TSB Monthly Saver

Written by Karen Bryan

tsb montly saverUpdate 11 August 2016 – The TSB Monthly Saver account rate of interest has now dropped back to 2%

The TSB Monthly Saver account now pays a fixed rate of interest of 5% for 12 months. You need to have a TSB current account before you can open a TSB Monthly Saver. The maximum monthly deposit is £250.

I opened a TSB Monthly Saver last August, just after opening a TSB Classic Plus Current Account, At that time, the TSB Monthly Saver was paying a much lower fixed interest rate of 2%.

I’m hoping that the fixed rate of 5% paid on the TSB Monthly Saver will still be available in mid August, when my current TSB Monthly Saver matures. As you can only hold one monthly saver account, I can’t open a new one until my existing account matures.

If you don’t hold a current account with the TSB, this could be a good time to switch, as there’s a £100 switching incentive on offer if you open a TSB Classic Plus Current Account by 31 July 2015 and switch by 1 September 2015. Earning that £100, plus a variable rate of 5% on a balance of up to £2,000 on the current account, and a fixed rate of 5% on the monthly saver is an attractive package in a low-interest rate on savings environment.