TSB bank is launching a current account that earns 5% interest on all balances up to £2,000. Following in the footsteps of Santander and more recently Nationwide, the TSB Plus account will be open to anyone able to deposit a minimum of £500 a month, and to receive their bank statements electronically. TSB, which has been operating independently for six months since the Lloyds demerger, said new customers do not have to use the new account as their main current account, as it wanted to encourage them to try out the brand. Up to two of TSB Plus accounts can be held per person, with each one earning 5% interest on £2,000, which will make it the highest interest rate for a current account on the market. The product will be open to both new and existing TSB customers and will be available online and over the phone from 30 March, and in branch in person the following day.
