Tesco Internet Saver

Not sure if this has been mentioned anywhere else as a forum search has not brought it to the fore, however, this latest offering from Tesco Bank seems worth a look.

It has the same current rate as Atom and Marcus Bank, however, its underlying bonus rate is 0.40%, meaning the rate will obviously not drop below that for twelve months.

Add in the fact that you can appear to have multiple linked accounts in your own name and this seems the perfect account for when the Skipton bonus disappears.

You can also schedule withdrawals.

I opened one inside ten minutes.

https://www.tescobank.com/savings/flexible/internet-saver/

Edit:

FP deposit from my Monzo account showed after 15 minutes in the Tesco Mobile Banking app (android)

3 Likes

Have bumped this because their latest offering for their easy access instant saver is 0.69%, which includes a 0.59% bonus for the first 12 months.

One word of warning, for those that have not used Tesco Bank Instant Savers, there will be a period of about 5 days or so where you cannot withdraw from your new savings account, while Tesco Bank do some verification checks.

Do not deposit in that new account, any funds you may need in the first week, just in case.

Once the account has passed its checks, you can set up and withdraw to multiple accounts in your own name. You are not linked to just one like many other savings providers.

Now dropped to 0.49%, including a 0.39% bonus for 12 months :man_shrugging:

I wonder whether they’ll raise it again soon due to BoE upping the interest rate?

Not likely, I would say!

They are. To a degree.

Tesco Bank will raise their underlying rate from 0.10% to 0.25% (i.e. the full increase) wef 11 January 2022

Source: Tesco Bank

So, that means that those, like me, with the recent 0.59% bonus account, will be on 0.84% wef 11 Jan 2022

Anyone opening one today, would be on 0.64% (0.25 underlying + 0.39% bonus)

1 Like

Glad they’re reflecting the change, and not waiting until customers notice!

Are we likely to see the main banks like HSBC/Lloyds TSB increase rates on easy access savings? Haven’t seen anything to date

2 Likes

Ah, clever.

No rate increase for most, overall, but a way for them to clearly argue that they are reflecting the increase.

1 Like

They will probably keep their existing low rates as they can get away with it!

Customers who just open a savings account with their existing high street bank aren’t the type to shop around, so an attractive rate makes little difference.

1 Like

Wouldn’t bewilder me, they can get away with a lot!

I see the appeal mind you, of having everything in one place - easy to log in and view all my money easily.

1 Like

Indeed. Open Banking was supposed to make it just as easy to view all your accounts no matter the provider, but it’s not quite there yet.

Maybe, as it gets refined, that will be a bit more workable.

It’s definitely an improvement, but i think if you were able to do transfers etc from the one app that would seal it for me

Tesco Internet Saver is now available with a bonus rate greater than my current bonus + underlying rate combined!

The latest release is 1.11%, which includes a 12-month bonus of 0.86%

Bulk of my easy access savings remain in Chase at 1.50%, and shall continue to do so.

For information of anyone else interested :grin:

3 Likes