TSB current accounts for November 2019

TSB has a nice set of current accounts, and you don't need to pay in much to access the rewards.

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We say
★★★★★
Finder expert rating
You say
★★★★★
Customer satisfaction
  • Not a lot good here! Fairly average experience.
  • Customer service is slow and not always helpful

TSB has all the advantages of a big bank, from security to global acceptance, but unlike many big banks, it focuses more on customers who don’t have that much money to start with. It doesn’t really offer a premium account, but you only have to pay £500 into your current account to access the top-level benefits.

While it doesn’t offer any switching incentive, the 5% interest rate on current account balances up to £1,500 is enough to make potential customers’ mouth water.

Compare TSB current accounts

Updated November 17th, 2019
Name Product Account fee Arranged overdraft Interest (AER) Representative example Incentive
Classic Plus - with Control funded
Classic Plus - with Control funded
£10 per month
£6 per month
3%
Representative example: If you use an arranged overdraft of £1,200 you'll be charged an arranged overdraft usage fee of £6 per month plus an account fee of £10 per month.
'Recommend a Friend' scheme, existing customers introducing friends will earn £75 per recommendation (max 5 payments), each friend will also receive £75 provided they are a new customer who opens a Classic or Classic Plus account, completes a switch using Current Account Switching Service within 28 days of account opening and has a minimum of 2 active direct debits and credits at least £500.
Graduate
Graduate
£0
16.77% EAR variable plus £6 per month
0%
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 16.77% EAR variable plus an arranged overdraft usage fee of £6 per month.
Classic - with Control
Classic - with Control
£10 per month
£6 per month
0%
Representative example: If you use an arranged overdraft of £1,200 you'll be charged an arranged overdraft usage fee of £6 per month plus an account fee of £10 per month.
'Recommend a Friend' scheme, existing customers introducing friends will earn £75 per recommendation (max 5 payments), each friend will also receive £75 provided they are a new customer who opens a Classic or Classic Plus account, completes a switch using Current Account Switching Service within 28 days of account opening and has a minimum of 2 active direct debits and credits at least £500.
Cash Account
Cash Account
£0
N/A
0%
Classic Plus - with Control non-funded
Classic Plus - with Control non-funded
£10 per month
£6 per month
0%
Representative example: If you use an arranged overdraft of £1,200 you'll be charged an arranged overdraft usage fee of £6 per month plus an account fee of £10 per month.
'Recommend a Friend' scheme, existing customers introducing friends will earn £75 per recommendation (max 5 payments), each friend will also receive £75 provided they are a new customer who opens a Classic or Classic Plus account, completes a switch using Current Account Switching Service within 28 days of account opening and has a minimum of 2 active direct debits and credits at least £500.
Classic Plus - Non-funded
Classic Plus - Non-funded
£0
£0 per month on the first £35 and £6 per month thereafter
0%
Representative example: If you use an arranged overdraft of £1,200 you'll be charged an arranged overdraft usage fee of £6 per month.
'Recommend a Friend' scheme, existing customers introducing friends will earn £75 per recommendation (max 5 payments), each friend will also receive £75 provided they are a new customer who opens a Classic or Classic Plus account, completes a switch using Current Account Switching Service within 28 days of account opening and has a minimum of 2 active direct debits and credits at least £500.
Classic
Classic
£0
£0 per month on the first £35 and £6 per month thereafter
0%
Representative example: If you use an arranged overdraft of £1,200 you'll be charged an arranged overdraft usage fee of £6 per month.
'Recommend a Friend' scheme, existing customers introducing friends will earn £75 per recommendation (max 5 payments), each friend will also receive £75 provided they are a new customer who opens a Classic or Classic Plus account, completes a switch using Current Account Switching Service within 28 days of account opening and has a minimum of 2 active direct debits and credits at least £500.
Classic Plus - Funded
Classic Plus - Funded
£0
£0 per month on the first £35 and £6 per month thereafter
3%
Representative example: If you use an arranged overdraft of £1,200 you'll be charged an arranged overdraft usage fee of £6 per month.
'Recommend a Friend' scheme, existing customers introducing friends will earn £75 per recommendation (max 5 payments), each friend will also receive £75 provided they are a new customer who opens a Classic or Classic Plus account, completes a switch using Current Account Switching Service within 28 days of account opening and has a minimum of 2 active direct debits and credits at least £500.

