How we're supporting you.
We understand our customers may be worried about the impact of coronavirus (COVID-19) and wanted to reassure you that we’re here to help you with any financial concerns you may have.
Our phone lines are extremely busy so please only call us if it is urgent and cannot be resolved using our online services.
All our latest guidance and application forms are available through the website including how to apply for a repayment holiday on a loan or mortgage, or to apply for or increase your overdraft, or if you’re in financial difficulty and need a refund on an overdraft charge.
Please help us help you.
We will continue to do our best to support you. But we’re currently busier than usual and our own Partners are impacted by coronavirus. Please follow these steps to help us help you.
2. Phone support for those most in need. If you're unable to find a solution online, you feel vulnerable or are in a situation where you need help today, then please do allow us extra time to answer when you contact us.
3. We are only offering essential services in branches at the moment. We’re keeping some of our branches open with reduced hours to help with essential banking needs. These include:
Help if you’re in need of additional support or are facing financial difficulty
Paying in cash or cheques
Taking out cash from an ATM or over the counter
Banks and building societies, just like retailers, are following the government’s guidance and introducing social distancing in our branches and at ATMs. Please do not visit one of our branches unless absolutely necessary.
4. You can also use your local Post Office® branch to pay in cash and cheques and check your balance, and if you have a current account with us you can also withdraw cash. For more information on branches and services available visit postoffice.co.uk/tsb-bank
5. Support from friends or family. If you don’t have access to digital devices and are worried about not being able to access a branch, please call your branch and they’ll talk you through the process of setting up access for your friends or family.
Post Office® is a registered trademark of Royal Mail.
Criminals are using texts, emails and phone calls to scam people out of their money during the coronavirus outbreak. Here’s our Head of Fraud Ashley Hart with what to look out for.
Supporting your individual needs
We're committed to tailoring our service to support your individual short and long-term needs. Here’s Carol Anderson our Director of Branch Banking with how to talk to us if you’re in need of additional support or are facing financial difficulty.
Mortgage Repayment Holiday
Customers with a TSB mortgage may apply for a repayment holiday for up to three months. This shouldn't impact your credit score. Repayment holidays are subject to approval. If you take a repayment holiday, you will pay more interest overall. Find out if you are eligible on our Mortgage Repayment Holidays page.
For new customers joining TSB, mortgage advisers and brokers will work with customers and understand their individual position.
Current delays at Registers of Scotland due to coronavirus (COVID-19)
The current coronavirus (COVID-19) situation has meant that Registers of Scotland are unable to process applications to register house purchase and remortgage applications within their usual timescales.
To help transactions continue without delay, the Law Society of Scotland have agreed temporary changes to the usual processes which conveyancers in Scotland follow. We have agreed via UK Finance that we, as your lender, will support these temporary changes to avoid any unnecessary delay.
We understand that, even with the new processes in place, there may be some delay with remortgage completions. Please contact your conveyancer for further information on timescales.
Mortgage valuations have resumed in England
Valuers based in England are now able to travel and gain safe access to properties if they follow the Government guidance around social distancing. This applies to properties in England only, until current Government restrictions in Wales, Scotland and Northern Ireland are lifted. Wherever possible we will still try and undertake valuations without visiting people’s homes by using remote valuation technology.
Impacted customers holding Fixed Rate Bonds can close their accounts to gain early access to their money. Customers will also be able to access savings in Fixed Rate Cash ISAs and the early withdrawal charge will not apply during this period. Please note, that if you do withdraw from your Fixed Rate ISA, you will lose the tax-free benefit on this amount.
Credit limit increase
Customers can request an emergency credit limit increase. This will be subject to status and eligibility.
Credit card repayment holiday
If, due to COVID-19 impacts, you are struggling to make a payment to your credit card, you may be eligible for a 3-month credit card repayment holiday. This will be subject to eligibility.
To request a repayment holiday:
- You need to be up to date with your credit card repayments or have missed no more than one payment.
- The account should be held in your name.
- You must not be in the process of making a credit card protection insurance claim.
If you have missed more than one payment to your credit card you will not be automatically eligible for a repayment holiday, please contact us on 0345 600 8972 to speak to one of our Partners.
We pride ourselves on being a responsible lender
Repayment holidays are only temporary and not intended to help solve longer term money troubles, so if you’re struggling to make your monthly repayments, please get in contact with us. We have a range of options that may be able to help you.
Things to think about
- Taking a repayment holiday may extend the length of time it takes to repay your credit card balance.
- If you pay interest on your credit card balance we will continue to charge interest during the repayment holiday, which means you are likely to pay more interest overall.
- You can continue spending on your card during this time, up to your credit limit. Whilst requesting a repayment holiday won’t affect your credit rating, if you go over your credit limit, you will be charged £12. This will be added to your credit card balance and this will have a negative impact on your credit record.
- If you find you can make payments to your credit card during the repayment holiday please do so, this will not affect the rest of your repayment holiday term.
- At the end of the holiday, you will need to start paying at least your monthly minimum payment again, as shown on your statement. The minimum payment amount will be higher than you would normally see because your interest will continue to be charged on your balance. It will also be higher if you spend on your card during the repayment holiday.
