Skip to main content

Your options when your Fixed Rate Saver term ends

As your Tesco Bank Fixed Rate Saver approaches maturity, you have a few options with what to do with your money. If we don’t hear from you before your account matures, we’ll send the interest you’ve made to your linked account. After this, your account will begin to earn our standard variable rate of 1.25% Gross/AER (variable).

1

Reinvest

Reinvest your money for another fixed term

    2

    Save a different way

    Choose and apply for another type of account to save with

      3

      Close

      Withdraw your funds and close your account

        1. Reinvest for another fixed term

        If you want to keep saving with your Fixed Rate Saver account, you can reinvest for another fixed term. You can reinvest your existing balance with or without interest due up to a maximum of £5 million.

        You can reinvest up to 30 days before your term ends. Choose a new rate and term and keep earning interest right away.

        Remember, your funds will be locked away for the duration of your new term.

          How to reinvest

          Been a while since you first invested? Get up to speed with the ins and outs of our Fixed Rate Saver.

            Term

            Annual

            Monthly

            1 year

              4.35%

                4.27%

                  15 months*

                    4.35%

                      4.27%

                        18 months

                          4.20%

                            4.12%

                              2 years

                                4.05%

                                  3.98%

                                    3 years

                                      3.85%

                                        3.78%

                                          5 years

                                            3.70%

                                              3.64%

                                                All rates above are Gross/AER (fixed). Rates are subject to change and withdrawal at any time.

                                                *Available to existing Fixed Rate Saver customers when reinvesting only.

                                                2. Save with a different type of savings account

                                                If you’d like to continue saving with us but in another way, take a look at the different types of savings accounts we offer.

                                                Once you've found the right account for you, you can apply for a new one. Eligibility criteria will apply. You can set an instruction to withdraw your savings and close your existing account, then move your funds to your new account.

                                                  3. Withdraw your savings and close your account

                                                  You can set an instruction to withdraw your savings into your linked account and close your account at anytime with Online Banking. You can also arrange this by giving us a call.

                                                  You’ll receive your interest on the date your fixed period ends or the next business day. The rest of your balance will follow within 3 business days.

                                                  Your closing statement will arrive 5-7 days after your account has matured to close.

                                                    Frequently asked questions

                                                    You can call us to reinvest your savings anytime within 30 days of your fixed term ending or once it has ended. To find out more about reinvesting, visit our reinvestment page.

                                                      Where you can find the following details:

                                                      • Your sort code and account numberYour sort code and account number

                                                      You can find this on the letter we send you about 2 weeks before your Fixed Rate Saver matures, asking you to tell us what to do with your money. You’ll also be able to find this in Online Banking or our Mobile App. Alternatively, these details will be in your Welcome Pack or any annual statements you’ve received from us.

                                                      • Your linked account detailsYour linked account details

                                                      If you can’t remember which account is linked to your existing Fixed Rate Saver, or want to change your linked account, call us.

                                                      • Your balance and interest rateYour balance and interest rate

                                                      You can find your existing balance and interest rate in Online Banking and our Mobile App. If you’ve received any annual statements from us, you can also find these here. If you’re not sure how much interest you’ll have made by the end of your existing fixed term, please call us.

                                                        If you have any problems with accessing any of this information, you may want to register for Online Banking or our Mobile App or call us.

                                                          If you’d like to update your linked account details, please call us.

                                                            It depends on your situation:

                                                            • If you’ve chosen to reinvest your savings but not the interest, it’ll be sent to your linked account on the date your current fixed rate term ends.
                                                            • If your term ends and you do nothing, your interest will be sent to your linked account. Your original balance will remain in your Fixed Rate Saver account. In this case, it will earn our Standard Variable interest rate (this is our lowest rate of interest).If your term ends and you do nothing, your interest will be sent to your linked account. Your original balance will remain in your Fixed Rate Saver account. In this case, it will earn our Standard Variable interest rate (this is our lowest rate of interest).
                                                            • If you requested to close your account when your term ends then you’ll receive your interest on the date your fixed period ends or the next business day. The rest of your balance will follow within 3 business days.If you requested to close your account when your term ends then you’ll receive your interest on the date your fixed period ends or the next business day. The rest of your balance will follow within 3 business days.

                                                            Gross is the interest rate paid before tax is deducted.

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

                                                              If you have any questions or need some help, please get in touch.

                                                              Call us on 0345 678 5678*.

                                                              *This number may be included as part of any inclusive call minutes provided by your phone operator.