Monthly Saver

If you’ve got a TSB current account, you can save from £25 to £250 each month and enjoy instant access with a great fixed rate.

Reasons to choose Monthly Saver

  • Get an interest rate of 2.00% Gross/AER* fixed for a year.
  • Interest rates are fixed for the term of the account, which is 12 months from the date of account opening.
  • Carry on saving - at the end of your term your account will convert to a variable rate Easy Saver Account, currently paying 0.25% Gross/AER variable including a fixed bonus of 0.20% for the first 12 months. View our Easy Saver interest rates  .
  • Interest is paid on maturity. For this account we normally issue statements on maturity.
  • If you have a current account, you can save from £25 to £250 per month and enjoy instant access with a fixed rate.
  • Instant access to your money with no withdrawal charges.
  • Make as many withdrawals as you like to your TSB current account, although you can only pay in once a month by standing order and cannot replace what you have withdrawn.
  • Enjoy the convenience of seeing your balance online and changing your standing order with Internet Banking.
 

Please note - you need to have a TSB current account to apply for a Monthly Saver

Summary box

Account name

Monthly Saver

What is the interest rate?

 

 

 

Interest rate (for 12 month term) 

 2.00% Gross/AER 

You’ll earn interest on balances of £1 or more. Interest is calculated each day and paid at the end of the 12 month term.

At the end of the term the account will switch to a variable rate Easy Saver account, where the following rates will apply:     

Interest rate with bonus 
(includes a fixed bonus of 0.20% for the first 12 months)

0.25% Gross/AER (variable)

Interest rate without bonus (applicable after 12 months)

0.05% Gross/AER (variable)

Can TSB change the interest rate?

No, we can’t change the interest rate during the term of your Monthly Saver.

What would the estimated balance be after 12 & 24 months? 

 

 

 

 

 

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 withdrawls are made from the account and that variable interest rates on Easy Saver remain the same:

Year 1-Monthly Saver

Amount saved 

£3000

Interest earned at 2.00% Gross/AER (fixed) 

£28.33 

Estimated balance after 12 months 

£3028.33

At the end of the term and the funds are transferred to an Easy Saver account.

Year 2-Easy Saver

Opening balance

£3028.33 

Interest earned at 0.25% Gross/AER (variable)(includes bonus of 0.20% for the first 12 months) 

£7.57

Estimated balance after 24 months 

£3,035.90 

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

  • In branch 
  • Online
Who can open

You must be:

  • 16 or over;
  • A UK resident; and
  • A TSB current account holder 
Ways to pay money in

You must set up a monthly standing order between £25 and up to £250 from a TSB current account. 

Manage your account

  • In branch
  • Over the phone
  • Online
  • Mobile app

Can I withdraw money?

 

 

Withdrawals allowed

Yes, instant access. You can't replace withdrawn funds. 

Withdrawal charges

No withdrawal penalties apply

How to withdraw

To another TSB current or savings account in your name (or in the case of a joint account in any of your names). 

Additional information

  • Accounts can be opened 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.

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 Monthly Saver

  • As a Monthly Saver 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.
  • Rename your account to suit you, such as holiday, rainy day or simply savings. All you need to do is click on your Monthly Saver account in Internet Banking and change nickname. The name you choose will only appear in Internet Banking and not appear on your statements.
  • 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 the How FSCS protects your money for further information.

If you open a Monthly Saver account, you must pay in one standing order of between £25 to £250 each month. The first payment must be made within 30 days of account opening.

You can set up a standing order during the application on the 'You're almost there' page, by selecting 'Set up a Standing Order from a TSB account'. If you leave the page without doing this, you'll need to set up the standing order from a TSB account as an external transfer using the 'Pay a person or company' tab on the 'Set up a Standing Order' page in Online Banking.

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

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

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Financial Services Compensation Scheme

FSCS
 
Visit fscs.org.uk to find out more
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