13 February 2015

Two-fifths of people spread the financial love with different providers

TSB rewards savvy switchers by boosting credit card offer.

According to new research from TSB, almost two-fifths of people (38%) prefer to have their financial accounts with a handful of different providers.

Respondents said they do not believe it's complicated to manage accounts with different providers and this approach allows them to take advantage of the best deals out there. 

The research also found that on average, Brits have three financial accounts - such as bank accounts, credit cards, mortgage and savings accounts - with different banking providers. 

Older generations seeking out the best deals...

Interestingly, it's 45 to 54 year olds who are the most motivated by getting the best financial deals, even if it means having multiple accounts with different providers (29%).

In comparison, the younger generation is a 'one bank man', with three-in-five (57%) of 18 to 24 year olds believing it's easier to manage their finances with just one financial provider.

An exclusive credit card offer for bank account switching customers…

TSB has recently launched an exclusive credit card offer for bank account customers who use, or have used, the seven-day current account switching service to move their bank account to TSB.  

This new offer will enable customers to bag additional financial benefits from switching their account:

Customers opening the TSB Platinum 13/13 or Classic Credit Cards will receive:

  • A full refund of the balance transfer fee if they carry out a balance transfer within 90 days of taking out the card.
  • A £20 Love2Shop high street voucher when £500 of purchases are made on the credit card within the first 90 days.

Customers opening Avios and Premier Avios credit cards will receive:

  • A full refund of the balance transfer fee when the customer completes a balance transfer within 90 days of taking out the card.
  • 2,000 additional Avios points when the customer makes £500 of purchases on the credit card within the first 90 days.
  • These offers are available to customers using the Full Switching Service who open their credit card account in a branch, online or over the phone.

Craig Bundell, Head of Credit Cards at TSB, said: "This is a compelling offer for anyone who is thinking of switching their bank account to TSB.  For customers wanting to take advantage of the best financial deals, this offer makes it easy and affordable for customers to move both their bank account and credit card to TSB - even if they have an existing balance on their old credit card." 

-ends-

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Notes to editors

Offer could be withdrawn at anytime.
Consumer research was carried out by One Poll.  A random sample of 2,000 GB adults, aged 18+ were interviewed between 30 January and 2 February 2015.

Representative APRs 
- TSB Platinum 13/13: Representative 17.9% APR (variable)
- TSB classic credit cards: Representative 23.9% APR (variable)
- TSB Avios:  Representative 17.9% APR (variable)
- TSB Avios Premier: Representative 23.7% APR (variable)

Acceptance is subject to status.  Credit limits and interest rates will vary depending on individual circumstances.

Eligible purchases do not include cash withdrawals, money transfers, cheques, interest, fees or charges, Payment Protection Cover, transactions at Casinos, betting outlets or bookmakers or payments to offline or online current, savings, share trading, spread betting, gambling or any other similar account.
Minimum balance transfer is £100 and subject to credit limit.

About TSB
TSB Bank plc is a British bank which provides customers with a range of services and products such as current accounts, savings, credit cards, loans, mortgages and insurance.

With a presence in 600 retail centres across Britain right across Britain, TSB Bank plc has approximately 8,500 Partners looking after £24.2 billion on behalf of its 4.5 million customers.  Our purpose is to support safe and sustainable economic growth in the surrounding communities, serving only individuals and local business customers.

For further information about TSB Bank plc, please visit our website www.tsb.co.uk.