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TSB announces changes to savings rates
- TSB announces changes to savings rates across its savings portfolio
- Instant access Savings Pots will offer 0.5% while Young Saver account raised to 0.75%
- Some rates already in place, remainder take effect from 12 April
TSB has today announced changes to the rates for its savings products. The changes are summarised in the table below.
Summary of product changes
| On sale products | Previous rate (AER) | New rate (AER) | Effective from |
|---|---|---|---|
| Saving Pots | 0.25% inc. 0.24% 12mth bonus | 0.50% inc. 0.40% 12mth bonus | 12-Apr-22 |
| Other Instant Access (non-ISA) - Easy Saver & eSavings | 0.02% inc. 0.01% 12mth bonus | 0.15% inc. 0.05% 12mth bonus | 12-Apr-22 |
| Young Saver (for balances <=£20k) | 0.35% | 0.75% | 22-Mar-22 |
| Save Well Limited Access Account (for months without a withdrawal) | 0.10% | 0.40% | 22-Mar-22 |
| Save Well Limited Access ISA (for months without a withdrawal) | 0.20% | 0.40% | 22-Mar-22 |
| Cash ISA Saver | 0.02% inc. 0.01% 12mth bonus | 0.15% inc. 0.05% 12mth bonus | 12-Apr-22 |
| Existing Customer Products | Previous rate (AER) | New rate (AER) | Effective from |
|---|---|---|---|
| Existing Customer Variable Payrate * | 0.01% | 0.10% | 12-Apr-22 |
*Includes (without bonus) Easy Saver, eSavings, Cash ISA Saver, Savings Pots, Advantage Saver, Passbook Saver, Matured Funds, Flexible Savings
To help our customers develop their saving habit, the changes include raising the interest rate on new Savings Pots to 0.5% AER. Anybody with a Spend & Save or Spend & Save Plus current account can simply open a new Savings Pot in their account to get this new rate.
With ‘Save the Pennies’ they can arrange to have debit card transactions rounded up to the nearest pound, so the ‘change’ goes straight into a Savings Pot. On average, TSB customers who use ‘Save the Pennies’ save £1.31¹ each day they use their debit card.
And if they include ‘My dream’ in the name of their Pot they will be included in our monthly prize draw. By the end of March, TSB will have paid out £50,000 to prize draw winners.
For savers under 16, TSB’s Young Saver account now pays 0.75% AER.
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.
Media Contacts
Rochelle D’Cruz | Media Relations Manager, TSB
T: 07483 940 420 | rochelle.d'cruz@tsb.co.uk
Notes to editors
¹ TSB internal data based on number of transactions each month.
- The rate of 0.5% AER on Savings Pots includes an underlying rate of interest of 0.1% AER and a fixed bonus rate of 0.4% AER that will last for 12 months. It will be paid on all new Savings Pots opened on or after 12 April. Customers with existing pots can transfer savings into a new pot or can ‘re-bonus’ their existing Savings Pot(s) online or in a branch.
- TSB’s prize draw offers five prizes of £1,000 and fifty prizes of £100 each month to randomly selected customers who include ‘My dream’ in the name of a Savings Pot and hold at least £10 in the Pot. Prizes are paid directly into customers’ Savings Pots, giving them a useful boost towards their savings goals.
