Tesco Bank launches new fixed-rate saver account

Tesco Bank has launched a new savings product, offering a competitive rate of return for a fixed term deposit for one or two years.

The new savings accounts, which offer customers very competitive savings interest rates, are the first to be offered by Tesco Bank as a standalone bank.

Tesco's fixed-rate saver pays 2.95 per cent gross/AER for customers depositing their savings for a year and 3.50 per cent gross/AER if they deposit their savings for two years.

Customers cannot access their money or close the account for the duration of the fixed term.

Benny Higgins, chief executive of Tesco Bank, said: "The Tesco Bank fixed-rate saver is a great addition to our product range and we look forward to offering customers even more choice as our business develops."

He added that the accounts will be easy to open, over the phone, and require a minimum deposit of £2,000 which can be immediately transferred by debit card.

Tesco Bank is now a standalone bank after Tesco plc bought out the RBS share of the business at the end of 2008.
 

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2010-10-07 12:37:55 © Moneyextra.com