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TSB launches 555 Classic Plus account

2nd September 2015 Print

TSB has announced the launch of 555, a new offer that will provide Classic Plus customers with added plusness when it comes to their everyday banking potentially earning them up to £238.82 over the year. 

555 includes all the benefits of the Classic Plus bank account that customers know and love, in particular the five per cent interest customers can earn on balances up to £2,000, plus five per cent cash back on the first £100 of contactless debit card purchases made from a Classic Plus account each month, plus a five per cent TSB Monthly Saver account. 

Since launching on high streets across Britain just two years ago, TSB has been bringing a different kind of banking to the UK. 555 is another example of this fresh approach. 

Jatin Patel, Products Director at TSB, says:  “We know that customers love the interest they earn on their Classic Plus account and with the added plusness of five per cent cash back on contactless payments, not to mention the option of five per cent interest on a TSB Monthly Saver, we believe there is no other bank account that gives you more and asks for less.”

Classic Plus

TSB launched the Classic Plus account in March 2014, and since then more than 380,000 new accounts have been opened.  More than a year after launching the product, TSB customers continue to earn five per cent percent interest on balances up to £2,000, equating to a maximum of £97.80 a year.  And unlike other banks, TSB hasn’t and won’t whip the interest away after the first year.

Key features include:

Five per cent AER variable interest on balances up to £2,000.

No introductory offer period.

Minimum monthly deposit of £500.

No monthly fee.

Register for internet banking, paperless statements and correspondence to earn five per cent credit interest.

Transact in branch, online or over the telephone.

Switch to TSB in just seven days using the Current Account Switching Service.

Available to existing and new customers.

Contactless Cash Back

In July, TSB processed more than 1.7 million contactless payments which shows customers enjoy this simple, convenient and quick payment option.  With the new 555 offer customers can use their contactless debit card and be rewarded at the same time. 

Key Features:

Five per cent cash back on the first £100 of contactless purchases each month.

Available on Classic Plus contactless debit cards.

Cash back will be paid monthly.

Cash back will be automatically earned by all Classic Plus customers who hold a contactless debit card and are registered for internet banking.

Cash back will be earned until 31 December 2016.

Monthly Saver

With a TSB Monthly Saver account customers can save from £25 to £250 each month for a year and enjoy instant access with a great fixed rate.  Monthly Saver customers are able to manage their account online and access their money with no withdrawal charges.

Key Features:

5.00% gross/AER fixed for 12 months.

Interest paid on balances over £1. 

Between £25 and £250 needs to be saved each month by standing order. 

Instant access.

Interest paid yearly.

Make as many withdrawals as you like to your TSB current account, although you can only pay in once a month by standing order and cannot replace what you have withdrawn.