Tesco Fixed Rate Saver 2 reviews

Published on 1 January 1970 by Raffick Marday

Tesco fresh fixed rate saver pays 2.95 per cent over one year and 3.5 per cent over two years. The interest rate is plausibly competitive.

The best thing about this account is that it is Tesco Bank's first new offering since it was separated out from RBS two years ago. The next step is for Tesco to shift towards current accounts and mortgages, which should shake up the market. This account will not make a huge bang, but could be useful if you have savings elsewhere with less income. Nonetheless, over one year you could get 3 per cent at Northern Rock and over two years the Halifax pays 3.55 per cent.

WHAT ARE THE BENEFITS?

  • Great rates: choose either a 1 year term at up to 2.95% Gross/AER or a 2 year term at up to 3.40% Gross/AER
  • Choice of terms: choose from a 1 or 2 year fixed term
  • Your choice on how interest is paid: monthly or annually to a separate account of your choice
  • You can chose how to make your one-off deposit
  • Can easily open over phone

It is essential that you opt the right savings product for your necessities - with a Fixed Rate Saver account you will profit from a higher rate but there are no withdrawals allowed so you will not be able to access it until the end of your chosen term.

HOW TO OPEN AN ACCOUNT?

It can be opened simply over phone, with a debit card. The account provides an extent of elasticity with interest paid monthly, annually or at the end of the term. Lowest balance is £2,000. With rates assumed to increase in sometime, the interest might look less competitive than it does now, but cash must be locked away for one or two years.

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