24 February 2021

TSB launches new premium current account – ‘Spend & Save Plus’

TSB has today launched a new current account, Spend & Save Plus - packed full of features to help customers feel more confident about their money. This new account, open to new and existing customers, builds on the successful launch last year of TSB’s current account, Spend & Save1, and offers more choice for customers.

Spend & Save Plus is a fee-paying account costing £3 a month. It includes the same popular features as Spend & Save such as Savings Pots, Save the Pennies (an automatic spending round-up), Auto Balancer (which moves money from Savings Pots) and text alerts to help customers best manage their money, but also includes the following additional features:

  • Ongoing cashback2 – customers can earn £5 cashback each calendar month as long as they make 30 payments using their debit card every calendar month – which can be online or in store.
  • Arranged Overdraft interest free amount3 of £100 – if customers have spent more than they usually do, they won’t be charged interest on the first £100.
  • No TSB charges when using the card abroad4 – there are no TSB charges for customers using their debit card at ATMs or point of sale (contactless / swipe payments).

Pella Frost, TSB’s Director of Everyday Banking said: “We are expanding our current account offer to help more customers feel confident about managing their money. Spend and Save Plus is packed full of features that will help customers build healthy savings habits, avoid those unexpected costs and make the most out of their money.”

Since Spend & Save’s launch in September, customers have been making the most of the money confidence features available with nearly 60,000 Savings Pots opened with an average of around £200 deposited per pot. In addition, Spend & Save customers who have activated and used Save the Pennies have saved a total of c£14,000.

The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.

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Notes to editors

  • 1 Spend & Save was launched in September. More information about the account and its specific features can be found here: Spend & Save Account | Current Accounts | TSB Bank
  • 2 Cashback can end at any time for new customers. If we make changes to our cashback we will write to customers giving them two months’ notice.
  • 3 Overdraft free amount is subject to application and eligibility / affordability.
  • 4 The ATM operator or foreign bank may charge a fee for cash withdrawals and sellers may also apply a currency conversion fee, if you make a payment with your debit card and they do the conversion.
  • Spend & Save Plus information can be found here: www.tsb.co.uk/current-accounts/spend-and-save-plus-account/