Tesco Bank is a British retail bank which formed in July 1997 as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco, the largest supermarket in the United Kingdom. It offers a range of personal banking and insurance products.
Instant Access Cash ISA
Tesco’s Instant Access Cash ISA is a tax-free savings accounts where you do not pay tax on the interest you earn. It has a minimum investment of just £1, up to the maximum allocation of £20,000 tax-free. You will have online access to your account 24/7, and you can take money out anytime and replace it later, without it counting towards your annual ISA allowance. This product has a variable interest rate of 0.10% Gross/AER.
Fixed Rate Cash ISA
Tesco’s Fixed Rate Cash ISA gives you a set rate of interest guaranteed for a year. The interest you earn will be tax-free. However you can’t withdraw any money during this fixed term unless you close the account and pay a fee. It has a minimum investment of just £1, up to the maximum allocation of £20,000 tax-free. This product has a fixed interest rate of 0.40% Gross/AER.
Junior Cash ISA
Tesco’s Fixed Junior ISA is an affordable way to save for your child’s future if they don’t have a Child Trust Fund. The money in the ISA belongs to the child, who can withdraw it when they reach 18. Anyone can pay into this account – grandparents, relatives and friends – up to a maximum allocation of £20,000 tax-free. You can open this account with just £1. This product has a fixed interest rate of 2.75% Gross/AER.
Tesco Bank offers a large range of personal banking and insurance products, including loans, savings, credit cards, home and pet insurance, money transfer and more.
Tesco Bank Reviews and Ratings
Online reviews for Tesco Bank are fairly poor. Customers have complained about the unprofessionalism in the call centre, slow money transfers, poor administration procedures and bad customer service. Many have escalated their complaints to the Ombudsman. Many other people, however, have had a decent experience with the company, praising the top customer service, the good loan rates and efficient request resolutions.
- A choice of fixed rate or variable interest rate ISAs
- Junior versions of the Cash ISA also available
- A large range of personal banking and insurance products
- Clear, easy to understand information on website
- A selection of helpful online tools, guides and calculators
- Protected by the FSCS
- Partnered with The Royal Bank of Scotland
- Cash ISAs only
- Stocks and Shares, Lifetime ISAs or other ISA products not offered
- Many negative customer reviews
- Complaints of poor customer service
- Instances of slow administration procedures
Website: Tesco Bank