Tesco internet saver account rate boost

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Tesco internet saver account rate boost

Supermarket giant Tesco has announced that its internet saver account is to be improved for those considering putting more cash away for a rainy day.

The Tesco internet saver account rate will now stand at 6.25 per cent AER, the financial arm of the retailer announced.

This deal includes a bonus of 1.5 per cent AER for 12 months, the firm added.

Head of savings and investments at Tesco Jeremy Sutton remarked that the boost has come at the right time for consumers.

"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," he said.

The Tesco internet saver account rate will last for one year for balances up to £100,000, with interest calculated at 4.75 per cent AER thereafter.

Credit card company Egg recently revealed that 52 per cent of Brits could live off their savings for four months.
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