What is TSB Bank
TSB Bank, formally known as the Trustee Savings Bank, was founded in 1810 and is now a leading retail and commercial bank in the UK. With over 5 million customers and 500 branches nationwide, TSB prides itself on its local approach to banking, offering personalised service to each customer.
It offers a variety of financial products and services including current accounts, loans, mortgages, insurance, and investment options. Although it offers banking investment options, as previously mentioned, it does not support any crypto-investing services. That’s why we recommend using the eToro exchange to buy invest in digital assets with TSB Bank.
How to Buy Bitcoin with TSB Bank
If you want to buy Bitcoin or any other cryptocurrencies with TSB Bank, the most secure and affordable way is through eToro UK. TSB Bank account holders can deposit funds to eToro via Bank Transfer, Credit/Debit Card, PayPal, Rapid Transfer, Trustly, Klarna and SOFORT. Follow the below steps to buy Bitcoin with TSB Bank.
- Open Free Account: Sign Up to eToro with your email address and complete the verification requirements.
- Fund Account: Tap the ‘Deposit Funds’ button, select a method and transfer money from your TSB Bank account.
- Choose Token: Open the search bar, type in ‘Bitcoin’ and click the ‘Trade’ button.
- Buy Bitcoin: Input the amount you wish to invest in BTC and tap ‘Open Trade’.
Is it expensive to invest in digital assets?
The fees involved in buying digital assets are relatively low compared to buying other financial asset classes like shares or foreign currencies. Crypto exchanges will typically charge two types of fees when buying digital assets, the deposit and trading (buy/sell) fee.
Luckily, for eToro users, the platform offers free and instant deposits on all of its available methods. The only cost that is applicable is a 1% fee every time you buy or sell a cryptocurrency on the exchange. This is considerably lower than other popular exchanges like Coinbase who charge 3%.
TSB Bank Cryptocurrency Policy
TSB Bank currently does not support any transactions involving cryptocurrencies. This decision aligns with guidance from the Financial Conduct Authority, which classifies digital assets as high-risk investments. The bank takes the protection of its customers' funds very seriously, and therefore chooses to err on the side of caution in this evolving financial landscape.
However, the bank continues to monitor developments in the cryptocurrency industry and may reassess its policy in the future. In the meantime, customers can still invest in crypto with the funds in their TSB bank accounts, they simply cannot buy digital assets directly through TSB’s online banking platform.