Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a crypto trading platform. However, that doesn’t mean you can’t use your TSB Bank account to buy crypto.
All you need is a reliable and trusted cryptocurrency trading platform. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with TSB Bank
As stated above, just like with the vast majority of UK banks, you can’t buy crypto with TSB Bank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a cryptocurrency exchange.
However, luckily for us, there are plenty of cryptocurrency trading platforms to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
1. Choose a cryptocurrency trading platform
While there are a lot of crypto trading platforms, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your TSB Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy cryptocurrency
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About TSB Bank
TSB Bank plc in the United Kingdom is a commercial and retail bank and a subsidiary to Sabadell Group.
TSB Bank maintains a network with 290 branches throughout England, Scotland, Wales and Northern Ireland. TSB launched its current form in September 2013. Its headquarters is located in Edinburgh. The bank has over 5.0 million customers, with more than PS35 billion in loans and customer deposits. The bank was created from Lloyds TSB Scotland plc. It included a number Lloyds TSB branch locations in England and Wales, as well as all Cheltenham & Gloucester branches.
After a ruling by the European Commission that the 2009 British government purchase of a 43% interest in Lloyds Banking Group was considered state aid, it became necessary for Lloyds Banking Group's to sell a part of its business. TSB was then divested. TSB went public in an initial public offering after the divestment and was listed on London Stock Exchange June 2014. It was bought by Banco Sabadell of Spain in 2015.
The name TSB was used previously by Trustee Savings Bank before its merger in 1995 with Lloyds Bank. In 1999, Lloyds TSB was formed.