TSB current accounts

TSB is purely a retail bank, which means there is no investment-banking arm. This allows it to concentrate solely on offering products designed to meet its individual customers’ needs – including a range of current accounts. You can switch to one of them in just seven working days thanks to the Current Account Switch Service.

Compare TSB current accounts - Ordered by interest rate (AER)

  1. 2016 SUPERS

    Winner of the Best Overall Provider

    Great for
    5% AER for balances up to £2000
    With 5% Cashback on your first £100 Contactless payments every month (T&Cs apply). Subject to eligibility. Ends Sept 2017.
    But be aware that
    The Classic Plus Account is subject to application and approval
    To earn 5% AER on the Classic Plus Account credit your account with a minimum of £500 each month, register for internet banking, paperless statements and paperless correspondence
  2. 2016 SUPERS

    Winner of the Best Overall Provider

    Great for
    £25 interest and fee free planned overdraft
    £10 overdraft buffer – no overdraft fees or interest to pay if you go overdrawn by £10 or less
    But be aware that
    Subject to application and approval

TSB current accounts guide

With 631 high street branches, TSB promises to focus on “local banking” that serves its individual and local business customers. Most of its customers were switched across automatically from Lloyds and Cheltenham & Gloucester last year.

The bank, which offers three main current accounts, is to be listed on the stock market later in 2014.

What types of current account does TSB provide?

TSB’s newest account is its Plus account that pays a massive 5.00% on balances of up to £2,000 indefinitely, and requires monthly funding of just £500.

The bank’s standard current account is the Classic account, which is free of charge and offers internet banking, telephone banking and mobile banking. 

Customers who use internet banking can also use the Money Planner service to keep track of all their current and credit card accounts with the bank.

The account also offers a £10 overdraft buffer as standard, while those who go into the red without authorisation can avoid fees by paying in the amount needed to take them back above £0 by 3.30pm that day.

If you get authorisation from the bank, you also pay nothing on the first £25 of overdraft. However, the AER rate charged on larger amounts and unauthorised borrowing is 19.94%.

You can avoid being hit with this charge by signing up to the bank’s Control feature, which prevents you going overdrawn by mistake and means you will also avoid Returned Item Fees.

TSB also offers Added Value accounts as an upgrade to existing customers that include benefits such as travel insurance, breakdown cover and mobile phone insurance.

The Silver account comes with these features, plus a £50 fee-free authorised overdraft facility, and costs £9.95 a month.

The Platinum account is at £17 a month and includes more comprehensive insurance and a fee-free overdraft of up to £300.

Comparing current accounts

Current accounts have improved a lot over recent years, so it is important to consider whether your existing account is your best option.

Whether you are looking for added benefits, in-credit interest or a cheap overdraft, you can browse hundreds of accounts on MoneySuperMarket to find your perfect match.

 

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