A simples guide

Compare TSB Current Accounts

While TSB isn’t the biggest of the UK banks, it’s certainly been around a while – over 200 years in fact. That’s why it’s a household name and describes itself as a ‘challenger bank’, with its mission being to take business away from the big banks.

It’s hardly small of course with over 4.5 million retail customers and over 630 branches, but to gain market share it’s offering some interesting current accounts.

Let’s take a look in more detail.

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TSB Current Accounts

irst things first, you need to decide which type of current account you want. While that might sound like a strange statement, TSB offer a number of different accounts aimed at different types of customer.

These have different features, so think about which are important to you when deciding what you want from your current account.

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Compare TSB Current Accounts

With UK interest rates at historic lows, it’s never been harder to earn interest on money you have in your bank account. However, TSB are looking to entice new customers and have some interesting and competitive offerings.

The TSB Classic Plus Account currently pays 5% AER interest on all current account balances up to £2,000. You’ll need to move fast to take advantage of this though as TSB has announced that the rate will fall to 3% AER on the first £1,500 from January 4th 2017.

There’s another benefit of this account too though - you’ll get 5% cashback on your first £100 of contactless payments every month.

There’s no fee to pay for the account and you could benefit from a free overdraft just in case you overspend – but be sure to make sure any overdraft is approved.

There’s a couple of conditions that you’ll need to satisfy to make this account right for you. First, you need to pay in at least £500 every month. Secondly, you’ll need to register for internet banking.

It is possible to add a feature called “control” to your account. This costs an extra £10 a month and will stop your account going overdrawn and potentially landing yourself with unwelcome charges. If you do go overdrawn, you won’t pay overdraft fees or returned item fees, but you will still incur interest.

The TSB Classic Account is TSB’s standard current account offering. While you don’t have to pay in any minimum amount each month, you also won’t benefit from interest on the account. As a Classic Account holder, you’ll get a £25 overdraft allowance - interest and fee free provided it is arranged.

There is also a TSB Cash Account. This is the most basic account offered. You’ll certainly be able to use the account for direct debits and everyday banking transactions but it comes with no interest payable and no overdraft facility.

TSB have a couple of accounts with extras. The TSB Silver Account costs £9.95 per month and doesn’t pay any interest. However, you will benefit from:

  • European Couples Travel Insurance from AXA
  • Breakdown cover from the AA
  • Mobile phone insurance
  • A £50 overdraft interest and fee free provided you advise them in advance

If Silver’s not enough for you there’s also the TSB Platinum Account. This account does cost £17 each month but comes with the following enhanced benefits:

  • Worldwide Family or Winter Sports Travel insurance from Axa
  • Breakdown cover with Relay and Home Start from the AA
  • Mobile phone insurance
  • A £300 overdraft interest and fee free provided you advise them in advance

If you’re studying at college or university, there is a TSB Student Account. This account will earn you 5% interest on any money you have in the account up to a £500 balance. You’ll also get up to a £1,500 overdraft facility but it’s really important that this is arranged as it is subject to approval. As a student, you may also be able to get a TSB student credit card which would be a good way of starting to build a credit history.

Finally, if you’ve recently graduated, there is the TSB Graduate Account. This account is designed to get you on your feet after you finish your studies. With an overdraft facility of up to £2,000 negotiable, this could help you with any student debts as you establish yourself in work. You’ll also have the option to apply for a TSB credit card and a graduate loan.

Compare other current accounts

TSB certainly seem to have all the bases covered when it comes to current accounts as there’s a great range of options. However, other banks offer similar accounts or perhaps even an account which is even better tailored for your needs.

Comparing current accounts is really simple. Try it today and find the best current account for you.

All TSB credit card details are based on information provided on www.tsb.co.uk on 31st October 2016.

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