TSB Current Accounts Guide
With over 570 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.
What types of current account does TSB provide?
TSB’s Plus account pays 3.00% on balances of up to £1,500, and requires monthly funding of £500, which is lower than rival offerings.
The bank’s standard current account is the Classic account, which is free of charge and offers internet banking, telephone banking and mobile banking.
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 Equivalent Annual Rate of interest charged on larger amounts and unauthorised borrowing is 19.84%.
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.