I Can’t Open a New TSB Monthly Saver Online

Written by Karen Bryan

My TSB Monthly Saver account recently matured.

I planned to immediately open a new TSB Monthly Saver online, in order to earn the fixed rate of 2% on the maximum monthly deposits of £250.

However, it wasn’t possible to open a new TSB Monthly Saver when logged into TSB. When I clicked on apply for a new savings account in the right margin of my TSB home page, I was taken to another page which informed me that “to build a better bank for you, we’re currently upgrading our systems. You can still open a new savings account in our branches and we’re introducing our products online over the coming weeks”.

Now I have no idea for how long customers have been unable to open new savings account online. I would suspect for quite some time with all recent IT meltdown.

I really can’t be bothered to make an appointment to go into the TSB branch in Stirling to open a new Monthly Saver account.

I have one other TSB account, their Classic Plus, which pays a variable rate of 5% on a maximum balance of £1,500, as long as you pay in a minimum of £500 a month and register for internet banking. The interest on this account amounts to £75 a year.

You need to have a TSB current account in order to qualify to open a TSB Monthly Saver account. The annual interest paid on my recently matured TSB Monthly Saver came to just over £32.

I was further annoyed by the fact that TSB has not increased the fixed interest paid on their Monthly Saver. Halifax, Bank of Scotland and Lloyds have all increased their rate from 2% to 2.5%, but TSB remains at 2%.

At least I am still earning interest on my TSB Classic Plus current, which at 5%, pays a much higher interest rate than the 2% paid by the Monthly Saver.

Update 17 November 2018 – More than two months later, I am still unable to open a new TSB Monthly Saver online.