07 July 2022

TSB raises rates for savers

  • Monthly Saver raised to 2.50% AER with increase in maximum monthly payments

  • Fixed Rate accounts also offering up to 2.5% AER

  • New rates available in branch and online from 7 July

TSB has today announced changes to the rates for a number of its savings products. The key changes are summarised in the table below. 

Summary of product changes

On sale products Previous rate (AER) New rate (AER) Effective from
Monthly Saver
2.00% Fixed
on payments up to £125 per month
2.50% Fixed
limit on payments raised to £250 per month
7 July
Fixed Rate Bonds
0.81% (12 month term)
1.00% (24 month term)
1.10% (36 month term)
2.00% (12 month term)
2.20% (24 month term)
2.50% (36 month term)
7 July
Fixed Rate Cash ISA
0.81% (18 month term)
1.00% (24 month term)
1.10% (36 month term)
1.25% (18 month term)
1.50% (24 month term)
1.90% (36 month term)
7 July
Young Saver (for balances <=£20k) 0.75% 1.00% 7 July
Business Banking (balances >£5k) 0.3% 0.55% 30 June

The products are available online and in TSB branches (except for Young Saver which is available in branch only). The rate increases announced today are in addition to the new 1.25% AER variable rate for customers who open Savings Pots in their Spend & Save or Spend & Save Plus current account that also takes effect today.

TSB has also increased the rate of interest paid to customers with instant access business savings accounts from 0.30% to 0.55% AER for savings over £5,000. 

Peter Hatton, Head of Savings, TSB said:
“We are always looking to support our customers with competitive products and services that help them manage and grow their money – and today's rate increases will provide another boost to their savings.”
 

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.
  • Full details of TSB’s saving products can be found here.
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. ‚Äč