TSB Bank plc Credit Rating
TSB Bank plc holds a blended long-term credit rating of A+ — the "High Grade" band, which is investment grade, with a stable outlook. That figure combines the latest long-term issuer ratings from Moody's onto a single comparable scale, and indicates a strong capacity to meet its financial commitments. TSB Bank plc is owned by Banco Santander (via Santander UK, since 2026). A credit rating measures an institution's ability to meet its financial obligations — it is an opinion, not a guarantee, and it is separate from deposit protection.
TSB Bank credit ratings by agency
| Agency | Long-term rating | Outlook | Last confirmed |
|---|---|---|---|
| Moody's | A1 | Stable | 15 Oct 2026 |
Rating History Chart
Rating History
| Date | Rating | Agencies |
|---|---|---|
15 Oct 2026 |
Moody's, Fitch | |
10 Jul 2026 |
Moody's, Fitch | |
15 Jan 2016 |
Fitch |
Service record: complaints, incidents and customer survey
Complaints: in the FCA's 2025 H2 file (July 2025 to December 2025), TSB Bank received 32,154 banking and credit-card complaints, 3.48 per 1,000 accounts. The bank upheld 52% of those it closed and closed 59% within three days. The previous period was 3.07 per 1,000, so complaints rose. Compare all banks.
Outages and incidents: TSB Bank reported
2 major operational or security incidents to the FCA in the quarter to 30 June 2026 and 3 in the 12 months to 30 June 2026 (mobile app 2, online banking 2, telephone 2)
Customer survey (CMA / Ipsos, August 2026): share of TSB Bank's own customers who would recommend it.
| Measure | Market | Would recommend | Rank |
|---|---|---|---|
| Branch services | Great Britain | 62% | 9= of 13 |
| Online and mobile banking | Great Britain | 65% | 15 of 17 |
| Overall service quality | Great Britain | 54% | 15 of 17 |
| Overdraft services | Great Britain | 58% | 12 of 16 |
| Branch and business centre services (business) | Great Britain | 52% | 8 of 12 |
| Online and mobile banking (business) | Great Britain | 62% | 13 of 17 |
| Overall service quality (business) | Great Britain | 56% | 13= of 17 |
| Relationship and account management (business) | Great Britain | 55% | 15 of 17 |
Latest News
Is TSB safe? What the record shows
The agency ratings above are opinions. What follows is the verifiable record behind them: each statement is taken from the source named beneath it, last checked 15 October 2026. It is information, not advice.
Banking licence
TSB Bank plc (FCA firm reference 191240, registered in Scotland, number SC95237) is a PRA-authorised bank on the Bank of England's October 2026 list of UK banks. The TSB brand relaunched on 9 September 2013 with 631 branches when Lloyds Banking Group was required by the European Commission to divest part of its business; the bank was floated in June 2014.
Source: Bank of England list of PRA-regulated banks, October 2026, 1 Oct 2026Ownership and funding
Santander UK plc completed its £2.65 billion cash acquisition of TSB from Banco Sabadell on 30 April 2026, after PRA approval on 19 March and ECB approval on 14 April 2026. TSB Bank plc is now a wholly owned subsidiary of Santander UK, which is part of Banco Santander. Sabadell had owned TSB since June 2015.
Source: Santander UK press release: completion of TSB acquisition, 1 May 2026TSB and Santander UK remain separate legal and regulated entities for now. Santander intends to transfer TSB's business into Santander UK plc through a Part VII banking business transfer in the first half of 2027, subject to court sanction and regulatory non-objection; after that TSB would no longer be a separately licensed bank.
Source: Santander UK Group Holdings plc Q2 2026 quarterly management statement, 22 Jul 2026Size
At 31 December 2025 TSB Bank plc had £35.2 billion of customer deposits, £36.3 billion of customer loans (of which £34.1 billion were residential mortgages, about 94% of the book) and total assets of £45.3 billion. TSB reported 5 million customers and around 4,700 staff; Santander said in August 2026 it had welcomed 4 million customers and 4,500 colleagues, and that acquired TSB balances had remained stable.
Source: TSB Bank plc annual report and accounts 2025, 31 Dec 2025Profitability
TSB Bank plc made a statutory profit before tax of £339.4 million in 2025, up 19% on £285.1 million in 2024 (the group holding company reported £350.4 million and £290.4 million, after £237.2 million in 2023). Return on tangible equity was 12.6%. Santander UK recorded a £25 million loss before tax for TSB in May and June 2026, caused by a £62 million day-one credit impairment charge booked on acquisition.
Source: TSB 2025 full-year results, 6 Feb 2026Capital strength
At 30 June 2026 TSB Bank plc's Common Equity Tier 1 (CET1) ratio was 16.75% (31 December 2025: 16.74%), its total capital ratio 21.42% and its leverage ratio 5.56%, on £2.0 billion of CET1 capital and £11.8 billion of risk-weighted assets. Its liquidity coverage ratio at the end of 2025 was 204.8%.
Source: TSB Bank plc large subsidiary disclosures, 30 June 2026, 30 Jun 2026Regulatory record since 2020
On 20 December 2022 the FCA fined TSB £29.75 million and the PRA fined it £18.9 million, £48.65 million in total, for operational resilience failings in the April 2018 migration of its customers to a new IT platform, which disrupted a significant proportion of its 5.2 million customers until December 2018. TSB paid £32.7 million in redress to affected customers.
