TSB launches ‘Spend & Save’ current account
TSB said the Spend & Save account is aligned with the bank’s strategy, aimed at supporting customers with their everyday finances and providing the right solutions for their banking needs.
It has been developed following extensive research with nearly 14,000 customers which has found that customers typically find it difficult to start saving and worry about being caught out by unexpected events.
Designed with these findings in mind, Spend & Save includes features such as savings pots, automatic spending round-ups, and text alerts to help customers best manage their money.
TSB research showed that the pandemic has prompted more than two in five (44%) people to think differently about their money, taking stock of outgoings and daily spending in the midst of economic uncertainty.
A further two in five (39%) said they have become more worried about money since the pandemic started.
While a lack of daily spending during lockdown may have led to more than a third (36%) of Brits feeling better off, now Covid-19 restrictions are eased 62% said they are now actively looking for ways to make their money go further. Four in 10 (40%) said they will continue to pay more attention to their bank balance than they did before.
Pella Frost, TSB head of personal current accounts, said: “Spend & Save has been designed to help our customers have more control of their money. We know that now, more than ever, our customers want us to make it easier for them to manage their money, so the variety of features available should help them feel more money confident.”
The key features of the Spend & Save account are:
- Savings Pots. Customers can set up one or more Savings Pot so that they can put money aside. These can be opened using the mobile app and allow customers to set goals, track progress and earn interest.
- Save the Pennies. This automatically rounds up every debit card payment made to the nearest pound, so spare change goes straight into a Savings Pot or any other eligible TSB savings account customers have set up.
- Text Alerts. These can be set up so customers will always know what their balance is and be warned if they’re in danger of going overdrawn.
- Auto Balancer. This allows customers to choose a minimum balance limit on their Spend & Save account. If their balance falls below that, it will automatically be topped up from a Savings Pot.
- Cashback. For the first six months from account opening, new customers will be able to earn £5 cashback every month when they make 30 payments or more on their debit card each month.