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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.
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.
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
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
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
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
To open an account with TSB, you’ll have to provide the following information:
You can open a TSB account online or by visiting a branch.
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.
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.
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