08 September 2020

TSB launches new 'Spend and Save' current account

  • New TSB everyday current account designed to help TSB customers feel more money confident.
  • Features such as savings pots, automatic spending round-ups and text alerts available to support customers with their day-to-day finances.


Today, TSB has launched a new everyday current account, Spend and Save - packed full of features to help customers feel more money confident.

The Spend and Save account is aligned with the bank’s strategy, aimed at supporting customers with their everyday finances and providing the right solutions for their banking needs. It has been developed following extensive research with nearly 14,000 customers which has found that customers typically find it difficult to start saving and worry about being caught out by unexpected events.

Designed with these findings in mind, Spend and Save includes features such as savings pots, automatic spending round-ups and text alerts to help customers best manage their money.

As coronavirus puts new pressures on household finances, this support has become increasingly important to UK consumers. TSB research1 shows that the pandemic has prompted more than two in five (44%) people to think differently about their money, taking stock of outgoings and daily spending in the midst of economic uncertainty. A further two in five (39%) say they have become more worried about money since the pandemic started.

While a lack of daily spending over lockdown may have led to more than a third (36%) of Brits feeling better off, as Covid restrictions are eased 62% say they are now actively looking for ways to make their money go further, and 40% say they will continue to pay more attention to their bank balance than they did before.

Pella Frost, Head of Personal Current Accounts comments: “Spend and Save has been designed to help our customers have more control of their money. We know that now, more than ever, our customers want us to make it easier for them to manage their money, so the variety of features available should help them feel more money confident.”
 

TSB’s Spend & Save – Key features:

This new account has been specifically designed to help customers better manage their money and provides a range of features to make it easier to put money aside where they are able to do so. They include:

  • Savings Pots – customers can set up one or more Savings Pots so that they can put money aside. These can be opened using the mobile app and allow customers to set goals, track progress and earn interest.
  • Save the Pennies – automatically rounds up every debit card payment made to the nearest pound, so spare change goes straight into a Savings Pot or any other eligible TSB savings account customers have set up.
  • Text Alerts – can be set up so customers will always know what their balance is and be warned if they’re in danger of going overdrawn.
  • Auto Balancer2 – allows customers to choose a minimum balance limit on their Spend & Save account. If their balance falls below that, it will automatically be topped up from a Savings Pot.
  • Cashback3 – for the first six months from account opening, new customers will be able to earn £5 cashback every month when they make 30 payments or more on their debit card each month.

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


Notes to editors:

- The research has been conducted by Opinium Research in June and July 2020 surveying 2,000 UK adults.
- Customers must have a Savings Pot and available balance in the Savings Pot to make the most of Auto Balancer.
- Existing customers can open a new Spend and Save account to be eligible for the cashback.
- Spend and Save will be available to open to new customers in the coming weeks. Existing customers will start to see changes in the mobile app from 9 September.

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