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TSB savings accounts

Find out whether you should save with TSB.

TSB was founded over 200 years ago as the Trustee savings bank. Reverend Henry Duncan created the bank to help working people save.

It’s unlikely the Scot would have imagined it would one day be owned by a Spanish bank, but since 2015 it has been part of Banco Sabadell.

It continues to offer a range of savings products and ISAs that cater to all types of savers, whether short term or long term or if they’re looking to put away smaller or larger amounts.

Find out more about the savings options offered by TSB and if one will work for you.

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Apply for Newcastle Five Year Fixed ISA

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Open a savings account with Sainsbury's Bank

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Minimum £500

Put your money into a 2 year fixed rate account

What savings options does TSB offer?

  • Cash ISAs
  • Instant access savings accounts
  • Fixed bonds
  • Children’s savers

TSB savings products in more detail

Cash ISAs

  • Individual savings accounts.
  • Money in an ISA is tax free, no matter the balance of your account.
  • How much income tax you pay is irrelevant too.
  • The annual ISA allowance is £20,000 for the 2018-2019 tax year.
  • Open with as little as £1, although the 2-year ISA requires a £3,000 initial deposit.
  • Get either instant access or an account which charges when you withdraw.

Instant access

  • Take money out whenever you like.
  • Instant access means lower interest rates. However, this account type is useful for rainy day savings.
  • Open with as little as £1.
  • While not market-leading, TSB’s monthly saver (one of the options available) offers competitive rates.

Fixed bonds

  • Put your money away for a fixed amount of time.
  • Know for sure how much you will get back in interest.
  • No early withdrawals or closures.
  • Open with an initial deposit of £2,000.
  • Open and manage in a branch, over the phone or online.

Children’s savers

  • Must be opened and managed by an adult over 18, on behalf of the child.
  • Open with as little as £1.
  • 2 options available: the Young Saver or the Junior ISA.

What is a cash ISA?

A cash ISA is a savings account where you don’t pay tax on the interest you earn. There’s a limit on the amount you can deposit into ISAs each year, which is set by the government.

How to open a TSB savings account

Opening a TSB savings account depends on the type. Fixed bonds, ISAs and instant access accounts can be opened online or in a branch.

Depending on the account, you have the option to manage them online, in a branch, over the phone or in the TSB app.

Junior Savers have to be opened at a branch.

How do I decide which account is for me?

Firstly, you need to decide what you’re looking for in a savings account. How often are you planning to draw out money? How much money can you afford to save each month?

You need to work out what you need before comparing the different offers available for certain types of savings accounts. Once you’ve done that, it’s useful to look at:

  • Interest rates
  • Fees (If there are any.)
  • Access to cash (If you need quick access, for instance.)
  • Rewards and loyalty schemes (If you’re into add-ons or switching bonuses.)

What are the pros and cons of banking with TSB?

Pros

  • Online banking. TSB’s adult savings accounts can be managed online, so you can take care of your savings wherever you are. The instant access savers even let you handle your account in its mobile app.
  • Flexibility. TSB offers a range of savings accounts which provide options for all types of savers.

Cons

  • Better rates elsewhere? Rates aren’t market leading, so you might be able to get better elsewhere. It’s worth checking out TSB’s Cashplus Current Account too. If you can afford the account limits, the rates are better.
  • IT problems. TSB has suffered from IT issues in recent times. In April 2018 thousands of customers were locked out of their accounts.

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2 Responses

  1. Default Gravatar
    JohnApril 29, 2019

    What is the best rate for savings with an online account investing £1500 a month in pensions?

    • Avatarfinder Customer Care
      JeniApril 30, 2019Staff

      Hi John,

      Thank you for getting in touch with Finder.

      Kindly contact TSB directly on this matter since their bank representative will provide you a more accurate info on rates and type of savings account that will suit your needs most. You may also visit one of their branches in Titonka, Forest City or Thompson. Their offices are open from 8:30am – 4:30pm, Monday – Thursday and 8:30am – 5:00pm on Friday.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

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