4 September 2015

TSB launches 555

TSB's Plus account gets added plusness - now with five per cent cash back on contactless payments 

TSB's new 555 Classic Plus account offer includes:

Five per cent interest on the Classic Plus account on balances up to £2,000 and unlike other banks TSB won't whip the five per cent interest away after the first year.

Five per cent cash back on the first £100 of contactless debit card payments made from a Classic Plus account each month. 

Five per cent interest on the TSB Monthly Saver account.

TSB has today announced the launch of 555, a new offer that will provide Classic Plus customers with added plusness when it comes to their everyday banking potentially earning them up to £238.82 1 over the year.  

555 includes all the benefits of the Classic Plus bank account that customers know and love, in particular the five per cent interest customers can earn on balances up to £2,000, plus five per cent cash back on the first £100 of contactless debit card purchases made from a Classic Plus account each month, plus a five per cent TSB Monthly Saver account.

Since launching on high streets across Britain just two years ago, TSB has been bringing a different kind of banking to the UK. 555 is another example of this fresh approach.  

Jatin Patel, Products Director at TSB, says: "We know that customers love the interest they earn on their Classic Plus account and with the added plusness of five per cent cash back on contactless payments, not to mention the option of five per cent interest on a TSB Monthly Saver, we believe there is no other bank account that gives you more and asks for less."

Classic Plus*

TSB launched the Classic Plus account in March 2014, and since then more than 380,000 new accounts have been opened.  More than a year after launching the product, TSB customers continue to earn five per cent percent interest on balances up to £2,000, equating to a maximum of £97.80 a year.  And unlike other banks, TSB hasn't and won't whip the interest away after the first year. 

Key features include:

  • Five per cent AER variable interest on balances up to £2,000.
  • No introductory offer period. 
  • Minimum monthly deposit of £500.
  • No monthly fee.
  • Register for internet banking, paperless statements and correspondence to earn five per cent credit interest.
  • Transact in branch, online or over the telephone.  
  • Switch to TSB in just seven days using the Current Account Switching Service.  
  • Available to existing and new customers.      

Contactless Cash Back**

In July, TSB processed more than 1.7 million contactless payments which shows customers enjoy this simple, convenient and quick payment option.  With the new 555 offer customers can use their contactless debit card and be rewarded at the same time.  

Key Features:

  • Five per cent cash back on the first £100 of contactless purchases each month.  
  • Available on Classic Plus contactless debit cards.   
  • Cash back will be paid monthly.  
  • Cash back will be automatically earned by all Classic Plus customers who hold a contactless debit card and are registered for internet banking.   
  • Cash back will be earned until 31 December 2016. 

Monthly Saver***

With a TSB Monthly Saver account customers can save from £25 to £250 each month for a year and enjoy instant access with a great fixed rate.  Monthly Saver customers are able to manage their account online and access their money with no withdrawal charges.

Key Features:

  • 5.00% gross/AER fixed for 12 months.   
  • Interest paid on balances over £1.   
  • Between £25 and £250 needs to be saved each month by standing order.   
  • Instant access.  
  • Interest paid yearly.  
  • Make as many withdrawals as you like to your TSB current account, although you can only pay in once a month by standing order and cannot replace what you have withdrawn.  

Find out more about the 555 Classic Plus account.

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Notes to editors

  * TSB Classic Plus account gives 5% AER/4.89% gross variable interest on balances up to £2,000 (no interest on balances more than £2,000).  Interest is paid monthly. You must pay in at least £500 a month, register for Internet Banking, paperless bank statements and paperless correspondence. You must be 18 or over and a UK resident to apply.

** To be eligible for contactless cash back customers must hold a TSB Classic Plus account, have a contactless debit card and be registered for internet banking. Cash back is available on the first £100 on qualifying purchases each calendar month. Cash back is paid monthly. Your Classic Plus account must be open at the time cash back is paid. Cash back will be paid on qualifying purchases made up to and including 31 December 2016, unless we tell you otherwise. 

*** Monthly Saver interest 5% gross AER for 12 months, paid end of term. Monthly standing order between £25 and £250. Instant access. Cannot replace money withdrawn. Rates are correct for new accounts opened on or after 01/07/2015. Interest rates are fixed for the term of the account, which is 12 months from the date of account opening. Must have a TSB Current Account. 

For more information and Terms and Conditions please visit TSB.co.uk .

1  Table shows maximum amount customers can earn with 555.

Plus. Based on a customer earning 5% AER/4.89% gross variable interest pre tax on £2,000 over 12 months.£97.80
Contactless Cash back. Based on a customer spending £100 a month over 12 months on contactless purchases.£60.00
Monthly Saver.  Based on a customer saving £250 a month, earning 5% gross interest after 12 months.£81.02
Total£238.82

 

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 4.7 million customers, award winning mobile and digital banking, nationwide network of branches and 8,600 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 .