Tesco drops 1.5% bonus on popular savings plan

Friday, 09, Jan 2009 11:41

Tesco has axed the 1.5 per cent bonus rate on its Internet Saver account.

The savings plan, which currently offers 3.6 per cent interest, has attracted record levels of applications, according to Tesco.

The personal finance arm of the supermarket has reassured people who have applied recently that completed applications received on or before January 7th would be eligible for the bonus rate.

However, it warned its lines were currently busy and customers phoning with enquiries might experience delays.

Tesco's Internet Saver account provides customers with instant access to their money and unlimited numbers of withdrawals.

Potential savers require just £1 to open the account.

In a statement Tesco said the record numbers of applications meant people applying before the January 7th deadline might have to wait up to 28 days for their account to be opened.