Tesco Bank

 

 

Tesco Bank is the financial subsidiary of UK-based Tesco Plc. It offers personal finance products such as savings account and lending services to individual customers.[br]

Tesco Bank: Savings

Tesco Bank pioneers in online savings account services and management. The types of savings accounts available with Tesco Bank are:

Internet saver: This Tesco Bank savings account can only be managed online. It has no ATM, no phone banking and no store banking facility. Key details about this account are:

• The accountholder has to install Card Reader to amend account details and make online transactions.

• Accepts deposits through Fast Payments service or BACS (Bankers’ Automated Clearing Services) transfers. It also accepts direct deposits or standard orders.

• Up to 3% gross / AER (annual equivalent rate) variable rate of interest. It includes a 1.75% fixed bonus interest rate on balances up to £100,000 for a period of 12 months.

• Prevailing interest rate is applicable to the account after the completion of the bonus period.

• £1 as minimum opening balance.

• Money can be withdrawn online 24×7 to any designated account.

• Maximum daily withdrawal limit is £10,000.

 

Instant access savings account: This savings account offers greater banking flexibility with access to ATM, phone banking and in-store banking. Tesco Bank also provides Clubcard points as an introductory reward to instant access savings accountholders. These points can be redeemed to make purchases at Tesco’s retail or online stores. Key details of this savings account are:

• Tiered structure for estimating the rate of interest, which means the more an individual saves, the more s/he earns.

• Up to 1.25% gross AER (variable), provided the minimum balance in the account is £50,000.

• Deposit money at Tesco stores in cash or in checks at other authorized stores. Online money deposit is also possible.

• Money withdrawal available at Tesco stores or through Tesco ATM or LINK cash dispensing machines. One can also make withdrawals online or via phone banking services.

• Online account management requires Card Reader installation.[br]

 

Tesco Child Trust Fund: It is a tax-free initiative by Tesco Bank to secure children’s future investment. It is an equity-based plan with compound interest rates. The policy matures when the child reaches 18 years.

 

Tesco Bank also provides lending services to meet the financial requirement of individuals. Major loan products are car, home, travel and special occasions.