Tesco Savings Account Reviews

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0.8 stars
Average rating for this product is: 0.8 out of 5

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LenderAccountDescriptionInterestAEROverdraft  
Overdraft RateOverdraft Limit
ING DirectING Direct ISAOpen an account today in approximately 10 minutes. A simple way to save up to £3,600, without paying tax on your investment.Monthly2.50%N/A
NatWeste-ISAAvailable to existing Natwest Customers Only. The longer you save the more you can earn, save up to £3,600 in a tax year. See site for details.Monthly2.50%N/A
AbbeyDirect ISASave from just £1 to receive 2.00 AER (variable) tax free.Annually2.00%N/A

Average Ratings for Tesco Savings Account

  • Value for Money1.1 stars
  • Reviewer Ratings0.6 stars
  • Overall Rating0.8 stars

19 Reviews For Tesco Savings Account

  • Guest 2nd Oct 2009

    Reviewer rating: 1 stars


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    WARNING! Don't take out an internet saver account with Tesco. You cannot get your money out without a pin reader... it takes weeks to close the account and only by writing to their office address!!

    Much better service from Sainsbury's internet saver. You can close the account on-line and you get the money in your bank account within a couple of days... My recommendation is to go with Sainsbury's...

  • Guest 26th Sep 2009

    Reviewer rating: 1 stars


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    Definitely the worst savings account around!!!

    Opened the account online. Printed the paperwork and sent it off with a cheque.

    3 weeks later, received confirmation that the account was opened and visited the website where I then had to print off a letter, sign it and send it off to them. Another week later, I started receiving letters with PIN numbers and cards which came with more slips to sign and return to them. I received a code to give me further access to the website but was unable to an ...

  • Guest 26th Sep 2009

    Reviewer rating: 1 stars


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    I have opened a Tesco Internet Saver Account. While the interest rate is fine, the whole process to open the account is the most long winded I have ever experienced. I have several online accounts with various banks / building societies and this is by far the worst. The whole process to open an account takes several weeks and includes several paper based steps.

    The online service (when you can eventually log into it) is poorly designed and illogical. Oh and forget 24/7 access, the online servic ...

  • Guest 29th Jul 2009

    Reviewer rating: 1 stars


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    I opened this account when interest rates were 2.5% (including first year bonus). By the time the account was opened I received a letter saying the rate had reduced to 2.25%.
    Other institutions are increasing their rates - and in fact have moved savings to Coventry Building Society at 3.3%.

    I still had a feeling of goodwill towards Tesco, and wrote to the Managing Director, explaining this - and pointing out the direction interest rates on savings are moving.
    I received a phone call from someo ...

  • Guest 25th Apr 2009

    Reviewer rating: 1.5 stars


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    opened Tesco Savings Account in jan. No problems transferring money in. Then tried to transfer money out. I was unable to I phoned telephone banking and they said had to use my card reader. Whats that I said. 1 st time I had ever heard about it. They ordered me one and finally after ordering one three times it arrived 4 months after opening account.
    This is the most annoying internet account ever.

  • Guest 22nd Apr 2009

    Reviewer rating: 0 stars


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    same problems as other customers - I have had to wait weeks for a card reader from Tesco Savings Account although if you phone they will transfer money in and out of accounts for you. Just received card reader and now site has gone down. I am giving up on this account and sticking with Barclays.

  • dffd 20th Apr 2009

    Reviewer rating: 0.5 stars


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    tesco savings account does not operate like a normal bank account. They cannot make normal BACS(4 day transfer ) or CHAPS(same day) payments and getting your money out will take a lot more time than normal banks.

  • miss600 27th Mar 2009

    Reviewer rating: 0.5 stars


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    Tesco Savings Account has good interest rates. Infuriating process designed not to pay out your money. Ridiculous initial set up and password reset process

  • MoneyHawk 28th Jan 2009

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    Tesco Savings Account has a protracted account opening process I have ever encountered. So far it has taken about 6 weeks and I still cannot transfer money into and out of the account. To start with you have to apply online, then mail in a check, then wait for a package to arrive in the mail, then complete the registration process on line. Think you are finished? Not so fast. To transfer money in, you have to set up a direct debit by mail, which takes about 2 weeks. Think you are finished now? H ...

