What does a change in base rate mean for my savings account?
The Bank of England base rate is one of a number of factors we take into account when reviewing interest rates. Any change in the base rate will form part of ongoing rate reviews across our savings product range.
- Variable rate products may be affected. When we confirm the changes to our rates, you will automatically get the higher rate.
- Fixed Rate products will not be affected by this change.
- Tracker accounts will change.
TSB regularly review competitor rates to make sure we are paying fair and competitive rates to our savings customers.
How will I know if the interest rate of my account is affected?
All variable rate savings accounts will be increased by 0.15% from 1 December. The only exceptions are Young Saver which will be increased by 0.25% and Junior Cash ISA which will remain at 3.00% tax free/AER variable.
Details of current rates can be found here.
How can I make the most of my savings?
We know that the current low interest rate environment makes it harder for you to grow your savings and the base rate change could prompt you to consider whether you could get more from your money.
We can help talk through your options in branch, or you can open accounts and manage your savings online.
My Fixed Rate Bond or Fixed Rate Cash ISA has matured, or is due to shortly, what does this mean for me?
If you had a Fixed Rate Bond or ISA and did not provide maturity instructions, your money will have transferred into either a matured funds account or Cash ISA Saver respectively, which now pays a variable rate of interest.
For up to date rates please pop into your nearest branch or look online tsb.co.uk/savings.