- If we have written to you about Persistent Debt you are still able to request a repayment holiday.
- You do not need to cancel your Direct Debit as we will not take the payment during the repayment holiday. However, if you have a payment due within the next 7 working days and are worried that you cannot afford this payment, please cancel the Direct Debit with your current account provider. Please check with your provider whether you are able to cancel the Direct Debit, as sometimes this can’t be done if the payment date is soon, meaning it will still be taken. If you have a Direct Debit set up from a TSB current account, you would need to let us know the day before the due date of the payment.
- If you have set up a standing order to pay your credit card you will need to cancel it during your repayment holiday.
How to request a repayment holiday
You will need to complete our online form which can be found by clicking on the button below.
We will aim to complete your request within 5 to 7 working days, excluding requests made after 4pm on weekdays or on bank holidays and at the weekend. We will email you to confirm whether your repayment holiday has been successful and when you’ll need to start making future payments again.
Cash machine withdrawals
Personal current account customers can now withdraw up to £500 from UK cash machines.
Changes to your existing Overdraft
If you already have an Overdraft with TSB, you will see some updates effective from 8 April.
The changes are:
- We're temporarily reducing all our Overdraft interest rates to 19.84% EAR* for three months from 8 April to 8 July
- We're making the first £500 of all Arranged Overdrafts interest free for three months from 8 April to 8 July
You don't need to do anything. Both of these changes will automatically be added to your account on 8 April. Please see the table below to understand what this interest free amount means for you.
|Overdraft amount||What does this mean for you from 8 April?|
|Your Arranged Overdraft limit is below £500||
|Your Arranged Overdraft limit is £500 or more||
|No Arranged Overdraft limit||You won't automatically have a £500 Overdraft applied to your account. However you can apply by logging in to your Internet Banking.|
From 9 July 2020 onwards, unless we notify you otherwise by publishing a different rate on our website, the interest rate for all TSB Overdrafts will revert to 39.9% EAR*, and your account will revert to its standard interest-free amount.
Apply for an Arranged Overdraft
Customers may apply for an Arranged Overdraft, or an increase to their Arranged Overdraft limit to provide short term relief on their outgoings. Overdrafts are subject to approval. The quickest and easiest way to apply is via Internet Banking.
Apply for an increase to your Arranged Overdraft
Alternatively, if you have an Arranged Overdraft and would like to increase the limit, you can complete an Overdraft Increase request form. Please bear in mind you will not receive an instant response as it can take up to 3- 5 working days to provide a decision.
Are you experiencing financial difficulty?
If you are calling about the recent announcement from the FCA please be aware that TSB’s approach to overdrafts will be in line with the FCA’s guidance on overdraft charges and we will be communicating this to customers next week.
If you are experiencing financial difficulty as a result of COVID-19, we have a number of measures in place to support you.
The travel insurance claims line is currently experiencing high call volumes. To allow us to prioritise customers, we are asking you to only call if you were due to travel within the next 7 days. Before making a claim, please ensure you have contacted your travel and accommodation provider to discuss a refund, as travel insurance only provides cover for your non-refundable costs.
Find out about our travel insurance and coronavirus (COVID-19) advice for travellers with a TSB Added Value Account.
Personal loan customers may apply for a repayment holiday to provide short term relief to their outgoings. Repayment holidays are subject to approval. If you take a repayment holiday, you will pay more interest overall. Requesting a repayment holiday will not impact your credit rating. There are two repayment holiday options available:
1.You can request a one month repayment holiday. You can request up to three consecutive one-month repayment holidays every rolling 12 months and you must be up to date with your payments.
The quickest and easiest way to apply is via internet banking. This way you will receive an instant decision and you can also check your eligibility before you apply.
2.Request an extended repayment holiday for three consecutive months specifically to support any financial relief during the current COVID-19 lockdown. This option applies to customers that are both up to date with their repayments or have missed no more than one payment.
To request an extended repayment holiday, you will need to complete a repayment holiday request using the form on our Loan Repayment Holiday page.
Please bear in mind you will not receive an instant response as it can take up to 2 working days to provide a decision
We understand that our customers may be worried about the impact of coronavirus (COVID-19) and want to reassure you that we’re here to help you with any financial concerns you may have.
1. Payment holiday
- If you are struggling financially and need help, then you may be able to defer your monthly home insurance payment. This can be applied for 1 month at a time, for up to 3 months.
2. Amending your level of cover
- Are you paying for elements of home insurance that you no longer need? TSB’s Pick and Protect home insurance allows you to add, remove and change the cover you need, as many times as you wish, and we do not charge a fee. We encourage you to regularly review your cover.
- There may be additional cover which is now more important to you, such as accidental contents, as you are currently at home more? Cover can be changed or added at any time, you do not need to wait for your insurance renewal. We do not charge a fee to do this.
- If you wish to cancel your home insurance policy, we do not charge a fee for cancellation of your insurance, and you are free to cancel or change your cover at any time. Before you do this, you should make sure this is the right thing for you to do. If you have a mortgage, it may be a condition of the mortgage that adequate buildings insurance is in place.