5% interest from the bank account that's not like other bank accounts
TSB has announced the launch of its new Plus bank account. The account, which will be available to customers at the end of March, offers a market leading 5% credit interest without all of that usual funny stuff.
This is TSB’s first new bank account launch since returning to high streets across Britain last September. It has been designed to be the most rewarding and accessible account on the market with customers earning 5% on balances up to £2,000. TSB gives its customers this high rate of interest to help them, and their local economies thrive.
Four out of five (80%) Britons credit their main bank account with at least £500 a month so could benefit from TSB’s new account – with the potential to earn up to £100 in interest a year, per account.
Key features:
5% AER variable interest on balances up to £2,000.
No introductory offer period.
Available to existing and new customers.
Minimum monthly deposit of £500.
No monthly fee.
Register for internet banking, paperless statements and correspondence.
Transact in branch, online or over the telephone.
Maximum two accounts per person.
Switching service available.
Challenging the competition....
Some other banks and building societies may try and tempt customers with a ‘teaser rate’ only to take that rate away after 12 months. TSB doesn’t. It simply gives customers 5% interest.
Most other banks demand a minimum monthly credit of £750 or even £1,000. The Plus account requires a minimum deposit of just £500.
Some banks insist customers do all their banking online. TSB Plus account holders can manage their money however suits them best, be that in branch, online or over the telephone.
Other banks require customers to shift their direct debits and standing orders over in order to open new accounts and qualify for the best deals. TSB wants customers to experience what it’s like to be part of this new kind of bank so is happy to let them ‘try before they buy’. TSB will then help people move as and when they are ready.
Most banks limit their best deals to new customers only. The TSB Plus account is open to existing customers as well as new ones.
Plumping for paperless
With over half (52%) of UK adults saying they already opt for paperless statements, two thirds (66%) would opt for a paper-free bank account in order to receive a better interest rate.
In response to this, TSB Plus account holders are required to register for internet banking, paperless statements and correspondence to be eligible for the 5% interest. However, customers still have the flexibility to manage their money however suits them best, either in branch, over the phone or online.
Jatin Patel, Products Director at TSB, says: “TSB was born to bring more competition to Britain’s high streets and we’re confident our new TSB Plus Account will do just that. There is no other bank account out there that gives you more and asks for less. On top of that, every penny our customers deposit with us stays right here in Britain, supporting mortgages and loans for other TSB customers which helps communities thrive right across the country.
“The account is simple and rewarding, without the usual funny stuff. All we ask is for people to pay in £500 a month and work with us by registering for paperless statements and correspondence, so the money we save can be put straight back into people’s pockets as interest.”