UK Money News
30th May 2008
Tesco targets savers
Tesco has become the latest savings account provider to increase the interest rates offered by its product, amid increasing competition for customer deposits among banks and building societies.
Under the new terms of the Tesco Internet Saver account, customers can benefit from a return of 6.25 per cent on their balance for the first 12 months of the life of the account.
After this point the product reverts to a rate of 4.75 per cent.
Other key features of the Internet Saver account are no minimum or maximum deposit, unlimited withdrawals and no redemptions for taking out money.
The product is also compliant with the Financial Services Compensation Scheme, which means that the first £35,000 of customers' savings are protected in the event of a Northern Rock-style collapse.
Jeremy Sutton, head of savings and investments at Tesco, said: "Everyone is feeling the pinch caused by the current market conditions, so it's great to be able to offer customers a little extra to help towards their savings."
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