The bank has upped its fixed rate bonds to as high as 2.5 per cent as well as boosting three of its cash Isa deals
TSB has become the latest high street bank to boost rates across a range of its savings products, following on from Santander earlier in the week.
The bank has upped its fixed rate bonds to as high as 2.5 per cent as well as boosting three of its cash Isa deals.
TSB hiked its one-year fix rate from 0.81 to 2 per cent, its two-year deal will now pay 2.2 per cent instead of 1 per cent, while its three-year deal has risen from 1.1 per cent to 2.5 per cent.
None of these deals are among the best on the market but they are far better than what all other high street banks are offering at present.
It follows Santander, which on Monday, also upped rates across a range of fixed rate and easy-access products.
TSB’s announcement today will be viewed by some as a sign that big banks are beginning to fight for savers cash by upping rates.
James Blower, founder of the Savings Guru said: These moves could be a sign that competitive pressures are driving them with savers responding to the market increases and shopping around.
It will be interesting to see if it prompts some of the big four to follow suit and move too, he said.
Other notable savings products to be upped by TSB today, include its monthly regular savings deal that will now pay 2.5 per cent rather than 2 per cent. Its fixed rate cash Isa deals have also increased.
However, both its popular easy-access accounts will remain at 0.25 per cent, albeit this is still better than the majority of the other big names.