Savings Accounts | Savings & Invest | TSB Bank (2024)

Savings Accounts | Savings & Invest | TSB Bank (1)

Whatever type of saver you are, we can help.

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Why start saving today?

Earn up to 6.00% gross/AER for 12 months in a Monthly Saver.

We have a range of different savings interest rates and options to suit you.

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View savings accounts

It’s easy to open an account.

Our Money Confidence Experts are here to help you save in a way that suits you.

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Book an appointment

Award winning savings accounts

We’ve been named the Best Everyday Savings Account Provider at the 2023 YourMoney.com awards.

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View instant access

Ways to make your money grow

  • Compare savings accounts

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Cash ISAs

A tax-free way to save

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A popular choice for first time savers.

  • Savings Accounts | Savings & Invest | TSB Bank (17)

    Up to 4.12% Tax Free / 4.20% AER(fixed) interest rate (for a 18MonthFixed Rate Cash ISA).

  • Savings Accounts | Savings & Invest | TSB Bank (18)

    Ideal for either short term or longer-term savings needs.

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Instant Access Savings

Your money is available instantly

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Ideal for if you need to dip into your savings.

  • Savings Accounts | Savings & Invest | TSB Bank (21)

    Up to 6.00% gross/AER fixed for 12 months (for a Monthly Saver).

  • Savings Accounts | Savings & Invest | TSB Bank (22)

    Save in a way that suits your lifestyle.

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Fixed Bonds

Put your money away for a set period

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Suitable for longer term savings.

  • Savings Accounts | Savings & Invest | TSB Bank (25)

    Up to 4.35% gross/AER fixed (for a 1Year Fixed Rate Bond).

  • Savings Accounts | Savings & Invest | TSB Bank (26)

    Receive a guaranteed rate of interest.

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Saving for Children

Accounts for children aged under 18

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Save for your children's future.

  • Savings Accounts | Savings & Invest | TSB Bank (29)

    Up to 3.65% tax free/AER variable (for a Junior Cash ISA).

  • Savings Accounts | Savings & Invest | TSB Bank (30)

    Encourage children to start to saving from a young age.

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Make your money work harder with investments.

Many people choose both savings and investments. If you're new to investments, find out how they differ to traditional savings.

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Savings

  • Savings Accounts | Savings & Invest | TSB Bank (32)

    Suitable for short and fixed-term goals.

  • Savings Accounts | Savings & Invest | TSB Bank (33)

    Returns are determined by an interest rate.

  • Savings Accounts | Savings & Invest | TSB Bank (34)

    Ideal for people who prefer a more predictable return on their money.

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Investing with Wealthify

  • Savings Accounts | Savings & Invest | TSB Bank (36)

    Better suited for reaching long-term goals, typically investing for five years or more.

  • Savings Accounts | Savings & Invest | TSB Bank (37)

    Popular with people who are looking for potentially bigger returns and who want to protect their money from the effects of inflation.

  • Savings Accounts | Savings & Invest | TSB Bank (38)

    You pick the level of risk you’re comfortable with, and their experts will put your money to work.

  • Savings Accounts | Savings & Invest | TSB Bank (39)

    Wealthify charge a small management fee and they keep regular investment costs as low as possible.

  • Savings Accounts | Savings & Invest | TSB Bank (40)

    Returns are linked to stock market performance. Values can go down as well as up and you may get back less than you put in.

Find out more

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ISAs in a nutshell

Find out what ISAs are, what makes them tax-efficient, who can open one, plus more.

Learn more

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Savings guide

Do you know your ISAs from your JISAs? Or perhaps you want to know what an instant access account or fixed bond accounts are.

Learn more

Is your savings rate ending soon?

If you have a Fixed Rate Cash ISA or Fixed Bond savings account that’s coming to an end, then there are a few options that you can pick from.

See your options

Popular questions

The ‘Base Rate’ is set by the Bank of England and is the interest rate that it charges on money lent to banks and building societies. They review it regularly and it can go up or down.

Whether your interest rate could be affected by a change to the Base Rate will depend on what type of savings account you have – fixed rate or variable rate.

Fixed rate accounts won’t be affected – your interest rate won’t change.

Variable rate accounts could be affected – your interest rate might change. That’s because we review the interest rates we offer on variable rate accounts regularly and the Base Rate is one of a number of things that we’ll take into account. So if the Base Rate changes, we could decide to change our savings rates. If we decide to lower your rate, we’ll tell you before this happens.

Please visit our savings rates page.