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Types of current accounts from TSB

TSB offers a good range of current accounts and has a soft spot for customers who are just at the beginning of their financial journey, such as minors and students.

  • Rewards current accounts

    TSB’s main advantage is definitely the interest rate it offers on balances with its top current account. Compare other banks’ rewards accounts if you’re looking for other types of rewards or for a juicy switching incentive.
    Learn more about reward and incentive accounts

  • Student accounts

    TSB’s student account ticks all the boxes with a nice interest rate on balances and an overdraft option. However, don’t forget to compare deals – student accounts come with amazing discounts and offers at most banks!
    Learn more about student accounts

  • Graduate accounts

    TSB’s has a graduate account with an ample overdraft option to kick-start your life as a grown-up. Graduate accounts help you make the financial leap between university and work as smooth as possible.
    Learn more about graduate accounts

  • Children’s accounts

    As soon as they turn 11, you can open a TSB children’s account for your kids and they can enjoy a 2.5% interest rate on the first £2,500. If you want your children to familiarise themselves with banking when they’re even younger, you can compare our selection of children’s accounts – some can be opened when they’re as young as seven.
    Learn more about children’s accounts

The benefits of banking with TSB

  • Interest on balances. Instead of going all in with rewards schemes and perks, TSB has chosen to reward its customers with a very competitive interest rate paid on the current account’s balance.
  • Multiple ways to bank. TSB has over 500 branches across the UK, but you can also manage your accounts online, on the phone or through the smartphone.
  • Mobile Banking App. Like most traditional banks, TSB’s app isn’t the most advanced you can find around – but it does include most basic banking functionalities.
  • Global acceptance. TSB’s debit cards are on the Visa network and thus widely accepted around the world.
  • A wide range of financial products. If you need something else, such as a mortgage or a savings account, chances are TSB has got you covered, as it offers a wide range of different financial deals.

Opening an account with TSB

To open an account with TSB, you’ll have to provide the following information:

  • How much you expect to pay in each month
  • Your salary details and any assets you have
  • Your nationality/citizenship
  • Three years of address history
  • Proof of identity (passport, driving licence, EEA or Swiss national identity card)
  • Proof of address (utility bill, bank statement)

You can open a TSB account online or by visiting a branch.

Why should I compare current accounts anyway?

With savings accounts paying increasingly less interest, getting a good deal for your current account is becoming more important. You might think they’re a pretty basic product that only needs to be fee-free and do the job, but truth is, you can sometimes squeeze some nice perks and incentives out of them. There’s a lot of competition for current accounts among banks these days, so consumers should milk it for what it’s worth – even if it’s just about getting the best switching incentive.

Also, your current account is probably the financial product you’ll end up using more often in your daily life, so it’s worth spending time looking for something that really suits your needs.

What about digital banking?

One of the reasons why there’s more competition in the current accounts market these days is that challenger banks are changing the landscape by offering a new type of banking service, entirely based on slick mobile apps, fee-free features and quick sign-up processes. If that sounds more like what you’re looking for, head to our dedicated section to learn more.

Updated November 17th, 2019
Name Product UK ATM withdrawals Foreign ATM withdrawals Ratings
N26
Free
1.7% of amount drawn
We say
★★★★★
You say
★★★★★
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
£200 free monthly
£200 free monthly
We say
★★★★★
You say
★★★★★
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Free
Free
We say
★★★★★
You say
★★★★★
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
£200 free monthly
£200 free monthly
We say
★★★★★
You say
★★★★★
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
Free
£200 free monthly
We say
★★★★★
You say
★★★★★
Monzo is free to spend anywhere in the world and in any currency, with no fees. All money is exchanged using the MasterCard rate.
Free
Free (up to 10 withdrawals monthly)

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