Tesco Internet Saver & HRMC Interest Reporting

getting_close

Opened a Tesco Internet saver account on 15/4/24, this had an interest guarantee Bonus rate for 12 month of 3.56%, plus a variable rate  1.25%.

At the end of the 24-25 year Tesco (Barclays Bank) seem to have only just reported interest at 1.25%. to HRMC.

The Fixed Rate 3.56% interest was paid when the account was rolled over to another Tesco Internet Saver with a new 12 month 3.13% bonus and variable rate of 1.15% on the 8/4/25.

I assume this interest from the 3.56% bonus will now be reported as interest for the 25-26 tax year as interest.

For the new account with 3.13% bonus rate, the variable rate will be used as the interest rate Tesco will report as 25-26 interest and the bonus rate at 3.13% will be paid 7/4/26 in 26-27 tax year.


Does this sound right?, 



 

ColdIron

Yes. The standard variable rate is paid annually on 31/03, the fixed bonus rate on anniversary of account opening

PS the standard variable is now 1.05% and we have an MPC meeting in 10 days

getting_close

Thanks, I should have read the T&C for the account, it's messed maxing my £1000 tax allowance for the tax year and kicking a problem further up the road. At least I am aware now, and not to close the account in this tax year.