The Monthly Saver account is a perk of our current accounts, it lets you save regularly with a great rate and instant access.
Earn 5.00% AER interest
Save £25 to £250 each month by standing order and get 5.00% AER (fixed) interest for 1 year.
Instant access
You can withdraw your money at any time with no fees or charges.
Manage in app
It's easy to manage your account in the app. You can also use internet banking, phone, or pop into a branch.
Is a Monthly Saver Account right for you?
This account is for:
- TSB current account customers, including joint accounts
- Saving between £25 and £250 each month
- Saving for a 12 month term
This account is not for:
- Ad hoc Savings, or saving less than £25 a month
- Saving more than £250 each month
- Anyone without a TSB current account - you’ll need to open one
How much could you earn in interest?
With 12 monthly deposits of £250 and no withdrawals, you'd have saved £3,000 from your own money and earned £70.96 in interest for a total of £3,070.96
Summary box
All the information you need to know about this savings account can be found here:
| Interest rate (for 12 month term) | 5.00% Gross/AER (fixed) |
|---|
Interest payments
Interest is calculated each day and paid at the end of the 12 month term. At the end of the term the account will convert to an Easy Saver. We ll contact you before this happens with your options to continue saving.
No, we can't change the interest rate during the fixed term of your Monthly Saver.
Based on accounts opened on the first of March, with 12 monthly deposits of £250 made on the 25th of the month (which is the maximum you can pay in each month). This example assumes that no withdrawals are made from the account:
| Amount Saved | £3,000 |
| Interest earned at 5.00% Gross/AER (fixed) | £70.96 |
| Estimated balance after 12 months | £3,070.96 |
At the end of the term the funds are transferred to an Easy Saver account.
This is an example only and doesn t take into account your individual circumstances.
Ways to open |
|
| Who can open | You must be:
|
Open with |
|
| Manage your account |
|
Are withdrawals allowed?
Yes, instant access
You can't replace withdrawn funds
Withdrawal charges
No withdrawal penalties apply
How to withdraw
- Cash
- Bankers draft
- Transfer to a TSB current or savings account in your own name
(Fees may apply to some of these services, please see our Savings Account General Conditions for more information)
- Accounts can be held in sole or joint names
- One account per customer.
- If you close your Monthly Saver before the end of the 12 month term, you won t be able to open another account before the first anniversary of this account.
- 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.
- At the end of your term your account will convert to an Easy Saver. We ll contact you before this happens with your options to continue saving.
Rates and information correct as at 29/04/2025.
Open a Monthly Saver
Already have a TSB current account?
Log in to Internet Banking
Apply for your savings account
Complete in minutes
Open a Monthly Saver
New to TSB?
You'll need a TSB current account account to apply for this account
If you'd prefer to apply in branch or through telephone banking, you can book an appointement in advance.
Important documents
Monthly Saver Account FAQs
To save into your Monthly Saver, you’ll need to set up a standing order. This can be anything from £25 to £250 each month, and you’ll need to make your first payment within 30 days of opening your account.
You can create a standing order when you apply. There will be a button that says 'Set up a Standing Order from a TSB account' which will guide you through the process. You can also create an external transfer from a TSB account using the 'Pay a person or company' tab on the 'Set up a Standing Order' page in your online banking.
Yes. You can take out your money whenever you want without any fees or charges.
Important Information
The Annual Equivalent Rate (AER) shows what the interest would be if the interest was paid and added to the account once each year. It lets you compare savings accounts easily. Gross rate means that credit interest is paid without income tax being deducted. Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
You need to be 16+ and UK resident to open most of our savings accounts with the exception of Savings Pots and TSB ISAs. For children under 16 please see specific pages for opening procedures.
