TSB Bank plc is a retail and commercial bank in the United Kingdom operating a network of 536 branches across England, Scotland and Wales, providing various bank accounts, loans, mortgages and other financial services. TSB has partnered with Legal & General to provide protection products for our customers.
Cash ISA Saver
TSB’s Cash ISA Saver is an instant access account with no charge for withdrawals. You will receive a variable interest rate of 0.02% AER tax free, which includes a fixed introductory bonus of 0.01% for 12 months from the date of account opening. The interest you earn is free of income tax, making it a very tax-efficient product. You can open this account from as little as £1, up to the maximum allocation of £20,000.
Save Well Limited Access ISA
TSB’s Save Well Limited Access ISA lets you earn a higher variable rate of interest at 0.19% / 0.20% AER tax free. If you make a withdrawal the interest rate applied to the balance for the whole calendar month in which your withdrawal is made, will be a lower rate of 0.00% AER. You can open this account from as little as £1, up to the maximum allocation of £20,000. This ISA matures after 12 months.
Fixed Rate Cash ISA
TSB’s Fixed Rate Cash ISA will earn you a fixed rate of interest up to 0.40% AER tax free. It is available for 18 month, 2 year and 3 year terms. The minimum opening balance for this ISA is £3,000, up to the maximum allocation of £20,000. Withdrawal charges will apply, so this product is best if you do not plan on touching your money until maturity.
TSB’s Junior ISA is an affordable way to save for your child’s future if they don’t have a Child Trust Fund. The money in the ISA belongs to the child, who can withdraw it when they reach 18. Anyone can pay into this account – grandparents, relatives and friends – you can open a Junior ISA with an initial investment of just £1, up to a maximum allocation of £9,000 tax-free. Once the child reaches 18, the account will mature into a Cash ISA Saver with bonus. This product has a variable rate of interest of 1.50% AER tax free.
TSB offers a range of related financial services including various bank accounts, savings, loans, mortgages and insurance products.
TSB Reviews and Ratings
Online reviews for TSB are generally very bad with users complaining about poor communication, unhelpful customer service, difficulties accessing online accounts, and poor claims handling.
- A large, well-known brand
- Partnered with Legal & General to provide protection products
- Various fixed interest rate and various interest rate ISAs available
- Junior versions of the product also available
- Open up a variable interest account from as little as £1
- Authorised by the Prudential Regulation Authority
- Regulated by the Financial Conduct Authority and the Prudential Regulation Authority
- Cash ISAs only
- Stocks and Shares, Lifetime ISAs or other ISA products not offered
- Very poor customer reviews
- Reports of slow communication and unhelp customer service
- Minimum opening balance of £3,000 required for the fixed rate ISA
- A large, fairly overwhelming website with limited product information
- A lack of online tools and downloadable supporting literature