Reinvest your Fixed Rate Savings
If you want to keep saving with your existing Tesco Bank Fixed Rate Saver account, you can reinvest for another fixed term through our Mobile App or Online Banking.
Here are some things you should know:
- You can reinvest up to 30 days before your term ends.You can reinvest up to 30 days before your term ends.
- Your new rate and term will start on the date your existing term ends - or when your reinvestment request has been processed if your term has already ended.Your new rate and term will start on the date your existing term ends - or when your reinvestment request has been processed if your term has already ended.
- You can reinvest your full balance up to a maximum of £5million. You can also include any interest due with your reinvestment or send this to your linked account. There are other options if you'd like to reinvest another amount.You can reinvest your full balance up to a maximum of £5million. You can also include any interest due with your reinvestment or send this to your linked account. There are other options if you'd like to reinvest another amount.
- Once your money has been reinvested, your money is locked away for the duration of your new fixed term. You cannot cancel the account, add any further funds or make any withdrawals during this time.Once your money has been reinvested, your money is locked away for the duration of your new fixed term. You cannot cancel the account, add any further funds or make any withdrawals during this time.
- Please revisit the Summary Box and Terms and Conditions. These will remind you of the features and terms of our Fixed Rate Saver account, as some of these may have changed since you first applied.Please revisit the Summary Box and Terms and Conditions. These will remind you of the features and terms of our Fixed Rate Saver account, as some of these may have changed since you first applied.
- Check out our frequently asked questions if you have more questions about reinvesting.Check out our frequently asked questions if you have more questions about reinvesting.
|
Term |
Annual |
Monthly |
|---|---|---|
|
1 year |
4.15% |
4.07% |
|
15 months* |
4.15% |
4.07% |
|
18 months |
4.00% |
3.93% |
|
2 years |
3.85% |
3.78% |
|
3 years |
3.70% |
3.64% |
|
5 years |
3.55% |
3.49% |
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.
How to reinvest your savings:
To continue saving with us, use our Mobile App or Online Banking to reinvest your full Fixed Rate Savings balance in a few easy steps by:
- Picking your new term and ratePicking your new term and rate
- Choosing between annual or monthly interestChoosing between annual or monthly interest
- Opting to reinvest your interest due, or send it to your linked accountOpting to reinvest your interest due, or send it to your linked account
Alternatively, if your term has already ended or if you don’t have log in details, you can request to reinvest your savings by downloading our digital form and emailing it back to us, or if you need help reinvesting you can call us.
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*Rates shown in the Mobile App and Online Banking examples are for illustrative purposes only.
A Summary Box sets out the key features of a savings account. It’s designed to help you easily compare between accounts. For full details, please read the account terms and conditions.
Summary Box
Fixed Rate Saver
The interest depends on the term you choose and whether you choose annual or monthly interest.
|
Term |
Annual Interest Gross AER (fixed) |
Monthly Interest Gross AER (fixed) |
|---|---|---|
|
1 year |
4.15% |
4.07% |
|
15 months* |
4.15% |
4.07% |
|
18 months |
4.00% |
3.93% |
|
2 years |
3.85% |
3.78% |
|
3 years |
3.70% |
3.64% |
|
5 years |
3.55% |
3.49% |
*Available to existing Fixed Rate Saver customers when reinvesting only.
- We pay interest from the date on which we receive your payment. Interest is calculated on a daily basis and accrues until the date your account matures
- Interest will be paid directly to your Linked Account on the funding anniversary of the account. This will be monthly or annually, depending on what you choose at application
- Please note that if you fund your Account by cheque, interest will be applied 2 Business Days after receipt
Gross is the interest 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 this account is paid directly into a separate account of your choice and is therefore not compounded.
No. The interest rate is fixed for your chosen term.
The balance of the account would not change as interest gets paid into the Linked Account.
Below shows the annual or monthly (Gross) interest payment that you would receive throughout your chosen fixed term, depending on which option you select. The monthly interest calculation is an average as this will vary depending on the number of days in the month:
|
Term |
Annual Interest option selected |
Monthly Interest option selected |
|---|---|---|
|
1 year |
£83.00 |
£6.78 |
|
15 months* |
£83.00 |
£6.78 |
|
18 months |
£80.00 |
£6.55 |
|
2 years |
£77.00 |
£6.30 |
|
3 years |
£74.00 |
£6.07 |
|
5 years |
£71.00 |
£5.82 |
*Available to existing Fixed Rate Saver customers when reinvesting only.
