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Nearly 100 years ago, Tesco sold its first ever own-brand product: Tesco tea. Since then, the supermarket chain has become a multi-billion pound company, and even expanded into banking.
It offers a range of savings options, from regular savings accounts to ISAs. Read on to find out which of Tesco’s savings options is your cup of tea. After all, “Every little helps.”
Instant access accounts are suited to people who are trying to save on a budget, or who think they might need to dip into their savings at some point in the near future.
Why? Well they let you pay in when you can and take out money whenever you need it, while offering small interest returns. Tesco Bank offers two instant access options:
Fixed rate saver account
A cash ISA is a savings account where you don’t pay tax on the interest you earn. There’s a limit on the amount you can deposit into ISAs each year, which is set by the government. For the year 2018/2019, the amount is £20,000.
Tesco Bank offers three ISAs. It’s worth bearing in mind that the government gives you a personal tax allowance for interest you can earn tax-free outside of an ISA. The amount of tax-free interest you’re allowed depends on whether you are a lower-rate or higher-rate tax payer.
Here are Tesco Bank’s three options in more detail:
The instant access cash ISA
Fixed rate cash ISA
Applying for a Tesco Bank account is always online. You will need documents when applying, though. You could be asked for:
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