Can't transfer or withdraw from new Tesco Internet Saver

  • maikochen's Avatar
    Realised it is an old post but I too having the same problem - opened a new Internet Saver account on Monday 13th Aug and transferred in a large sum with no issue, and now can't make any withdrawal to the linked account or even transfer to my Tesco current account. Tried to phone the customer service but seems always busy / or perhaps everyone is on summer holiday?! Google search led me here and clearly this is an old problem. Why would Tesco not listening to any customer feedback left here months ago and do something about it? Surely the simple thing to start with is to advise its customers this restriction rather than stating that "you can access your funds at any time?!". If you need to do further check, why on earth let the account open in the first place. Besides, I am a current account holder, so what else check is needed? All in all, the information published on the website is hugely misleading, and now I am in huge danger missing other payment due if this is still not available by tomorrow Friday 17th August. If so, surely I'll raise a formal complaint for this.
  • CarolineM's Avatar
    Former Your Community Expert
    Hello , thanks for your message. Each banking product you apply for must go through checks even if you have an account with us already as we are heavily regulated. We make you aware at the end of the application that the welcome pack will be produced with a letter to sign and return within 30 days or the account will be closed and your initial investment will be returned. As Scott mentioned previously, we have the notice in the terms and conditions to make customers aware that funds deposited when the account is opened won't be immediately available. If you have returned your signature letter and we have received before today, the funds should be available for you by close of business.
  • Chopper's Avatar
    Here we are in 2019 and same problem still occurring. I opened my current account about 4 weeks ago... I apply online... receive pin and card in post few days later... couple of says after that I get a notification saying they had added abother account (I said I would be interested in a savings account during registration) anyway Ive switched all payments and today was 1st day any money had beeb debited into the account. . I checked this morning and seen that a £20 payment had been made to paypal via direct debit.. I have set up my new account to my paypal but hacnt bought anything recently and when I looked on my transact history no £20 was shown... so for security I transfer my money into my savings acc out while investigate what this payment could be.
    BIG MISTAKE now I can't access my own money.. I have 3 young children and that is our money. During the process I have not been sent anything to sign for either account but the current account allowed me to transfer money to my savings acount this morning... if there needs to be checks done on accounts maybe u don't open account until checks are done and certainly don't allow money to be transferred to it!! Ridiculous bank! Ridiculous customer service skills!
  • KellyT's Avatar
    Your Community Expert
    Hi , sorry to hear about this. Can you please send a private message to with your full name, date of birth and postcode so we can look into this further for you?
  • Rchad's Avatar
    Perhaps Tesco can answer simple question. Given they have the funds that are now inaccessible, are they paying me interest from the moment the first transfer took place at account set up? If not this is a clear breach of expected standards of nterested to Bankng Ombudsman, particularly as they will, themselves, have been earning interest from day 1 of the deposit.
  • KerryL's Avatar
    Former Your Community Expert
    Hi , thanks for getting in touch. You'd start generating interest on your funds from when they reach the account. I hope this clarify things for you!
  • MAB's Avatar
    I have the same issue as others regarding not being able to withdraw my savings... except my account has been open for many months and even had interest paid into it on 31 March. Revisited many times and each time get a message that withdrawal is not available - try again. Given the feedback it is hideous that Tesco are pretending to be a bank but not allowing access to INSTANT ACCESS funds. Awful, awful service.
  • CherylV's Avatar
    Your Community Expert
    Hey , thank you for getting in touch. I’m very sorry to hear that you’re experiencing this issue. Can you please send us a private message to containing your full name, DOB and postcode? This will allow us to take a closer look into this for you
  • TERRYLA14's Avatar
    Fresh Eyes
    Same old problem of Tesco blocking access to funds after opening a new Internet Saver to get a marginally higher interest rate. The money was transferred into the new Tesco Internet Saver from an old Tesco internet internal transfer so the need to check identity delay is completely superfluous and a massive irritation. Looks like this issue has been plaguing customers for 5 years with Tesco doing nothing to remedy it. You have to recognise that Tesco is financially benefitting from this to the direct detriment of its customers. Customers should not have to make lengthy telephone calls to Tesco to get access to their own money
    The 2nd bug bear is that Tesco do not allow customers to close accounts online and one has to phone. This also has been the subject of complaints for years. A long delay on the telephone is off putting and Tesco know this and again benefit financially from holding on to funds longer than needed.
    The Financial Ombudsman needs to step in and levy fines to discourage these abusive practices.
  • RobbieT's Avatar
    Your Community Expert
    Hi @TERRYLA14, I'm sorry you feel this way. When a customer opens a new Savings account, we must send a signature letter out for you to sign and return so that we can confirm your identity, even if you've previously had an account with us. We include a message at the start of the application process to make you aware of this. Once you've signed and returned the signature letter, you'll be able to start withdrawing from your account. You can move money out via online banking or the mobile app.

    The quickest way to close your Savings account is by calling us, however you can also send a letter with your details and signature to Tesco Bank, PO Box 27017, Glasgow, G2 9FH to close the account by post. Unfortunately we're not able to close a Savings account via The Community or social media.

    If you wish to make a complaint, you can send this via our online form at How to complain - Complaints - Tesco Bank or by sending a private message to @Tesco-Bank.