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TSB launches £3-a-month premium current account

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Written by: Emma Lunn
24/02/2021
Spend & Save Plus costs £36 a year but customers can earn £5 cashback each month.

Accountholders can earn the £5 cashback if they make a minimum of 30 payments using their debit card every calendar month. These can be online or in-store.

The premium current account is open to new and existing customers and also offers a £100 interest-free overdraft.

The debit card which comes with Spend & Save Plus is fee-free abroad, with no fees charged by TSB for debit card payments or ATM withdrawals (although local cash machines may charge a fee).

TSB launched its original fee-free Spend & Save account in September 2020.

Both Spend & Save and Spend & Save Plus accounts offer features such as Savings Pots, Save the Pennies (an automatic spending round-up), Auto Balancer (which moves money from Savings Pots) and text alerts to help customers best manage their money.

Pella Frost, TSB’s director of everyday banking, said: “We are expanding our current account offer to help more customers feel confident about managing their money. Spend and Save Plus is packed full of features that will help customers build healthy savings habits, avoid those unexpected costs and make the most out of their money.”

Customers thinking of switching current accounts should be aware that TSB has been plagued by IT issues since 2018 after an IT upgrade left up to 1.9 million customers locked out of their accounts.

The problems went on for several weeks with customers also unable to contact the bank by phone. The fiasco cost TSB a total of £330m for customer compensation, fraud losses and other expenses.

The bank’s online banking and mobile app last went down in January 2021.

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