From 1 July 2015, TSB is shaking up its savings accounts by re-introducing several fixed rate bonds and Cash ISAs, as well as increasing rates on its Monthly Saver, 2 Year Fixed Rate Bond and 2 year Fixed Rate Cash ISA.
The changes are as follows:
- Launch of new 1 and 3 Year Fixed Bonds at 1.2% and 1.75% Gross / AER respectively.
- Launch of new 3 Year Fixed Rate Cash ISA (1.75% Tax Free/ AER).
- Rate increase on 2 Year Fixed Bonds (1.5% Gross / AER) and 2 Year Fixed Rate Cash ISAs (1.5% Tax Free/ AER).
- Rate increase on the Monthly Saver interest rate to 5% Gross / AER.
Changes to TSB's savings product range (1 July 2015)
|Savings account||Interest Rate|
|1 Year Fixed Bond||1.2% Gross/AER|
|2 Year Fixed Bond||1.5% Gross/AER|
|3 Year Fixed Bond||1.75% Gross/AER|
|2 Year Fixed Rate Cash ISA||1.5% Tax Free/AER|
|3 Year Fixed Rate Cash ISA||1.75% Tax Free/AER|
|Monthly Saver||5% Gross/AER|
The changes will not only expand TSB's current savings range, but also further challenge high street savings with the introduction of rate increases on its existing products.
Des McDaid, Head of Savings at TSB, comments: "TSB was born to bring competition to the market and with these new accounts, we want to offer our savers a welcome boost. This new range of accounts will help us challenge the high street savings market and deliver the kind of banking Britain's savers deserve."
Saving with TSB is not like saving with other banks. Every penny a customer deposits in TSB is put to work to support mortgages and loans for other TSB customers.
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Notes to editors
*For terms and conditions for TSB Fixed term and Monthly Saver accounts please visit TSB.co.uk.
**AER - Annual Equivalent Rate.
***Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
TSB was created to bring more competition to British banking - to be a real challenger to the big banks and to deliver the kind of banking the people of Britain want. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.
We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.
Our 4.6 million customers, award winning mobile and digital banking, nationwide network of branches and 8,500 Partners mean we are big enough to make a difference, but small enough to be an agile challenger to the entire market.
For further information about TSB Bank plc, please visit our website www.tsb.co.uk.