Santander completes takeover of TSB – here's what it means for savers and borrowers

Santander and/or TSB saver? Here's what the takeover means for you

Despite the completion of the acquisition on Friday 1 May, for now, each bank will remain a separate legal and regulated entity until approval is granted to integrate the two banks. This means:

1. If you've savings with both Santander AND TSB, you'll have separate Financial Services Compensation Scheme (FSCS) protection. So, if you've over £120,000 saved with both, you'll be protected up to the full amount with each bank separately. This is because Santander and TSB are still currently operating under separate banking licences.
   
   Santander says that if anything changes, it will contact you to let you know in advance. See How to save in 100% safety. You can also use our tool to Check which banks are linked.

2. Your interest rate will stay the same for now – but check if you can get a better deal. Santander says there will be no change to interest rates for either Santander or TSB customers; they will remain the same as they are for now.
   
   But check your rate and switch if you can get more elsewhere. See our Top savings and Top cash ISAs guides for our current best buys, including up to 4.51% easy access.

3. You can operate and access your TSB savings as normal.

Got other TSB products? You can continue to use them as normal

If you've a TSB current account, mortgage, credit card or personal loan, you should continue to use this product as normal. This means:

• Sort codes and account numbers will stay the same.

• There are no current changes to "any account features", including interest rates.

• Your debit and credit cards will still work, with no change to your PIN(s).

• Scheduled payments, such as Direct Debits and standing orders, will continue as before.

• You can keep using TSB's app, online and mobile banking services as normal.

• You should still contact TSB's customer services via the usual channels.

• The interest rates, fees and charges you're paying will remain the same for now.

TSB also offers several insurance products, including home and life insurance. We've asked what this means for those customers and will update this story when we know more.

Of course, this could be a good opportunity to check you're getting the best deal. Check our guides on the best bank accounts – including up to £200 to switch, cutting existing loan costs and shifting credit card debt to 0%. Plus, use our Mortgage best buys tool to compare rates. Remember to check for any exit fees or penalties before switching.

TSB bank branches will remain open – you can't use Santander's

If you're a TSB customer, you should continue to use TSB branches. You won't be able to use Santander bank branches (or vice versa).

Banks tend to close branches on a fairly regular basis, so it's always good to be aware of your options if you prefer in-person banking. Santander, for example, has closed – or it still set to close – tens of branches this year. See our local bank branch alternatives guide for further info.