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TSB boosts rates for savers

6th September 2022

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The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.

 

  • Instant access Savings Pots rate increased to 1.52% AER from 1.25% AER
  • New rate available from 2 September for new and existing customers
 
TSB has today announced that it is increasing the interest rate paid on the instant access Savings Pots which are a feature of its Spend & Save and Spend & Save Plus current accounts.   
 
New and existing customers 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 (1.52% AER variable) which will apply to Savings Pots that are opened on or after 2 September. Customers can open a maximum of five Savings Pots with up to £5,000 in each Pot.  
 
New customers can open a Spend & Save account online in minutes by downloading the TSB app. 
 
Spend & Save accounts also offer other valuable features: 
  • £5 a month cashback for the first six months if a customer makes 30 debit card payments in that month. Spend & Save Plus offers the same cashback but it is not restricted to six months.  
  • Auto-balancer – allows customers to choose a minimum balance limit on their account. If the balance falls below that level it will automatically move money from a chosen Savings Pot to top it up, as long as there’s enough money in there.  
  • ‘Save the Pennies’: customers can arrange to have debit card transactions rounded up to the nearest pound, so the ‘change’ goes straight into a Savings Pot.  
  • In addition, Spend & Save Plus offers customers:  
    • No TSB charges for using their Spend & Save Plus debit card abroad. 
    • £100 interest-free Arranged Overdraft for short term borrowing, subject to application and approval. Overdrafts are repayable on demand. 

 

Media Contacts

 

Rochelle D’Cruz | Media Relations Manager, TSB
T: 07483 940 420 | rochelle.d'cruz@tsb.co.uk

Follow us on twitter: @TSB_News

 

Notes to editors

 

  • The rate of 1.52% Annual Equivalent Rate (AER) variable on Savings Pots includes an underlying rate of interest of 0.20% AER variable and a fixed bonus rate of 1.32% AER that will last for 12 months. It will be paid on all new Savings Pots opened on or after 2 September. Interest is calculated daily and paid monthly. 
  • Customers with existing Savings Pots can transfer savings into a new Pot or can ‘re-bonus’ their existing Savings Pot(s) online via their Internet Bank logon or in a branch.  
 
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. ​

 

TSB Bank plc. Registered office: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH. Registered in Scotland, no. SC95237.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 191240.

TSB Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service.

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