  • RobboGlos 27th Jan 2009

    Reviewer rating: 0.5 stars


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    Why do Tesco need a 'signed form' to enable users to access online accounts? Seems like a last minute hurdle to stop people accessing their accounts. Why? Website possibly wouldn't cope with amount of customers, with it's interest rate & 1.5% bonus.
    Don't close your account! Keep your initial investment in there as they'll have ot pay interest on it, which is what they don't seem to want to have to do for the next 12 months....
    Can't make use of interest rate as unable to access account.

  • Guest 15th Jan 2009

    Reviewer rating: 0.5 stars


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    Struggle to get in touch by phone unless prepared to hold on for ages. Not told that a card reader plus card is required to withdraw money on opening account. After finally opening an account with Tesco which took weeks I still cannot withdraw money because after requesting a card reader and card they still have not provided the card after 6 weeks.

  • Guest 15th Jan 2009

    Reviewer rating: 0 stars


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    Tesco Savings Account Customer service are often engaged when I phone. If I do manage to get a ringing tone they will not answer and you will get cut off after six and half minutes. I cannot withdraw my money as I need a special gadget called a pin sentry which they send to you but I am still waiting for mine three weeks later so I have not been able to withdraw any money over this time.

  • Guest 8th Jan 2009

    Reviewer rating: 0.5 stars


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    Where do I start? Only accept cheques to open account as already stated, would not qualify why! 45 minute wait today to speak to customer services, still cannot access my account online after one month! Now website is not accessible.
    I sent a cheque for £2,500 at the start of December 08, still have not had account details, passwords etc despite the fact that my cheque was presented weeks ago!

  • bashstreetkid Rank: Staff Sergeant 7th Jan 2009

    Reviewer rating: 0.5 stars


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    I wanted to open an internet savings account by online transfer of £1 from my existing current account (Asda and other providers allow you to do this). Tesco will only accept cheques sent by post. As I have a bank account without chequebooks I would have had to go to my bank (nearest branch is 6 miles away and it costs a fortune to park) and obtain a cheque - which would have cost me £5 - a probable total of £12 to obtain the cheque, much more than the £1 required t ...

  • jimbo2 15th Dec 2008

    Reviewer rating: 0 stars


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    I cannot always get through on the phone to speak to anybody. Sent an initial deposit nearly two months ago - cannot access my money. My wife and I have sent two lots of signatures, it is still asking for more. I just want to close my account now and go elsewhere.

  • SimonBee 20th Nov 2008

    Reviewer rating: 1.5 stars


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    It took me 3 weeks to open my online account with Tesco's which was infuriating. However I was pleased with the pleaseant and professional help from their advisors, who admitted the system was over complicated and cumbersome. I am just leaving a deposit in there for future use and hopefully their online banking will be more user friendly in the future. At least Tesco's are not gambling your savings on sub prime scumbags and they are probably about the safest place for your money at the moment.

  • CHARSEAN 14th Nov 2008

    Reviewer rating: 0 stars


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    It ' s taken me about 2 weeks just to see my account on line. I then unfortunately forgot my password and rang them. I thought (like 99.9% of other companies) they would just reset it but no. I had a letter in the post this morning and I thought it would be a way of resetting my password but NO again. I had to re-sign another letter to send off so that they can send me another password which will probably be another week or so. Its PATHETIC and I wish I hadn't bothered to be honest. As soon as a ...

  • 80graig 17th Jul 2008

    Reviewer rating: 0 stars


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    Fed up of having to re-set my passwords. I know I typed in the right info - but the system still fails to see it. Fed up of having to verify my signature etc... Closed my accounts, and they couldn't even do that properly.

  • woolsu Rank: Corporal 18th Jun 2005

    Reviewer rating: 1 stars


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    Until recently, I would have highly praised Tesco online savings account.

    However, I needed my password reset and two weeks later, I am still awaiting the password (which has to be sent in the post). They close all access to your account in this time (no telephone banking either), which leaves you without any access to your money. Their password reset process is crazy, it is far from instant access at this point in time.

    I will now close my account and look for an alternative with a de ...