Finance: Expert on impact of inflation on savings accounts
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TSB is a popular savings provider, offering a wide range of accounts, but it is further enticing savers through a new offer. Launching its prize draw, there are a number of prizes on offer, which could provide a welcome boost to Britons’ bank accounts. Each month, TSB will award five prizes of £1,000 and fifty prizes of £100 to randomly selected customers.
However, it is important to note they will have to meet certain criteria in order to be eligible.
The first is that customers must have a Savings Pot alongside their Spend and Save or Spend and Save plus current account.
This pot must have the words ‘My Dream’ included in its name to be entered into the prize draw.
Finally, the savings pot must have a balance of £10 or more.
Savings Pots are a standard feature of both accounts and customers can name these to reflect their savings goals.
Customers who already have savings pots that are named will be able to easily rename these should they so wish to include the words ‘My Dream’.
This can be done using the TSB mobile app, or Internet Banking capabilities.
Each customer that meets the aforementioned requirements will get one draw entry for that month.
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The Prize Draw is set to run from November 1 to May 31, 2022.
There will be six draws in total, with the first prizes awarded in December.
This will be a perfect Christmas reward and an ideal end to 2022 for those who win.
Peter Hatton, TSB Head of Savings, commented on the new release.
He said: “Our Spend & Save current accounts are proving popular with customers as they use their Savings Pots towards goals such as a holiday, new car, or home renovations.
“We’re pleased to offer a prize draw that will give customers another great incentive to save.”
Both Spend and Save and Spend and Save Plus accounts have additional features to help customers manage their money with the help of their Savings Pot.
TSB also has a feature called ‘Save the Pennies’ which is an automatic spending-round up which pays into a person’s Savings Pot.
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The Auto Balancer feature moves money from Savings Pots so customers can avoid going into the red and remain disciplined.
TSB also offers a Monthly Saver which is likely to entice savers with its interest rate of two percent.
It is available on balances up to £1,500, fixed for a year.
People can save between £25 and £125 per month via standing order.
They must, however, have a TSB current account in order to apply.
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