Savings Pots

If you’ve got a Spend & Save account, Savings Pots can help you put money aside for things that really matter to you.

So you can set up individual Savings Pots with names like ‘Holiday Fund’ or ‘New Trainers’.

You can also earn interest along the way, set yourself goals and track how your Savings Pots are growing.

You’ll need to visit us in branch or get the latest version of the Mobile Banking App to take advantage of this new feature.

 

Reasons to choose Savings Pots

  • You can rename your Savings Pots, set goals and track how you’re doing on our mobile app and via Internet Banking
  • A variable rate of interest of 0.04% Gross Monthly/ 0.05% AER – this rate includes a fixed introductory bonus of 0.04% for the first 12 months. After 12 months, the variable rate without bonus will apply
  • You can easily transfer money between your Savings Pot and Spend & Save account
  • Interest is paid monthly
  • You can have up to five Savings Pots per Spend & Save account – one for each of your savings goals
  • There is a maximum balance of £5,000 per Savings Pot (£25,000 per Spend & Save account)
  • Use the Spend & Save account’s flexible features such as Auto Balancer to top up your current account when it gets low and Save the Pennies to help you save as you spend

 

Summary box

Account name

Savings Pots

What is the interest rate?
Interest rate with bonus (includes a fixed bonus of 0.04% for first 12 months) Interest rate without bonus (applicable after 12 months)
0.04% Gross Monthly/0.05% AER (variable) 0.01% Gross Monthly/AER (variable)
Interest is calculated daily and paid monthly
Can TSB change the interest rate? Yes. We can move the interest rate up or down at any time. Our Savings Pots 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 14 days’ 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:
Initial
Deposit
£1,000
Year 1 0.04% Gross Monthly/0.05% AER (variable) (includes a bonus of 0.04% for the first 12 months) £0.50
Estimated balance after 12 months £1,000.50
Year 2 0.01% Gross Monthly/ AER (variable) £0.10
Estimated balance after 24 months £1,00.60
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
A Savings Pot is opened automatically with a Spend & Save Account. You can also open additional pots in the following channels:
  • Our Mobile Banking App
  • In branch
Who can open

You must be:

  • 18 or over; and
  • a UK resident; and
  • Have a Spend & Save Account
Manage your account
  • In branch
  • Over the phone
  • Online
  • Mobile app

How much can I put in my Savings Pot?

£5,000 is the maximum that can be paid into your Savings Pot. This excludes interest earned on the account

Open with

£1 minimum opening balance

Can I withdraw money?

Withdrawals allowed?

Yes, instant access

Withdrawal penalties?

No withdrawal penalties apply

Transfer to the Spend & Save Account linked to your Savings Pot

Additional information

  • Accounts can be held in sole or joint names and will reflect the names on the Spend & Save Account linked to your Savings Pot
  • 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 by visiting a TSB branch or via Our Mobile Banking App
  • You can have up to five Savings Pots per Spend & Save Account

Rates and information correct as at 23/06/2020  

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.

 

More information

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.

How to add this feature

Simply open your Savings Pots through our mobile app

 
Savings Pots are only available for existing Spend & Save customers
 
AER – stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. GROSS – Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

How to add this feature

Savings Pots are only available for Spend & Save customers.

Simply open your Savings Pots through our mobile app.

Or alternatively, apply in a branch.

Financial Services Compensation Scheme

FSCS


 
Visit fscs.org.uk to find out more
FAQ icon

Need to visit us?
Visit our FAQs

If you need help with something specific, let us know what it relates to or search a topic.
 

Go to help page