Finder rating
★★★★★
Expert analysis
Customer rating
★★★★★
Satisfaction survey
Good account features including saving pots and a round-up spare change option
High fees for card spending and cash withdrawals abroad
TSB current accounts for February 2023
TSB has a nice set of current accounts, and you don't need to pay in much to access the rewards.
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.
Compare TSB’s current accounts
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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.
Spend & Save account
TSB’s main fee-free current account offering comes with a decent bundle of perks, including £5 cashback per month for the 6 months after you open the account. Account holders can also open up to 5 saving ‘pots’ which each offer rates that can compete with some of the best standalone easy-access savings accounts. Compare other banks’ rewards accounts if you’re looking for other types of rewards or for a juicy switching incentive.
Spend & Save Plus account
In exchange for a £3 monthly account fee, TSB’s premium current account offers fee-free spending using your debit card abroad, a £100 interest-free overdraft and all the features offered with the Spend & Save account. Like the fee-free account, Spend & Save Plus also offers £5 monthly cashback, but this is not limited to the first 6 months after account opening. Compare other banks’ rewards accounts if you’re looking for other types of rewards or for a juicy switching incentive.
Student account
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!
Graduate account
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.
Under 19s account
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.
Business account
TSB’s business bank account offers free day-to-day banking for a set period, followed by a simple banking tariff. To be eligible you must be a sole trader, partner or director. The account offers specialist support and can be managed through the mobile app, internet banking, by phone or in branch. The account also comes with a business debit card.
Pros and cons 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.
- Poor customer service scores. An independent survey of service quality carried out by the Financial Conduct Authority shows that only 50% of TSB customers would recommend their bank. This score puts it in 14th place in terms of overall service quality (results from August 2022).
- Poor online and mobile banking experience. The same survey placed TSB in 14th place in terms of the proportion of customers who would recommend their bank’s online services.
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.
The bottom line
If you are looking for a current account that pays interest on in-credit balances, TSB is typically offering the top-paying accounts. However, if customer service quality is your main priority, then you may want to steer clear. If TSB’s current accounts are not for you, you can also compare other current accounts here.
Frequently asked questions
Banking ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
The customer satisfaction score ("Customers say") is based on a survey of 2,944 customers carried out in December 2022.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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