Source: FCA press release, 20 Dec 2022On 9 October 2024 the FCA fined TSB £10,910,500 (£15.6 million before a 30% discount) for failing to treat customers in arrears or financial difficulty fairly between June 2014 and March 2020. TSB identified 232,849 affected customers and paid £99.9 million in redress as part of a £105 million remediation programme.
Source: FCA press release, 10 Oct 2024Credit ratings
Moody's is the only agency that rates TSB. Its May 2026 credit opinion shows TSB Bank plc with a long-term deposit and issuer rating of A1 (outlook stable) and a baseline credit assessment of baa1, aligned with Santander UK's ratings following the acquisition; TSB's ratings had been Baa1 (deposits) and under review for upgrade since the sale was announced in July 2025. No Fitch or S&P rating of TSB was found. TSB's own credit-rating page still quotes the older Baa1 deposit rating in its introductory text.
Source: Moody's credit opinion, TSB Banking Group plc, 14 May 2026, 14 May 2026Deposit protection
Eligible deposits with TSB Bank plc, including the TSB and TSB Business trading names, are protected by the FSCS up to £120,000 per depositor (£240,000 for a joint account with two eligible holders). Because TSB and Santander UK currently operate under separate banking licences, the limit applies separately to each; both banks have said customers will be told in advance if that changes, which is expected when TSB's business is transferred into Santander UK plc.
Source: Santander: TSB has now become part of the Santander group, 27 Jul 2026Operational incidents
TSB's app and internet banking have had several short outages since 2024: a Bacs payment delay on 24 September 2024 fixed by 2pm, an app and online outage on 10 October 2024 resolved by 3pm, an industry-wide digital banking failure on the morning of 28 February 2025, and an afternoon app and online outage on 1 September 2025. Branches and telephone banking stayed open in each case. No data breach since 2020 was found.
Source: Financial Ombudsman decision DRN-5217966 (10 October 2024 outage), 13 Jan 2025Frequently asked questions about TSB Bank plc
Is TSB Bank plc safe?
TSB Bank plc currently holds a blended long-term credit rating of A+, which is investment grade and indicates a strong capacity to meet its financial commitments. A credit rating is an independent opinion on an institution's ability to meet its financial obligations; it is not a guarantee and can change. Separately, Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. This page is information about published credit ratings, not financial advice.
What is TSB Bank plc's credit rating?
TSB Bank plc has a blended long-term credit rating of A+, with a stable outlook. This blends the most recent long-term issuer ratings from Moody's, mapped onto a common scale so ratings expressed in different agencies' notation can be compared directly.
Is TSB Bank plc covered by the FSCS?
Eligible deposits with UK-authorised banks and building societies are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per banking licence (the limit rose from £85,000 on 1 December 2025). Where several brands share a single banking licence, that £120,000 limit is shared across those brands rather than applying to each one separately. TSB Bank plc is recorded with FCA reference 191240. Because protection follows the banking licence rather than the brand, check the current position and which brands share a licence on the FSCS website before relying on it.
Who owns TSB Bank plc?
TSB Bank plc is owned by Banco Santander (via Santander UK, since 2026). Ownership matters for credit ratings because agencies often factor in the likelihood of support from a parent group, and because brands under the same banking licence share a single FSCS limit.
What does a A+ credit rating mean?
A+ sits in the "High Grade" band, indicating a strong capacity to meet its financial commitments. Ratings of BBB- (or Baa3 on Moody's scale) and above are considered investment grade; anything below that is regarded as speculative, sometimes called "high yield". Ratings are reviewed periodically and can be upgraded or downgraded.
What is TSB Bank plc's Moody's rating?
Moody's rates TSB Bank plc A1 (long-term) with a stable outlook, as read from the bank's own published disclosures and last confirmed on 15 October 2026.
When did TSB Bank plc's credit rating last change?
TSB Bank plc's blended rating has stood at A+ since 15 October 2026, the most recent change in our records. Ratings are re-checked automatically and this page updates when an agency revises its assessment.
Is TSB a real bank?
TSB Bank plc (FCA firm reference 191240, registered in Scotland, number SC95237) is a PRA-authorised bank on the Bank of England's October 2026 list of UK banks. The TSB brand relaunched on 9 September 2013 with 631 branches when Lloyds Banking Group was required by the European Commission to divest part of its business; the bank was floated in June 2014.
Is TSB profitable?
TSB Bank plc made a statutory profit before tax of £339.4 million in 2025, up 19% on £285.1 million in 2024 (the group holding company reported £350.4 million and £290.4 million, after £237.2 million in 2023). Return on tangible equity was 12.6%. Santander UK recorded a £25 million loss before tax for TSB in May and June 2026, caused by a £62 million day-one credit impairment charge booked on acquisition.
Has TSB been fined by the FCA?
On 20 December 2022 the FCA fined TSB £29.75 million and the PRA fined it £18.9 million, £48.65 million in total, for operational resilience failings in the April 2018 migration of its customers to a new IT platform, which disrupted a significant proportion of its 5.2 million customers until December 2018. TSB paid £32.7 million in redress to affected customers. On 9 October 2024 the FCA fined TSB £10,910,500 (£15.6 million before a 30% discount) for failing to treat customers in arrears or financial difficulty fairly between June 2014 and March 2020. TSB identified 232,849 affected customers and paid £99.9 million in redress as part of a £105 million remediation programme.
Who owns TSB?
Santander UK plc completed its £2.65 billion cash acquisition of TSB from Banco Sabadell on 30 April 2026, after PRA approval on 19 March and ECB approval on 14 April 2026. TSB Bank plc is now a wholly owned subsidiary of Santander UK, which is part of Banco Santander. Sabadell had owned TSB since June 2015.