A simples guide

Compare TSB Current Accounts

Competition is intense when it comes to current accounts. So TSB has brought out  the Classic Plus account with a 5% AER/4.89% gross variable interest rate on balances up to £2,000 (pending certain conditions).


It’s a headline figure that makes the account one of the most attractive on the market, so if you’re looking for a new current account then it should certainly be on your radar.


TSB has been with us for a while, but it became a new company when they split out from Lloyds Banking Group in 2013. They have around 4.5 million customers and more than 630 branches around the country. So it isn’t the biggest bank in the UK, but then with the rates on offer that may not be a concern.


Even if you are sorely tempted by the rate on offer with this TSB Current Account, you owe it to yourself to compare current accounts before you commit to any. Our price comparison service can help with that.


Are you eligible for a TSB current account?

You have to be 18 or over to get the TSB account. If you are, then you can choose between the two main options: Classic or Classic Plus.

The Classic Plus Account is restricted in that you can have one in your name and one more in a joint name, but that’s the limit. Of course you will have to be a UK resident and be able to prove your identity and address.

What’s the difference between a Classic and Classic Plus current account?

The TSB Classic Current Account is free of charge and comes with Internet banking and a smartphone app, as well as the traditional telephone service. It comes with a £25 overdraft facility. To give you more control of your account, you can also pay £10 a month to help you avoid overdraft fees and keep a limit on your spending.

You also get a TSB Visa debit card with contactless payment, which means you can make online purchases, make payments over the phone and obviously contactless and more. 

The Classic Plus account is more advanced and requires a £500 monthly deposit, but then you get access to that interest rate. If you don’t deposit the £500 then you lose the interest payment for that month, but if you have a regular income then it’s could be a useful account.

You also get 5% cashback on your first £100 of contactless payments every month, too (which comes to an end in December 2016). It also comes with a Money Planner budgeting tool and a range of alerts to suit you when money comes in, goes out or plain runs out.

pig on coins

What other accounts do TSB provide?

TSB have a wide variety of current accounts, ranging from everyday accounts through to student accounts. Here’s the big list:

Classic account
A handy account with useful features including money budgeting tools and Apple pay

Classic plus account
Similar to the regular classic account but offers 5% on balances up to £2,000 and 5% cashback on first £100 contactless payments every month

Silver account
A no interest account, offering benefits including European couples travel insurance, breakdown cover, mobile phone insurance and more. There’s a £9.95 monthly charge for this account

Platinum account
An upgradedno interestTSB account which offers enhanced insurance services, a larger overdraft and £17 monthly fee

Cash account
A straight forward account with none of the added benefits. A no interest, no overdraft, no monthly fee account.

Student & graduate account
These accounts offer larger overdrafts than the standard accounts. Neither account has a monthly fee and both offer options to apply for TSB credit cards. The student account has the added benefit of 5% interest on balances up to £500. Where-as the graduate account has an option to apply for TSB loans and a larger overdraft.

Under 19s account
A no overdraft account with easy access to money and added benefits such as driving lesson discounts and a competitive interest rate of 2.5% on balances up to £2,500. There also isn’t a monthly fee for this account.


What bonuses and extras can TSB offer with a current account?

As well as the cashback on the contactless payments and the overdraft, TSB Classic Plus account customers will get a series of extra rewards including preferential mortgage terms and better exchange rates when you change money.

There are a range of free additional benefits you can add to your TSB 5% current account as well.

The Silver account costs £9.95 a month and comes with travel insurance, mobile phone insurance and breakdown cover for your car. The Platinum account, meanwhile, costs £17 a month and comes with a much sturdier insurance package and a fee-free overdraft of up to £300.

Should I get a TSB current account?

If you are in the market for a current account, TSB is a solid contender. The TSB 5% current account is one of the strongest deals on the market, but always make sure you check the competition. There simply isn’t a perfect current account and other banks might have attractive deals that work better for you. Look at the introductory offers, the charges and the interest rates and just make sure you have done your research. Our online comparison service can help you get started.

All TSB current account details are based on information provided on tsb.co.uk.com data on 21 April 2016

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