TSB

Who they are

TSB Bank plc is a British retail bank headquartered in Edinburgh, Scotland. Its roots stretch back to 1810, when the first self-supporting savings bank was set up in Dumfriesshire to help poor parishioners put money aside for hard times. That community-first spirit was baked into the brand from the very beginning, and the name - Trustee Savings Bank - reflects it.

The modern version of TSB was launched on 9 September 2013, formed from the existing business of Lloyds TSB Scotland and a number of Lloyds TSB branches in England and Wales. It was carved out of Lloyds Banking Group following a European Commission state aid ruling. On 30 April 2026, Santander UK acquired TSB from Sabadell for £2.65 billion, making it the bank's third change of ownership in roughly a decade. Santander has stressed that customers can keep using their cards, accounts and apps exactly as they do today, and that no material changes are expected for at least 12 months. So if you're already a TSB customer, there's no need to do anything in a hurry.

TSB has more than five million customers with over £37 billion of lending and £36 billion of customer deposits. It operates as a full-service high street bank, offering current accounts, savings, mortgages and loans.

FSCS protection

TSB Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. This means that any money you hold in a TSB account is protected up to a limit of £120,000. That higher limit reflects the temporary high balance protection that the FSCS can apply in certain circumstances - worth being aware of if you're holding a large sum. TSB holds its own banking licence, so your FSCS allowance here is separate from any savings you hold with Santander or other brands.

Savings accounts

At the time of writing, DepositScout does not currently list any TSB savings products in our comparison tables. That doesn't mean TSB offers nothing worth looking at - rates move frequently and the picture can change quickly. It simply means we can't point you to a specific competitive deal right now. If you're considering TSB for savings, check back here regularly, or head directly to TSB's own website to see what's on offer.

Is it right for you?

TSB has a broad high street presence - as of 2025, TSB operates a network of 175 branches - which suits people who prefer face-to-face banking. It also offers a mobile banking app with in-app chat support. Customer experience is mixed, as tends to be the case with larger banks: some customers praise branch staff warmth and video appointment flexibility, while others have raised concerns about fraud handling. The Santander takeover adds a layer of uncertainty over the longer term, though both banks have indicated there's no rush for customers to act.

If you're purely chasing the best savings rate, use the live comparison tables on this page to see whether TSB features and how its rates stack up against the rest of the market right now - that's always the most reliable guide.