Perhaps most notably, though, is the interest rate which is offered by TSB on this account, which currently stands at 1.00 percent Gross/AER. The interest rate is also fixed for a year, meaning Britons do not have to worry about fluctuations, and will have a guaranteed amount at the end of the term.
After the 12 month period is over, Britons will also be able to carry on saving, meaning their journey is not over. At the end of the term, TSB has confirmed individuals will see their account convert to a variable rate Easy Saver account with a bonus. With interest paid on the account on maturity, individuals can then choose what happens with their cash.
TSB has described their offer as a “great” fixed rate. It allows those with a TSB current account to save from £25 to £250 per month with instant access to cash as and when a person needs it. There are also no withdrawal charges, which is an advantage to this kind of account.
Individuals will be able to make as many withdrawals as they choose to their TSB current account. However, at the same time, it is worth noting Britons will only be able to pay in once a month by standing order. They also cannot replace what they have withdrawn previously.
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