One Year On, Classic Plus Is Still Putting Money Back in People’s Pockets

Over three-quarters (78%) of people believe things generally get better with time – this is certainly true for people who have earned interest with TSB’s Classic Plus account.

One year on and TSB’s market leading account is still rewarding people with 5% credit interest on balances up to £2,000, without all the usual funny stuff. Unlike others, TSB’s Classic Plus doesn’t offer a ‘teaser rate’ so there is no need to worry about the interest being whipped away after 12 months.

TSB’s Classic Plus account was designed to be the most rewarding and accessible bank account on the market, and it’s proven to be just that – with 875 accounts opened daily.

Some things in life just keep improving with time and over a third (36%) of people believe interest earned on bank accounts should be one of these. Other things that people expect to get better with time include: wine (56%), relationships (46%), photo collections (28%), books and diaries (20%), money-saving perks (19%), leather sofas (18%) and jeans (17%).

One-in-five (21%) people say they put the interest earned on their current account towards everyday spending and over three-quarters (71%) would close their account and move to another bank if they stopped receiving interest.

TSB Classic Plus customers can earn up to £100 a year in interest, they must simply pay in £500 a month and register for internet banking, paperless statements and correspondence. People have the flexibility to manage their money however suits them best, either in branch, over the phone or online.

Andy Piggott, Head of Current Accounts at TSB says: “Earning interest on your bank account is a useful way of topping up your everyday spending. If people are looking to open an interest paying banking account, they should make sure the account doesn’t just offer interest for the first year as they may miss out further down the line.

“TSB isn’t like other banks. The 5% interest rate isn’t an introductory rate so we won’t whip it away after a year. We understand that banking is about the whole experience which is why we continue to put money back into our customers’ pockets, not just for the first year.”