The new current account has similar features to the last year’s Spend & Save, including Savings Pots, Save the Pennies, Auto Balancer and text alerts
TSB has introduced a new current account, dubbed Spend & Save Plus, which enables both new and existing customers to earn £5 cashback per month.
The company launched the new current account, following the last year’s Spend & Save account, which provides enhanced choice for customers.
TSB is offering the Spend & Save Plus as a fee-paying account, which costs £3 per month.
TSB everyday banking director Pella Frost 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.”
The new current account has similar features to the last year’s Spend & Save account, including Savings Pots, Save the Pennies, Auto Balancer and text alerts in addition to additional features.
The additional features include ongoing cashback, which enables customers to earn £5 cashback per calendar month, should they make 30 online or in-store payments using their debit card.
Spend & Save Plus account offers arranged overdraft interest-free amount of £100, if the customers have spent more than usual, they would not be charged interest on the first £100.
Also, TSB would not charge customers when they use their debit card abroad, at ATMs and point of sale, for contactless or swipe payments.
The bank said that Spend & Save customers opened nearly 60,000 Savings Pots with an average of around £200 deposited per pot, since September 2020.
Furthermore, they saved a total of around £14,000 through Save the Pennies feature.