01 July 2022

TSB boosts rates for savers

  • Instant access Savings Pots rate increased to 1.25% AER variable for up to £25,000 of savings for the first 12 months
  • New rate available from 7 July for new and existing customers
  • New customers can open an account online in minutes through TSB’s app to access Savings Pots

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 (1.25% AER variable) which will apply to Savings Pots that are opened on or after 7 July. 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.

Marta Edwards, Head of Personal Current Accounts, TSB said:
“We developed our current accounts to help customers build healthy savings habits - the increased rate on Savings Pots alongside cashback on debit card spend is another boost to get to their savings goal.”
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 1.25% 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 1.05% AER that will last for 12 months. It will be paid on all new Savings Pots opened on or after 7 July. 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.
  • Customers can open up to five Savings Pots in their Spend & Save or Spend & Save Plus accounts, with a minimum balance of £1 and a maximum of £5,000 in each Pot, so a total of £25,000 savings.
  • Spend & Save Plus has a £3 monthly maintaining the account fee.
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. ‚Äč