TSB Monthly Saver: Regular Saving With TSB

A TSB Monthly Saver is a regular savings account for people who already bank with TSB.

The account is designed to be opened, run for its year, and then left. You need a TSB current account to open one, joint accounts count, and if you have had a Monthly Saver before you need to wait a year from when you opened the last one before starting another¹.

Money in it is covered by the Financial Services Compensation Scheme, which protects up to £120,000 of eligible money at TSB, or £120,000 each for joint account holders, so £240,000 altogether³. TSB's own site carries today's rate for new accounts.

What a TSB Monthly Saver is and who it suits

A regular savings account works differently from an easy access account. Instead of putting in a lump sum and leaving it, you commit to paying in a fixed amount every month for a set period. TSB's version runs for 12 months from the date the account is opened, and the interest rate is fixed for that whole term⁴. That combination, a set monthly amount and a rate that cannot move, is what separates it from the rest of the TSB savings range.

The account suits someone who wants to build a pot steadily rather than park a lump sum. Because the monthly ceiling is £250, it is not a home for a large amount of existing savings; it is a way of turning income into savings month by month. It also suits someone who already has a TSB current account, since that is a condition of opening one¹.

It is less suited to anyone who might need to move money in and out repeatedly. Withdrawals are allowed and instant, but money taken out cannot be paid back in, so the account rewards leaving it alone. If you want somewhere to hold savings you may need to dip into, an easy access account is built for that instead.

The wider regular savings accounts market works on the same principle, and the trade-off is always the same: a higher rate in exchange for a monthly limit and a fixed term.

How the account works

You open the account, set up a standing order for an amount between £25 and £250, and the money goes in each month. Interest is calculated each day and paid at the end of the 12 month term, rather than monthly². That means the balance builds through the year and the interest arrives in one payment at the end.

The rate is fixed for the term, and TSB states plainly that it cannot change the interest rate during the term of a Monthly Saver². That is a meaningful difference from a variable-rate account, where the provider can move the rate up or down. It cuts both ways: you are protected if rates fall, and you do not benefit if they rise. The AER, gross and fixed or variable rates page explains how those labels work on a savings statement.

Withdrawals are instant and no withdrawal penalties apply, but you cannot replace withdrawn funds². In practice that means a withdrawal permanently reduces the balance earning interest for the rest of the term, so the account works best when the money is left alone until the 12 months are up.

How the fees and charges work

The Monthly Saver itself carries no withdrawal penalties, and TSB does not list a monthly account fee for it². The charges that affect a Monthly Saver customer usually come from the current account and card sitting alongside it, not from the savings account.

Those are the figures an independent review of spending abroad published in July 2024, and they apply to the card rather than the savings account.

Packaged current accounts carry their own monthly fees. None of these are Monthly Saver charges, but they are the kind of cost that can quietly outweigh the interest on a small regular saver, so it is worth knowing which account the standing order is coming from.

Elsewhere, TSB does not charge for using Mobile Banking, though your mobile operator may charge for some services, and text alerts are free on the same basis⁵. Account statements are free for the first copy each month⁶.

Who can apply and how to apply

The Monthly Saver is open to TSB current account customers, including joint accounts¹. If you have held a Monthly Saver before, you need to wait a year from when you opened the last one before opening a new one². That rule is what makes it a rolling product rather than one you can stack.

You can open one in the app if you are an existing customer, online, or in a branch¹. Most people over the age of 16 can open a savings account themselves, and TSB's instant access savings accounts can be applied for online in minutes⁷. If you would rather not do it online, TSB's Easy Saver can be opened in branch or over a video call by booking an appointment in advance⁹.

If you do not already hold a TSB current account, you would need one first. TSB is part of the Current Account Switch Service Guarantee, which guarantees that switching your bank account to TSB takes seven working days¹⁰. The current accounts section covers how switching works in general.

Opening any account involves identity checks. TSB carries these out on all accounts to protect against money laundering by preventing people using false identities to open accounts¹¹. Online, TSB can only accept a valid passport or photo driving licence as proof of identity, while a branch visit allows a wider set of documents¹¹. If you have none of the accepted documents, TSB says you can visit your local branch to discuss options¹¹.

How your money is protected

Deposits in TSB savings and current accounts are covered by the Financial Services Compensation Scheme, which protects up to £120,000 of eligible money at TSB³.

Two practical points follow. Second, if you hold large sums, the temporary high balance protection rules and the FSCS protection page set out where cover stops.

The savings section covers the full range, including accounts that do not require a current account.

Problems, complaints and getting help

If something goes wrong, TSB offers several routes. You can chat in the app, call, or visit a branch, and the app provides help with queries 24 hours a day¹². The fastest way to get help with a transaction is through the app: tap the transaction, select 'Get help' and follow the instructions on screen¹⁴. The app also lets you report a lost or stolen card, get a replacement card, and manage a mortgage¹².

For anything that looks like a scam, TSB has separate numbers: 0800 023 4113 for card scams and 0800 096 8669 for all other scams¹⁴. TSB states that it will never ask for details like your User ID, Password, or PIN, and that nobody from Tunic Pay or TSB will call you about using the scam checker tool or ask you to move money to a "safe" account¹⁴. The scams and fraud section explains how these approaches typically work.

If TSB does not resolve a complaint, you can take it to the Financial Ombudsman Service, which is free and independent. Complaints about a payment can also be raised by tapping the transaction in the app¹⁴.

There is extra support for customers who need it. TSB can help carers and people being cared for find grants and discounts, and offers ways to make managing money easier¹³. Customers with mobility issues can use call assistance bells outside branches, access ramps, handrails, and lower counters and ATMs, and signature stamps, chip and signature cards and templated cheques are available¹⁵. You can nominate someone to help with your banking by visiting a branch or using the third party online form¹⁵. To manage a TSB account under a power of attorney, a property and financial affairs lasting power of attorney is needed, along with the full document, two forms of identification, and for LPAs an access code or 'V code'¹⁶.