Skip to main content

TSB partners with start-up 'LOQBOX' to help people build their credit history by saving instead of spending

11th April 2018


TSB is partnering with start-up ‘LOQBOX’ to provide UK consumers with alternative options to build their credit history that doesn’t rely on spending and paying off debt but instead building their savings.

TSB’s Product Manager, Will Langdon-Davies struck up a conversation with entrepreneur Tom Eyre at their local pub in Bishopswood about the lack of options available to help people build their credit score.

Soon Tom, with his business partner Gregor Mowat, were at TSB’s office in London discussing what they had developed and how LOQBOX would help customers build their credit history by transferring their savings into monthly finance payments – similar to cash-secured lending.

So how does it work?

Customers select a certain amount each month – between £20 to £500 – that they want to save over the course of a year. They then purchase a LOQBOX digital savings voucher worth 12 times this monthly savings commitment. Instead of buying their LOQBOX outright, they use 12-month interest-free finance to buy it. The finance payments are equal to the monthly savings commitment they signed up for and, because they are reported to the three main UK credit reference agencies, lenders can see that the customer is a responsible borrower who can manage credit. At the end of the 12 months, not only has the customer built up a strong credit history, but they get their lump sum of savings returned to them.

TSB’s Product Director, Jatin Patel says: “At TSB, we’re always looking at solutions that help bring more competition to UK banking and ultimately make banking better for all UK consumers so when Will presented what LOQBOX had to offer we knew we wanted to be a part of it. LOQBOX’s solution will improve financial inclusion for a number of people.

“LOQBOX will give hundreds of thousands of consumers who don’t have a good credit score, through no fault of their own, the opportunity to prove that they are creditworthy. For example, people who’ve never borrowed in the past, people who are new to the country, ex-members of the armed forces, and the growing younger consumers who are applying for credit for the first time will no longer be credit excluded.”

Tom Eyre, CEO and co-founder of LOQBOX says: “At LOQBOX, we’re delighted to partner with TSB, a bank with a strong social purpose and a fantastic, disruptive, challenger brand that really appeals to our users. We are passionate about helping make the financial system work for everyone, including those who have been excluded from it. This partnership with TSB is yet more proof that co-operation within financial services can lead to a more inclusive system for everyone.”

LOQBOX also recently took home the accolade for Digital Agenda Impact Award for Financial Inclusion. The award recognises its achievements in fixing financial inclusion through the use of tech for good.

The best part of the LOQBOX solution is that if for any reason customers can’t make a payment or don’t want to keep saving, they can simply ‘unlock’ (redeem) their LOQBOX and cash out early, without penalty and without damaging their credit history.

LOQBOX funds are stored in a UK bank account that is fully ring-fenced and also has FSCS protection for each LOQBOX user.


Media Contacts


Follow us on Twitter: @TSB_News


Notes to editors


How does LOQBOX work?

  1. LOQBOX is a secure way to build your credit history
    • You choose to save between £20 and £500 each month, and buy a LOQBOX worth a year of those savings.
  2. Your monthly savings become finance repayments
    • Instead of buying your LOQBOX up front, you use interest-free finance to pay for it over 12 months. Each repayment (effectively, what you’re saving each month) gets added to your credit history, showing lenders you can responsibly manage your money and boosting your chances of getting better-priced credit.
  3. Take control of your finances
    • As well as building your credit history, with LOQBOX Learn monthly emails you can improve your money management and access great credit and savings offers – if you want them.
  4. Instant access to your savings
    • If you change your mind – or if you think you might struggle to make a payment – you can ‘unlock’ your LOQBOX any time and get back everything you paid so far. The LOQBOX team would rather you did that than miss a monthly payment, which would harm your credit history.
  5. Getting your money
    • • When you unlock your LOQBOX, LOQBOX helps you keep saving. The LOQBOX team can help you open a bank account or ISA for it to pay your money into. LOQBOX gets paid by its partners for this, which is how they can make LOQBOX completely free for you.

loqbox infomation

About TSB

TSB was built to bring more competition to UK banking and ultimately make banking better for all UK consumers. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our five million customers appear to notice: TSB is Britain’s most recommended high street bank and has been recognised as one of the top five best big companies to work for in the UK in 2018.

For further information about TSB Bank plc, please visit our website