This comparison simply includes all savings accounts.
Tesco Savings Accounts
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Interest can be paid monthly or annually. £500,000 maximum balance. FSCS Protected. Must be UK resident and aged 18 or older. Unlimited withdrawals subject to 45 days notice
Why we like it: Interest can be paid monthly or annually. £500,000 maximum balance. FSCS Protected. Must be UK resident and aged 18 or older. Unlimited withdrawals subject to 45 days notice
Why we like it: Minimum deposit £1000. No withdrawals permitted. Apply online. Eligible deposits covered by UK FSCS.
Why we like it: Minimum deposit £1,000. Interest paid at maturity. No withdrawals permitted. Apply online. Eligible deposits covered by UK FSCS.
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Earn 1.00% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.
Why we like it: Check where you’re up to anytime, anywhere with our app and online banking. Keep track of your money with real-time balance and transaction details. Instant spending alerts. Send money in seconds to your existing payees or set up new ones. Contactless debit card. Pay in cash and cheques at the Post Office. Use your fingerprint or facial recognition as a way to access your account. Lock your card if you lose it, and unlock it again if it turns up. No minimum monthly pay in. No fees if we’re refusing a payment due to lack of funds (such as if a Direct Debit bounces). No credit checks. Improve your credit score. Apply in a few minutes with no tricky questions
Compare Tesco savings accounts
Tesco Bank is a wholly owned subsidiary of Tesco plc. Savers with Tesco Bank can choose from several different types of accounts, each of which are a good match for different types of saving. To find the best fit for your finances and saving goals take a look at the main styles of savings accounts Tesco offers below.
Current Accounts
If your main goal is to get the best interest rate possible, you should look at keeping at least some of your savings in a current account. These usually offer some of the best returns, but only on smaller amounts.
If your savings exceed the interest ceiling on your current account, you will likely need to spread your money across a few different types of accounts to get the best overall return.
Instant Access Savings Accounts
Savers who valuable flexibility will probably do best with an instant access account. This lets you add and remove money at your convenience, although you may only be allowed so many withdrawals per year.
Some instant access accounts offer a cash card for use at ATMs while most will allow you to make transfers online and by phone.
Fixed Rate Bonds
If you have a sizeable sum that you do not need to use in the immediate future, a fixed rate bond can offer the best return. They work by giving you a fixed, usually very favourable, rate of interest for a set period, during which you cannot access your money.
Fixed rate bonds generally last for around 1-5 years and the longer the term of the bond, the higher the interest rate you are likely to get.
Cash ISAs
ISAs are designed to allow UK taxpayers to earn interest on their savings without paying tax on that interest. There is a yearly limit on how much you can place in an ISA, which for 2017/18 is £20,000.
ISAs are normally one of two sorts – instant access and fixed term. Instant access cash ISAs give variable interest rates and you can get at your money whenever you need to. Fixed term cash ISAs offer guaranteed interest rates for a set period during which you cannot add or withdraw money from your account.
Although you won’t pay tax on the money you earn on an ISA, the interest rates they offer tend to be lower than for some other kinds of savings accounts. This means you need to carefully calculate what you will save in tax and compare this to the interest you are likely to lose out on by not going for an account with a higher rate.
Find the best Tesco savings account for you
Whether you choose to invest your savings with Tesco Bank or would prefer to explore other providers, our savings account comparison tool allows you to find the best deal for you. Head to the top of the page to see all the top offers from across the market.
