Tesco Bank increases rates on all Fixed Rate Savers

Tesco Bank has increased the interest rates on its Fixed Rate Saver products.

The increases to the 1-year, 2-year and 3-year Fixed Rate Savers mean customers can benefit from some of the best fixed rates in the market. 

The 1-year Fixed Rate Saver increases to 3.5%, the 2-year and 3-year Fixed Rate Savers are being increased to 3.6% and 3.7% respectively. These interest rates move Tesco Bank products further towards the top of the Best Buy tables, and are guaranteed during the terms of the accounts. 

Interest rates for new customers, effective from 26 April 2012:

Fixed Rate Saver Annual Rate*
1 year 3.5% Gross/AER
2 year 3.6% Gross/AER
3 year 3.7% Gross/AER

*Customers can choose to have their interest paid monthly or annually to a separate account of their choice. Monthly rates are available on our website.  

David McCreadie, Managing Director, Banking, said: "Tesco Bank continues to offer great deals to customers, and today's rate increases will further benefit savers looking for great returns for their money over one, two or three years.  

"The combination of competitive rates and a simple online application process have proved extremely popular with Tesco customers. The Fixed Rate Saver has seen continued growth since its launch in 2010 and many of our existing customers are now choosing to reinvest in a new Fixed Rate Saver."

For more information, visit tescobank.com.