Interest rate with bonus (includes a fixed bonus of 0.01% for first 12 months)
Interest rate without bonus (applicable after 12 months)
0.02% Gross/AER (variable)
0.01% Gross/AER (variable)
Interest is calculated each day and paid once a year on the anniversary of opening the account.
Can TSB change the interest rate?
Yes. We can move the interest rate up or down at any time. Our Terms and Conditions explain when we'll do this.
If we increase the interest rate, we’ll make details of the rate change available in branch, on the phone and on our website, within 3 days of the change. If we decrease the interest rate, we’ll let you know personally and give you at least 2 months’ notice.
What would the estimated balance be after the fixed term based on a £1,000 deposit?
Based on a £1,000 deposit, with no deposits or withdrawals made from the account, and variable interest rates remaining the same:
Interest earned at 0.02% Gross/AER (variable) (includes a bonus of 0.01% for the first 12 months)
Estimated balance after 12 months
Interest earned at 0.01% Gross/AER (variable)
Estimated balance after 24 months
This is an example only and doesn’t take into account your individual circumstances.
How do I open and manage my account?
Ways to open
Who can open
You must be:
16 or over; and
A UK resident
A TSB current account holder
Manage your account
Over the phone
Can I withdraw money?
Yes, instant access
No withdrawal penalties apply
How to withdraw
Transfer to a TSB current or savings account held in your name
Accounts can be held in sole or joint names Interest is paid gross (without taking off tax) If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself. The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers don't receive a Personal Savings Allowance. Account can be closed at any time without charge
Rates and information correct as at 01/07/2020
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross rate is the contractual rate of interest payable before the deduction of income tax.