Tesco savings accounts 'follow base rate increase'

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Tesco savings accounts 'follow base rate increase'

Mon 14th May 2007

Tesco Personal Finance has increased the rate on its instant access savings vehicles following last week's decision by the Bank of England to increase the base rate to 5.50 per cent.

From June 20th, customers will see the rates on their Tesco savings accounts increase by 0.25 per cent, with rates depending upon the amount invested.

Investments of between £1 and £3,000 will benefit from an increased interest rate of 4.35 per cent, with funds over £50,000 enjoying an interest rate in line with the base rate of 5.50 per cent.

Customers who open a new Tesco savings account before June 19th will also benefit from an additional 1,000 club card points, provided they have savings of at least £1,000.

Jeremy Sutton, head of savings and investments at Tesco Personal Finance, said he was interested in how many other providers were passing on the interest rate rise to their customers.

"We are committed to offering great value to our customers and rewarding them for choosing to save with us," he added.

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