02 September 2019

Almost A Third Of Under 25s Say A Fraud Refund Guarantee Is A Key Factor In Which Bank They Choose

  • Almost one in three (29%) say protection against Fraud is a key factor when choosing their bank.
  • TSB Student Account offers 5% AER on balances up to £500.

As students across the country are preparing to start college or university within the coming weeks, research from TSB reveals the top two factors students look for when opening a bank account.

Almost one in three (29%) says security/protection if they are a victim of fraud is a key factor, while a third of respondents (34%) say digital capabilities are important to them.

Earlier this year, TSB launched its Fraud Refund Guarantee1 and became the first bank to commit to covering customers if they are an innocent victim of fraud - whether it’s unauthorised transactions on their accounts or customers tricked into authorising payments to fraudsters.

TSB Student Account2

Students on the hunt for a new account can earn up to £25 in credit interest with TSB’s Student current account offering 5% AER interest on balances up to £500.

Students are also offered interest and fee free tiered Arranged Overdraft (subject to application and approval) of up to £1,500. Starting with £500 in the first six months, customers can then apply to increase it to £1,000 in months seven to nine and from month ten increase again to £1,500.

Additionally, the account is fully operational in TSB’s mobile banking app3 and Apple and Google Pay are also available.

Craig Bundell, TSB’s Director of Everyday Banking said: “Choosing the most suitable bank account is important and we want to ensure we’re providing the best solution for our customers.

“Our student current account offers a really great all-round deal, with a mixture of market leading interest rates and an interest and fee free overdraft– all backed by our Fraud Refund Guarantee.”

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