Savings accounts and investments

The ‘Base Rate’ is set by the Bank of England and is the interest rate that it charges on money lent to banks and building societies.  They review it regularly and it can go up or down. 

Whether your interest rate could be affected by a change to the Base Rate will depend on what type of savings account you have – fixed rate or variable rate.

Fixed rate accounts won’t be affected – your interest rate won’t change. 

Variable rate accounts could be affected – your interest rate might change.  That’s because we review the interest rates we offer on variable rate accounts regularly and the Base Rate is one of a number of things that we’ll take into account.  So if the Base Rate changes, we could decide to change our savings rates.  If we decide to lower your rate, we’ll tell you before this happens.

Please visit our savings rates page.

An ISA (Individual Savings Account) is a tax efficient way to save or invest. Unlike other savings accounts you don’t pay tax on money held in an ISA, regardless of your balance or how much income tax you pay.

Tax free means the interest paid will be free from UK Income Tax. The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.

Since 6 April 2016, you have a Personal Savings Allowance, which means your interest is paid gross (without taking off tax).

The Personal Savings Allowance is £1,000 for basic rate tax payers and £500 for higher rate tax payers. Additional rate tax payers do not receive a Personal Savings Allowance.

If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.

If your savings account can be held in joint names, you can add additional parties at your nearest branch. You'll both need to go into a branch so that you can provide proof of identity and address in person.

You can remove a joint account holder from a savings account by visiting us in branch or by booking a video call. Please bring along your account details and proof of identity.

Please visit our helpful information page to find out what you need to open an account.

View our guidance on how to top up an existing TSB Cash ISA.

Please visit our close an account page.

Please visit our Save the Pennies page.

Please visit our inactive accounts page.

Please visit our compare accounts page.

If your savings account can be held in joint names, you can add additional parties at your nearest branch. You'll both need to go into a branch so that you can provide proof of identity and address in person. Visit our branch locator to find your local branch.