saver
4.81% AER fixed for 1 year
£2,000 - £5,000,000
Anniversary of account opening
Withdrawals not permitted
Website, telephone
FSCS logo
protected
Open via: website, telephone
Go to site
View details
Tesco Bank – Fixed Rate Saver
4.65% AER fixed for 1.5 years
£2,000 - £5,000,000
Monthly
Withdrawals not permitted
Website, telephone
FSCS logo
protected
Open via: website, telephone
Go to site
View details
Tesco Bank – Fixed Rate Saver
4.65% AER fixed for 1.5 years
£2,000 - £5,000,000
Anniversary of account opening
Withdrawals not permitted
Website, telephone
FSCS logo
protected
Open via: website, telephone
Go to site
View details
Tesco Bank – Fixed Rate Saver
4.5% AER fixed for 2 years
£2,000 - £5,000,000
Anniversary of account opening
Withdrawals not permitted
Website, telephone
FSCS logo
protected
Open via: website, telephone
Go to site
View details
loading
Compare more fixed-rate bonds up to 5.5%

What is Tesco Bank's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Tesco Bank offers, plus the highest interest rate currently available.

Savings account types include Easy access, cash ISAs, fixed-rate bonds
Best easy access rate 4.66%
Best cash ISA rate 4.45%
Best fixed-rate bond rate 4.81%
Fixed bond terms 1 year - 5 years
Opening options Website, telephone
FSCS protection

How to open a Tesco Bank savings account

Applying for a Tesco Bank account is always online. You will need documents when applying, though. You could be asked for:

  • Photo ID, like a passport or driving licence
  • Your address history for the last 3 years
  • Proof of address, such as a recent gas or electricity bill
  • Proof of your monthly income after tax and national insurance deductions

Tesco Bank customer reviews

In our independent 2024 customer satisfaction survey, 80% of Tesco Bank’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s great customer service. However, some cited poor interest rates. Here’s what some of those Tesco Bank customers had to say:

“Tesco’s customer service is top-notch, they respond to any problem immediately”

“It’s user friendly and easy to transfer money in and out. There are tools on the app to help manage your money.

The Tesco Bank app has a rating of 4.8 out of 5 from around 300,000 reviews on the App Store. On Google Play, the app has a score of 4.4 from over 16,000 Android app users (May 2024).

What are the pros and cons of saving with Tesco Bank?

Pros

  • Online and mobile. Manage your savings accounts online or in the Tesco Bank app. Transfer your money between your Tesco accounts and check your balances and transactions.
  • Savings card allows cash withdrawals. Some of its instant access savings accounts come with a card which can be used to make ATM withdrawals straight from the account.
  • Junior ISA. Made for children that don’t have a trust fund. You can start off small and build up the savings pot over time.

Cons

  • Better interest rates elsewhere. Decent rates with some of these options but better ISA and savings account interest rates elsewhere.
  • Easy access is not so easy compared to some competitors. Tesco Bank’s main easy access savings account comes with daily withdrawal limits.
  • Bonus rates. Look out for “bonus” rates that can drop drastically after an intro honeymoon period. At that point, change to a different Tesco Bank savings account or save with a new bank.

Customer service information for Tesco Bank

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Bottom line

Tesco Bank savings accounts include instant access, fixed-rate and tax-free options, so should cover your needs, whether you’re looking to save little and often or in big chunks. Read our summary of today’s best savings rates to make sure it’s right for you and see how it weighs up against other savings providers.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

More guides on Finder

Go to site