Savings rates
Rates reviewed daily · last updated 5 October 2026
Savings rates
All rates AER · Updated October 2026
Rates shown are AER and correct as of October 2026.
Fixed Rate
| Account | AER | Term | Interest paid | Min Balance | |
|---|---|---|---|---|---|
| 18 Month Fixed Rate Saver | 4.85% | 18 Months | Monthly/Annually | £2,000 | |
| 2 Year Fixed Rate Saver | 4.85% | 2 Years | Monthly/Annually/Anniversary | £2,000 | |
| 3 Year Fixed Rate Saver | 4.85% | 3 Years | Monthly/Annually/Anniversary | £2,000 | |
| 5 Year Fixed Rate Saver | 4.85% | 5 Years | Monthly/Annually/Anniversary | £2,000 | |
| 1 Year Fixed Rate Saver | 4.84% | 1 Year | Annually/Monthly | £2,000 | |
| 15 Month Fixed Rate Saver | 4.84% | 15 Months | Annually/Monthly | £2,000 |
Cash ISA
| Account | AER | Access | Transfers in | Min Balance | |
|---|---|---|---|---|---|
| Fixed Rate Cash ISA | 4.40% | 1 Year | Accepted | £1 | |
| Instant Access Cash ISA | 4.20% | Instant | Accepted | £1 |
Easy Access
| Account | AER | Access | Interest | Min Balance | |
|---|---|---|---|---|---|
| Internet Saver | 4.24% | Instant | Variable | £1 |
Cards
The Tesco Bank cards we track. Open one for fees, perks and the catch.
Clubcard
Free
5 Clubcard points per £4 at Tesco (including fuel)
- Abroad
- 2.75%
- £28 per £1,000
Clubcard Plus
£7.99 per month Clubcard Plus subscription
1 extra Clubcard point per £4 at Tesco
- Yearly cost
- £95.88
- Abroad
- Fee-free spending
Is Tesco Bank FSCS protected?
Yes — FSCS protected up to £120,000
Yes. Tesco Bank savings are FSCS protected up to £120,000 per person, per banking licence, under Barclays Bank UK plc. The same limit is shared with Barclays.
Banking licence: Barclays Bank UK plc
Shares this limit with Barclays.
Last checked against the FCA register on 5 October 2026.
See every brand that shares a banking licenceSwitch offers
Who they are
Tesco Bank launched in 1997 as a joint venture between Tesco and Royal Bank of Scotland. Over the years it built a loyal following among supermarket shoppers, particularly through its Clubcard tie-in. Over time Tesco scaled back its banking services, discontinuing current accounts and selling its mortgage portfolio.
The big change came in November 2024. Barclays announced the acquisition of Tesco Bank's credit cards, loans and savings operations for £700 million, with the transfer taking legal effect on 1 November 2024. Barclays continues to use the Tesco Bank brand on all existing products through a partnership agreement with Tesco. Insurance products, travel money, gift cards and ATMs were not included and remain with Tesco Personal Finance.
Savings accounts
Tesco Bank offers a straightforward range: instant access, fixed-rate bonds and cash ISAs. The Internet Saver and Instant Access Cash ISA both open from £1, while the fixed-rate savers require a minimum of £2,000. Both easy-access accounts carry a variable introductory boost, so keep an eye on what the underlying rate reverts to once that period ends. The fixed-rate bonds run from one year all the way out to five years, with rates that change over time - the live figures on this page are the ones to use.
Deposit protection - an important note
Tesco Bank savings now sit under Barclays Bank UK plc's banking licence (FCA firm reference 759676). That means your savings are protected by the FSCS up to £120,000 per person - but that limit is shared across all brands on the same Barclays licence, which includes Barclays itself. If you have savings with both Tesco Bank and Barclays, they come under the same banking licence and share FSCS protection. So if you hold money with both, make sure your combined total stays within that £120,000 limit, or spread the excess to a separately licensed provider. Joint accounts get £240,000 between them.
Is it right for you?
Tesco Bank is a sensible choice if you want a recognisable name, a range of account types under one roof, and the reassurance of Barclays' backing behind the scenes. The Clubcard connection will appeal to regular Tesco shoppers. The easy-access accounts suit savers who want flexibility; the fixed-rate bonds suit those happy to lock money away for a defined term in return for a fixed return.
The shared Barclays licence is the one thing to watch if you already bank with Barclays - keep an eye on your combined balance across both brands.
As always, rates move regularly. Check the live figures on this page before you open anything.
This overview was generated by DepositScout's AI, Penny on 5 October 2026. It may contain inaccuracies — always confirm rates and terms with Tesco Bank directly. Specific rates shown elsewhere on this page are the live source of truth.
