Account nameSpend & Save Plus
Earn £5 cashback a month when making 20 or more debit card payments each month.
Account fee£3 per month
ATM withdrawal limit£500
Debit networkVisa
Card typeCash / Debit
Minimum eligibility age18 Years
Minimum operating balance£0
Minimum opening balance£0
Direct debits
Current account switch guarantee
Cheque Book

TSB has a complex history. Having been founded as Trustee Savings Bank in 1810, it merged with Lloyds Bank in 1995 to become Lloyds TSB in 1999. In 2009, Lloyds TSB Group bought HBOS and became Lloyds Banking Group.

In 2013, TSB Bank began operating as a separate business within Lloyds Banking Group and 2 years later, TSB was bought by the Spanish banking group Sabadell. TSB currently offers a range of financial products including current accounts.

What is the TSB Spend & Save Plus account?

The TSB Spend & Save Plus account operates in the same way as a standard current account, but also offers a £100 interest-free overdraft, the opportunity to earn cashback and a number of features to help you save money. In return, you’ll need to pay a £3 monthly fee.

You can open the account individually or jointly and it comes with a Visa debit card.

How does it work?

The TSB Spend & Save Plus current account offers the following key features:

  • £100 interest-free overdraft. Arranged overdraft is subject to application and approval. If you go over the interest-free amount, you’ll pay interest at a rate of 39.90% EAR.
  • Cashback. Earn £5 cashback each month, providing you make 30 payments or more on your debit card each month.
  • No charges abroad. TSB won’t charge you for using your debit card for purchases or ATM withdrawals abroad.
  • Savings Pots. Set up individual savings pots, set goals and track how your savings are growing. Savings Pots earn interest at a rate of 0.05% AER, which includes a bonus of 0.04% AER for the first 12 months.
  • Save the Pennies. Automatically round up every debit card payment to the nearest pound. These spare pennies go into your Savings Pot or any other eligible TSB savings account you have.
  • Auto Balancer. Lets you choose a minimum balance limit on your Spend & Save Plus account. If your balance falls below that, money will automatically be moved from your chosen Savings Pot to top it up.

Who is it for?

You can apply for the TSB Spend & Save Plus account if you’re at least 18 years old and a UK resident. Providing you’re happy to pay £3 a month for the account, it can be a good option for those after a small interest-free overdraft, those who regularly travel abroad or those who need a little help building up their savings.

What are the benefits?

As well as offering a £100 interest-free overdraft for those who dip into the red, the TSB Spend & Save Plus current account also offers a helping hand for those looking to save, including £5 cashback each month. It could also be a good option for those who like to travel, thanks to its lack of fees abroad.

What is the TSB prize draw?

TSB has launched a new prize draw to help customers get into the habit of saving.

To be in with a chance of winning, Spend & Save Plus account holders must either set up a new Savings Pot, or change an existing one, to include the words “my dream” in its name. The Savings Pot must also have a balance of £10 or more.

Each month until the end of May 2022, TSB will award 5 prizes of £1,000 and 50 prizes of £100 to randomly selected customers meeting that criteria, with the prize money paid directly into their Savings Pots.

How to apply

You can open a TSB Spend & Save Plus account online or at your nearest branch. You’ll need to have 2 official documents on hand to verify your identity and address. These could include a passport or UK driving licence for ID and a utility bill or bank statement for address verification.

Joint accounts need to be opened in a branch.

Pros and cons of the account


  • £100 interest-free overdraft
  • No charges for using your debit card abroad
  • Earn £5 cashback a month
  • Savings Pots and Save the Pennies features to help you save
  • Easy to apply online or in a branch


  • £3 monthly fee
  • Interest paid on Savings Pots is low
  • If you exceed £100 interest-free overdraft limit, you’ll pay 39.90% EAR
  • Need to make at least 30 debit card payments a month to get cashback

Our verdict

The TSB Spend & Save Plus account is one of the few current accounts to offer any form of interest-free overdraft, making it a good option if you dip into the red from time to time. What’s more, its offer of £5 cashback each month (providing you meet the qualifying criteria) is competitive, as are the lack of fees abroad.

However, you will need to be happy paying the £3 monthly fee which, unlike some of the account’s competitors, is unavoidable. As always, it’s worth comparing your options carefully to ensure it’s the right choice for you. Visit TSB’s website to apply or compare other TSB accounts here.

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