In July 2025 Santander announced its intention to acquire TSB. Here are some helpful Q&As about the acquisition and any impact to customers.
What does the acquisition relate to?
On 1 July 2025, Santander announced that it had reached an agreement to purchase TSB Banking Group. The acquisition is currently subject to regulatory approval, which we expect to receive early in 2026.
Are you going to be closing TSB branches as a result of the acquisition?
The acquisition is subject to regulatory approval and further information will be provided after this point.
What will happen to the TSB brand?
The acquisition is subject to regulatory approval and further information will be provided after this point.
In the period before regulatory approval of the acquisition of TSB, will there be any changes to my TSB product e.g. current account, savings account, mortgage as a result of the acquisition?
There’s no change to customers' products or services, as the acquisition remains subject to regulatory approval.
Can I now use Santander branches as a TSB customer and vice versa?
Not currently, as Santander and TSB remain two legally separate and regulated entities.
If I have an account at both banks, is my money still protected under the Financial Services Compensations Scheme (FSCS)?
Yes. Santander and TSB currently have their own banking licences; this means the FSCS will protect customers’ money up to the maximum limit of £120,000.
Why has Santander acquired TSB?
This is an excellent opportunity to create the best bank for customers in the UK.
When combined, the two banks would serve nearly 28 million retail and business customers nationwide and become the third largest bank by personal account share and fourth largest for mortgage lending.
The deal accelerates Santander UK's transformation, allowing the bank to enhance its customer proposition and invest more in innovative products and its digital offering, supported by the human touch across its branch footprint, including its new branch formats. In addition, the acquisition will provide TSB customers access to Santander’s international network and allow them to benefit from the group’s leading technology platforms.