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. Every little certainly does help when it comes to savings, so here’s the current range with live rates.
Easy access savings accountsTesco Bank's best easy access rate of 4.75% is significantly lower than today's market-best rate of 8%.
Cash ISAsTesco Bank's best cash ISA rate of 5.1% is slightly lower than today's market-best rate of 5.71%.
Fixed-rate bondsTesco Bank's best fixed-rate bond rate of 5.1% is slightly lower than today's market-best rate of 5.8%.
Overview of Tesco Bank savings
|Savings account types include||Easy access, cash ISAs, fixed-rate bonds|
|Best easy access rate||4.75%|
|Best cash ISA rate||5.1%|
|Best fixed-rate bond rate||5.1%|
|Fixed bond terms||1 year - 5 years|
|Opening options||Website, telephone|
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 2023 customer satisfaction survey, Tesco Bank scored 4 stars out of 5, with 75% of customers saying they’d recommend the brand to a friend.
Customers in our survey found their Tesco Bank savings account easy to use and set up. Several also commented positvely on Tesco Bank’s customer service. One commented: “Great efficient service and friendly customer service”.
The Tesco Bank app has a rating of 4.8 out of 5 from around 277,000 reviews on the App Store. On Google Play, the app has a score of 4.6 from around 15,200 Android app users (June 2023).
What are the pros and cons of saving with Tesco Bank?
- 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.
- 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.
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
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