Fixed rate savings

Fixed Rate Saver account

Fixed Rate Saver account

  • Choose from a range of terms between 1 and 5 years
  • Make a single deposit between £2,000 and £5m within the first 30 days of account opening
  • Earn interest on your savings tax free, up to a certain amount

Annual interest rates

  • 2.00% Gross/AER
  • For 5 year term.Monthly interest rates may differ from that shown.

Fixed Rate Cash ISA

Fixed Rate Cash ISA

  • Save up to £20,000 tax-free (2017/18 tax year)
  • Watch your savings grow - you've 30 days from account opening to deposit up to the maximum allowance
  • Guaranteed interest rate for a year

Interest rate

  • 1.16% Gross/AER
  • Fixed for the 12-month term of your ISA providing your money is kept in the account for the fixed term.

Benefits of fixed rate savings accounts

  • Make a one-off payment and let your savings grow
  • Choose to receive your interest monthly or annually
  • Your interest rate is fixed for the term of your savings account
FSCS - protecting your money
FSCS - protecting your money

Financial Services Compensation Scheme

Your eligible deposits with Tesco Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. Please see below for further information.

Contact us

Have a question or need help applying? Our friendly, UK-based customer service team is here to help.

Important information

Fixed Rate Saver interest rates and definitions

Our current interest rates and available terms are shown below.

Length of termGross/AER*Gross monthly*
1 year1.16%1.15%
15 months1.30%1.29%
2 years1.60%1.59%
3 years1.80%1.79%
5 years2.00%1.98%

These rates are subject to change and may be withdrawn at any time. Rates correct as at 25 October 2017.

Interest is calculated daily from the date we receive your deposit and will be paid to a separate account of your choice either monthly or annually.

*The Government has now introduced a Personal Savings Allowance, which will enable savers to earn interest on their savings tax free, up to a certain amount. We will no longer deduct tax from the interest you earn.

Interest rate definitions

Gross is the interest rate paid before tax is deducted.

Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year. Interest is paid directly into a separate account of your choice and is therefore not compounded