Friday, 11 September 2015

TSB. Check out the 5,5,5 account

I've had a current account with TSB since they were recreated. I actually chose them for good reasons rather than just for a switching bonus.

I had a bit of a disasterous start to the year this year with a few major purchases required that used just about all of my savings. I wanted to maximise any interest earned on my day to day spending account with the view to put any savings into here when I'd accumulated any! I also wanted a bank with branches, where I could speak to a real person with a simple website or app. TSB ticked all the boxes.

They pay a rather generous 5% (AER) interest on balances up to £2000

Currently they also pay 5% cash back on first £100 of contactless payments every month. This is earmarked to finish end of December

They also have a 5% regular saver where you can save between £25 and £250 per month. I currently have an M and S regular saver but when this finishes I may opt for a TSB one next time.

To operate this account you need to pay in £500 per month, have internet banking and have a paperless account.

These offers are time limited but why not take advantage of them it's a good deal.

I couldn't find any account opening or switching incentives or cash back at present but they are often available. If you have some savings and can shuffle £500 in and out its the perfect to get a decent interest rate.

As usual see website for full terms and conditions and with all financial decisions seek professional advise where necessary.

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