Internet Saver Account - allowable timescale to make first deposit

  • W1066's Avatar
    After opening an Internet Saver Account - account confirmed open; sort code and number confirmed; balance £0 online and in app; deposits possible - what is the allowable timescale to make first deposit?

    Most banks allow 30-days, after which, if no deposit has been made, the account is closed.

    However, I can find no such information on the Tesco Bank website.

    I am fully aware that it takes approx. 5-days before withdrawals can be made (this is not my first ISA). On this occasion, I'd like to wait until at least withdrawals are allowed before making first despot. However, for reference, I would like to know if there is a timescale/deadline by which the first deposit must be made?
  • 2 Replies

  • CarolineD's Avatar
    Hey @W1066, thanks for getting in touch 🙂 You can deposit money into your Internet Saver account at any time. Please let me know if there is anything else, we can do to help.
  • W1066's Avatar
    Many thanks for your reply @CarolineD.

    Unfortunately, it did not answer my question.

    I am well aware that I can deposit into an ISA account at any time.

    The question is: is there a timescale/deadline by which the first deposit must be made otherwise the account is automatically closed; and if so, what is it?

    For example:
    Must first deposit be made within 5-days?
    Must first deposit be made within 30-days?
    Or (say) can the account be left open with a zero balance for a year before the first deposit is made?

    As I said, most banks stipulate that one must make a deposit within 30-days otherwise the account will be automatically closed.

    Tesco do not seem to stipulate any timeframe - suggesting that the account could be opened and left at zero balance indefinitely - which I cannot believe.