Tesco Internet Saver
Make your money work harder with the Internet Savings Account from Tesco where you can earn up to 2.75% gross/AER variable on your savings with an opening balance of just £1. This sort of rate is currently only available for 1 year bond accounts, but now you can get this great rate from www.tesco.com/savings1 with 24 hour access and no restrictions on the number of withdrawals and no hidden charges.
Click here to open a Tesco Account
The reason they can offer the 3% AER rate from the www.tesco.com/savings2 offer is that 1.50% of the 2.75% AER is a bonus rate and only payable for the first year the account is open. After the initial 12 months, you drop down to the base rate which is currently 1.25% AER and variable. As there are no restrictions on your cash deposits, you can take your money out after a year and put it somewhere else that is offering a better interest rate that the www.tesco.com/savings3 offer.
www.tesco.com/savings3 conditions
You must be over 18 to open a www.tesco.com/savings4 Internet Savings Account, with a minimum opening balance of £1. the bonus rate does not apply to balances of £100,000 or more, and the rate you’ll earn will be the base rate which is 1.25% ( 03/09/09 ) The www.tesco.com/savings3 offer is limited, and may be withdrawn at any time.
This review was posted on Monday, August 24th, 2009 and the offer details may have changed or ended since writing or updating. Check the company website for up to date information on offers.
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September 13th, 2009 at 4:12 pm
Do I understand that the bonus rate is onlyapplied to sums that have been in the account for one year? If I deposit £50,000 but after say three months need to withdraw £20,000, is it just the balance of £30,000 that attracts the bonus rate?
Pressoffers says ~ the tesco website states “Your bonus will be calculated on the daily cleared funds held in your account for the first 12 months your account is open. It will be applied to your account and shown separately on your statement at the next interest payment date.”