![]() The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Your deposits with us are covered by the Financial Services Compensation Scheme (FSCS). Your eligible deposits with TSB are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Account can be closed at any time without charge.We'll write to the adult at least 2 months before this to provide the details. Rates and information correct as at. Within 10 days of the child turning 16, the Young Saver will be converted into an Easy Saver account.Additional rate taxpayers don't receive a Personal Savings Allowance. The Personal Savings Allowance is £1,000 for basic rate taxpayers.If the child earns more interest than the Personal Savings Allowance, additional tax may be due. ![]() Interest is paid gross (without taking off tax).(Fees may apply to some of these services, please see our Savings Account General Conditions for more information) Transfer to a TSB current or savings account in your own name.No maximum limit on the amount that can be held within the account What would the estimated balance be after 12 months based on a £1,000 deposit?īased on a £1,000 deposit, with no deposits or withdrawals made from the account, and variable interest rates remaining the same: Instead, we may tell you about it by making details of the change available in our branches, at tsb.co.uk and through telephone banking. We may not do this if you have £100 or less in your account. You can close your account without charge within 30 days of the change, and at any other time. ![]() If we decrease the interest rate, we’ll let you know personally 14 days in advance. If we increase the interest rate, we'll make details of the rate change available in branch, on the phone and on our website, within 3 days of the change. ![]() Our Savings Account General Conditions explain when we'll do this. We can move the interest rate up or down at any time. Interest is calculated each day and paid once a quarter. ![]()
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