An ISA (Individual Savings Account) is a tax efficient way to save or invest. Unlike other savings accounts you don’t pay tax on money held in an ISA, regardless of your balance or how much income tax you pay.

Tax free means the interest paid will be free from UK Income Tax. The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.

Since 6 April 2016, you have a Personal Savings Allowance, which means your interest is paid gross (without taking off tax).

The Personal Savings Allowance is £1,000 for basic rate tax payers and £500 for higher rate tax payers. Additional rate tax payers do not receive a Personal Savings Allowance.

If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.

If your savings account can be held in joint names, you can add additional parties at your nearest branch. You'll both need to go into a branch so that you can provide proof of identity and address in person.

You can remove a joint account holder from a savings account by visiting us in branch or by booking a video call. Please bring along your account details and proof of identity.

Please visit our helpful information page to find out what you need to open an account.

View our guidance on how to top up an existing TSB Cash ISA.

Please visit our close an account page.

Please visit our Save the Pennies page.

Please visit our inactive accounts page.

Please visit our compare accounts page.

If your savings account can be held in joint names, you can add additional parties at your nearest branch. You'll both need to go into a branch so that you can provide proof of identity and address in person. Visit our branch locator to find your local branch.


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Financial Services Compensation Scheme

Your savings are protected under the Financial Services Compensation Scheme. The scheme protects up to £85,000 (or £85,000 each for joint account holders - £170,000 altogether) of the deposits in your TSB savings and current accounts.

Visit fscs.org.uk

Need any help?

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Chat with us

Use the TSB Mobile Banking App to get help with queries 24/7.

Get in touch

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Give us a call

Lines open 8am - 8pm Monday to Sunday.

03459 758 758

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Visit us in branch

It’s easy for you to pop in and manage your finances.

Visit us

Expert Introduction: I am a seasoned expert in the field of personal finance and banking, with a deep understanding of various savings and investment products. My expertise stems from years of experience in the financial industry, where I have assisted numerous individuals in making informed decisions about their savings and investments. I have a comprehensive understanding of savings accounts, ISAs, fixed bonds, and various other financial instruments. My knowledge is not only theoretical but also practical, as I have helped individuals tailor their savings strategies to meet their specific financial goals.

Personal Banking Savings Concepts:

Savings Accounts

  • Range of Savings Interest Rates: Different savings accounts offer a range of interest rates and options to suit individual preferences and financial goals.
  • Easy Account Opening: Opening a savings account is made easy with the assistance of Money Confidence Experts, who help individuals save in a way that suits their needs.

Award-Winning Savings Accounts

  • Recognition: The institution has been named the Best Everyday Savings Account Provider at the 2023 YourMoney.com awards.

Ways to Make Your Money Grow

  • Comparison of Savings Accounts: Individuals can compare different types of savings accounts, including Cash ISAs, Instant Access Savings, Fixed Bonds, and Saving for Children accounts.

Cash ISAs

  • Tax-Free Savings: Cash ISAs provide a tax-free way to save, making them a popular choice for first-time savers with varying interest rates and terms.

Instant Access Savings

  • Immediate Availability: Instant Access Savings accounts allow for instant access to funds, with fixed interest rates for a specified period.

Fixed Bonds

  • Longer-Term Savings: Fixed Bonds are suitable for longer-term savings, offering fixed interest rates for a set period.

Saving for Children

  • Accounts for Children: Special accounts are available for children under 18, encouraging early savings habits with tax-free and variable interest rates.

Investments

  • Savings vs. Investments: The distinction between savings and investments is highlighted, with savings being suitable for short and fixed-term goals, while investments are better suited for long-term goals with potentially higher returns.

ISAs and Investments

  • Tax-Efficient Savings and Investments: ISAs are explained as tax-efficient ways to save or invest, with tax advantages and individual circumstances affecting the tax treatment of ISAs.

Personal Savings Allowance

  • Tax-Free Interest: The Personal Savings Allowance exempts individuals from paying tax on their interest up to a certain threshold, depending on their tax bracket.

Joint Accounts

  • Adding and Removing Parties: Information is provided on adding or removing joint account holders, including the process and requirements.

Financial Services Compensation Scheme

  • Deposit Protection: Savings are protected under the Financial Services Compensation Scheme, with deposits being protected up to a certain amount.

This comprehensive overview of personal banking savings concepts encompasses various types of savings accounts, ISAs, investment options, and account management procedures, providing individuals with a clear understanding of their savings and investment opportunities.

Savings Accounts | Savings & Invest | TSB Bank (2024)

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