eSavings

You can open an eSavings account online in moments with just £1 and enjoy easy access through Internet Banking

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Reasons to choose eSavings 

  • Earn a variable rate of 0.30% Gross/AER variable on balances of £1 or more

  • Includes a fixed introductory bonus of 0.25% for the first 12 months

  • After 12 months the variable interest rate without bonus will apply, this is currently 0.05% Gross/AER variable

  • Interest is paid annually on anniversary of account opening

  • Instant transfers between your eSavings Account and TSB current account

Summary box

Account name

eSavings

What is the interest rate?

 

Interest rate with bonus 
(includes a fixed bonus of 0.25% for the first 12 months)

0.30% Gross/AER (variable)

Interest rate without bonus (applicable after 12 months)

0.05% Gross/AER (variable)

You'll earn interest on balances of £1 or more. 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 12 & 24 months 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:

Initial deposit

£1,000

Year 1

 

Interest earned at 0.30% Gross/AER (variable)(includes a bonus of 0.25% for the first 12 months)

£3

Estimated balance after 12 months

£1,003

Year 2

Interest earned at 0.05% Gross/AER (variable)

 

£0.50

Estimated balance after 24 months

£1,003 .50

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
  • Online
  • Mobile app
Who can open

You must be:

  • 16 or over; and
  • A UK resident 
  • A TSB current account holder
Balance

£1 minimum opening balance

Manage your account

  • Online
  • Mobile app
  • Over the phone
Can I withdraw money?

Withdrawals allowed

Yes, instant access

Withdrawal charges

No withdrawal penalties apply

How to withdraw

Payment to a TSB current or savings account in your name

Additional information

  • Accounts can be opened 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.

Rates and information correct as at 02/02/17  

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.

 

View previous rates

More information

Get more from your eSavings account 

  • If you need to speak to us about your eSavings account, please call us on 03459 758 758 or visit us in your local branch  .

  • As an eSavings Account holder you can take advantage of the many TSB services that we have on offer to help you get the most from your money.

  • Save the Change ® - Register for Save the Change ® and every time you make a purchase with your TSB Visa debit card, the amount you spend will be rounded up to the nearest pound. We'll then transfer the difference into your nominated TSB savings account the next working day.

  • Set up a standing order - saving regularly from your current account is the easy way to grow your savings.

  • Rename your account to suit you, such as holiday, rainy day or simply savings. All you need to do is click on your eSavings account in Internet Banking and change nickname. The name you choose will only appear in Internet Banking and not appear on your statements.

  • Transfer money instantly between your eSavings and TSB current account.

  • Turn off paper statements. Quickly find what you are looking for - search your statements instantly. Cut down on paperwork by stopping your postal statements.

Your eligible deposits with TSB are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme.

Your deposits with us are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call the FSCS on 020 77 414 100 or 08006 781 100 . Please note only compensation related queries should be directed to the FSCS.

Accounts with TSB Bank plc include accounts in all its divisions and under trading name TSB and TSB Business. An eligible depositor's £85,000 limit relates to the combined amount in all accounts with TSB Bank plc.

Please read How FSCS protects your money for further information.

Apply online today

It only takes a few minutes. 
You need to have a TSB current account to apply 

We're making some changes to our terms and conditions

There are some changes coming to the way you bank with us. As part of this, we’re making our terms and conditions even clearer, which is good news for everyone.

Find out more

Read summary of changes PDF (720KB)

You can find the updated terms and conditions here

How to apply

It only takes a few minutes. You need to have a TSB current account to apply

Financial Services Compensation Scheme

FSCS
 
Visit fscs.org.uk to find out more
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