TSB announces changes to the interest rate on its Classic Plus Current Account.
TSB current account customers can earn up to £375 for recommending TSB’s Classic or Classic Plus Current Account to up to five friends.
Customers referred to TSB and who subsequently open a TSB Classic or Classic Plus account will receive £75 for switching.
TSB is announcing details of two changes to its market leading Classic Plus Current Account:
- From 8th April 2019 - TSB will offer £75 to any of its current account customers who ‘refer a friend’ and who subsequently switch from their existing bank account to either TSB’s Classic or Classic Plus Current Account. Existing TSB current account customers can refer up to five friends – earning them up to £375 if all five friends switch. Friends who have been referred and switch their bank account to TSB will also receive £75, giving new customers a great start with TSB.
The offer will run until 30th June 2019. Existing TSB current account customers should visit www.tsb.co.uk/recommend to recommend TSB’s Classic or Classic Plus Account to their friends and family.
- From 2nd July 2019 - the rate of interest paid on the Classic Plus Current Account will change from 5% AER to 3% AER on balances up to £1,500. Even after this change, the account will still remain the best ongoing rate of interest available on current accounts in the marketplace. With 3% AER (on balances up to £1,500), customers can earn up to £45 a year in interest. Customers can continue to use their account in branches, by telephone, use internet and mobile banking and make payments using contactless, Apple Pay or Google Pay as well as having access to 24/7 telephone banking.
To benefit from the 3% AER customers must pay at least £500 a month into their current account and have registered for Internet Banking. In addition, customers must choose to have both paperless statements and correspondence.
Craig Bundell, TSB’s Director of Personal Current Accounts, says:
"Our Classic Plus remains one of the UK’s best current account as we continue to offer our customers the best ongoing current account interest rate available in the marketplace."
"Giving something back to our customers has always been important to us and so I’m delighted that we’re today also launching our popular refer a friend offer. Existing TSB current account customers can refer up to five friends so they could earn up to £375 if all five friends switch their bank accounts to us."
Notes to editors
- Classic Plus - 3% AER / 2.96% gross variable interest (paid monthly) on balances up to £1,500. Customers pay in a minimum of £500 a month, register for Internet Banking and opt for paperless statements and paperless correspondence.
- Terms and conditions for the refer a friend offer will be available on https://www.tsb.co.uk/current-accounts/classic-plus-account/