-
You can apply online or over the telephone. To be eligible you must:You can apply online or over the telephone. To be eligible you must:
- Be a UK resident over 18 years of age
- Provide details of a Linked Account in your own name
- You can deposit a minimum of £2,000 up to a maximum of £5,000,000You can deposit a minimum of £2,000 up to a maximum of £5,000,000
- You can only make one deposit and this must be received within the first 30 days of openingYou can only make one deposit and this must be received within the first 30 days of opening
- You can manage your account over the phoneYou can manage your account over the phone
- You can view your balance on Online Banking or the Mobile Banking AppYou can view your balance on Online Banking or the Mobile Banking App
- When the account matures you must call 0345 678 5678* to let us know what you would like to doWhen the account matures you must call 0345 678 5678* to let us know what you would like to do
*This number may be included as part of any inclusive minutes provided by your phone operator.
- No - you can’t take your money out until your fixed term ends. If you need to access your money due to exceptional circumstances, we will pay you the balance on your Account and the account will be closed. You will not be charged for this.No - you can’t take your money out until your fixed term ends. If you need to access your money due to exceptional circumstances, we will pay you the balance on your Account and the account will be closed. You will not be charged for this.
- The following examples are examples of what we consider ‘exceptional circumstances’ - death, diagnosis of terminal illness, bankruptcy, insolvency or sequestration. We may ask you to provide evidence of your circumstances. (House purchases are not considered exceptional circumstances).The following examples are examples of what we consider ‘exceptional circumstances’ - death, diagnosis of terminal illness, bankruptcy, insolvency or sequestration. We may ask you to provide evidence of your circumstances. (House purchases are not considered exceptional circumstances).
- We will send you a reminder at least 14 days before the end of your chosen term with options on what you can do with your money. If you don’t give us an instruction your money will stay in the account until you provide this. You will earn interest at a rate which we will inform you of before your fixed term ends.We will send you a reminder at least 14 days before the end of your chosen term with options on what you can do with your money. If you don’t give us an instruction your money will stay in the account until you provide this. You will earn interest at a rate which we will inform you of before your fixed term ends.
Since the government introduced Personal Savings Allowance on 6 April 2016, we will no longer deduct tax and interest will be paid gross. If you exceed your Personal Savings Allowance you may still need to pay tax on the interest you earn.
View or download the account documents
Frequently asked questions
You can request to reinvest your savings easily via Mobile App, Online Banking or digital Reinvestment Request form.
Alternatively, if you’d rather speak with us or can’t reinvest digitally, call us on 0345 678 5678*.
*This number may be included as part of any inclusive call minutes provided by your phone operator.
You have 2 options:
Your original balance
- Reinvest the amount you deposited. We’ll send your interest to your linked account at maturity. If your account has already matured, your interest will already have been sent to your linked account.Reinvest the amount you deposited. We’ll send your interest to your linked account at maturity. If your account has already matured, your interest will already have been sent to your linked account.
Your original balance and the interest due when your existing term ends
Reinvest the amount you deposited and the interest you’re due from your Fixed Rate Saver account.
- If you’ve been receiving your interest monthly, you’ll only be able to reinvest your final outstanding interest payment.If you’ve been receiving your interest monthly, you’ll only be able to reinvest your final outstanding interest payment.
- If your account has already matured, you won’t be able to reinvest the interest as it will already be sent to your linked account.If your account has already matured, you won’t be able to reinvest the interest as it will already be sent to your linked account.
If you’d like to reinvest another amount, apply for a new Fixed Rate Saver with us and arrange to move your funds over or give us a call to do this.
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.
You can request your reinvestment anytime within 30 days of your term ending or if it has already ended.
Your new fixed rate term will begin on the date your existing term ends. If your term has already ended it will begin once your reinvestment request has been processed.
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.
Protecting your savings
Your eligible deposits held by a UK establishment of Barclays Bank UK PLC are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Barclays, Barclays Business Banking, Barclays Premier Banking, Barclays Wealth Management and Tesco Bank. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please ask for further information or visit www.fscs.org.uk.
Contact us - we're here to help
Have a question or need help applying? Our friendly, UK-based customer service team is here to help.