06 September 2022

TSB boosts rates for savers

  • Instant access Savings Pots rate increased to 1.52% AER from 1.25% AER
  • New rate available from 2 September for new and existing customers
 
TSB has today announced that it is increasing the interest rate paid on the instant access Savings Pots which are a feature of its Spend & Save and Spend & Save Plus current accounts.   
 
New and existing customers with a Spend & Save or Spend & Save Plus current account can simply open a new Savings Pot in their account to get this new rate (1.52% AER variable) which will apply to Savings Pots that are opened on or after 2 September. Customers can open a maximum of five Savings Pots with up to £5,000 in each Pot.  
 
New customers can open a Spend & Save account online in minutes by downloading the TSB app. 
 
Spend & Save accounts also offer other valuable features: 
  • £5 a month cashback for the first six months if a customer makes 30 debit card payments in that month. Spend & Save Plus offers the same cashback but it is not restricted to six months.  
  • Auto-balancer – allows customers to choose a minimum balance limit on their account. If the balance falls below that level it will automatically move money from a chosen Savings Pot to top it up, as long as there’s enough money in there.  
  • ‘Save the Pennies’: customers can arrange to have debit card transactions rounded up to the nearest pound, so the ‘change’ goes straight into a Savings Pot.  
  • In addition, Spend & Save Plus offers customers:  
    • No TSB charges for using their Spend & Save Plus debit card abroad. 
    • £100 interest-free Arranged Overdraft for short term borrowing, subject to application and approval. Overdrafts are repayable on demand. 

Media Contacts

Rochelle D’Cruz | Media Relations Manager, TSB
T: 07483 940 420 | rochelle.d'cruz@tsb.co.uk

Follow us on twitter: @TSB_News

Notes to editors

  • The rate of 1.52% Annual Equivalent Rate (AER) variable on Savings Pots includes an underlying rate of interest of 0.20% AER variable and a fixed bonus rate of 1.32% AER that will last for 12 months. It will be paid on all new Savings Pots opened on or after 2 September. Interest is calculated daily and paid monthly. 
  • Customers with existing Savings Pots can transfer savings into a new Pot or can ‘re-bonus’ their existing Savings Pot(s) online via their Internet Bank logon or in a branch.  
 
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.