Commenting on TSB’s new current account, TSB Plus, which rewards consumers with 5% interest on all balances up to £2,000, Jafar Hassan, personal finance expert at Uswitch.com, says: “This is the latest addition in an increasingly competitive current account market. Although the 5% interest rate only applies to balances up to £2,000, customers only need to deposit £500 each month to get the rate – much less than other high-interest current accounts. More good news is that the 5% rate is not limited to one year, unlike Nationwide’s account that offers 5% interest on balances up to £2,500, but only for the first year.
“The TSB account is an extremely attractive offer, particularly to those who are new to the concept of making the money in your current account work harder. However, for people with balances of £4,000 and over, the Santander 123 account with 3% AER works out better.
“With the six month anniversary of the current account switch service coming up this Sunday, it’s no surprise that banks are pulling out all the stops. The latest current account from M&S aims to capitalise on its brand appeal by offering £100 in gift vouchers to new customers. Don’t be surprised to see more great current account deals over the coming months as the banks fight for your money.”
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
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