Tesco Bank is launching a new five-year fixed rate savings account, with a 2.95 per cent Gross/AER (annual equivalent rate) that will make the product one of the most competitive in the market.
In a move that will help customers find greater returns over the long term, the five-year fixed-rate savings account will launch together with a four-year product, which will have a fixed interest rate of 2.65 per cent Gross/AER. Tesco Bank also launches a new 18 month Fixed Rate Saver account offering 1.90 per cent Gross/AER.
The launch of the new products complements the existing Fixed Rate Saver accounts offered by Tesco Bank. The reintroduced one-year savings account pays 1.75 per cent Gross/AER, the two-year fixed rate account is available at 2.05 per cent and the three-year fixed rate account provides 2.30 per cent Gross/AER.
Interest rate for new customers, effective from 21st September 2013:
Fixed Rate Saver Annual Rate:*
1 year 1.75% Gross/AER
18 month 1.90% Gross/AER
2 year 2.05% Gross/AER
3 year 2.30% Gross/AER
4 year 2.65% Gross/AER
5 year 2.95% Gross/AER
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