Santander and TSB have today announced significant news for UK banking and now bosses have sent a message to customers
Santander has released a statement to all TSB customers after a major shake-up in the UK banking sector. The high street lender has now finalised its near £3 billion acquisition of its smaller competitor, it was revealed today.
Santander has since posted an update clarifying what this means for TSB customers. The message, published on its website, reads: “Santander has completed the acquisition of TSB.
“If you’re a Santander customer, nothing changes. Your accounts, cards and the way you bank with us will stay the same for now. You don’t need to take any action. If you also bank with TSB, you can continue to use their services as normal and please visit their website for more information.”
TSB currently holds around 5 million customer accounts and approximately £71.5 billion in gross customer assets. That makes up £35.2 billion in customer deposits and £36.3 billion in customer lending, it said.
TSB said today that existing TSB customers need not worry about any immediate changes, and can carry on using their TSB products, accounts and cards exactly as before. Both banks say the move will be good for customers.
Santander went on to caution customers about the threat of scams, warning: “Following news like this, criminals may try to take advantage. They might contact you pretending to be from Santander or TSB and ask for your details.” To guard against this, Santander reminded customers that it would never ask for your password, PIN or One Time Passcode (OTP).
It also stressed that it would never ask you to move money to a ‘safe account’, adding: “We won’t contact you out of the blue asking for your security details.”
The bank concluded by saying “if something doesn’t feel right, stop and check before doing anything” – and said if users want to check it’s really us, call 159, or use the number on the back of your card or in your mobile app.
What has happened today with Santander and TSB?
Santander UK has finalised its £2.65 billion acquisition of TSB, following regulatory clearance from the Prudential Regulation Authority and the European Central Bank on 19 March 2026 and 14 April 2026 respectively. TSB announced in a statement that the transaction signals the beginning of uniting two established banking brands to form the third largest bank by current account balances and fourth largest by mortgages – pledging to become the best bank for customers in the UK.
The statement added: “With complementary customer bases and regional footprints, the acquisition is expected to deliver enhancements for customers across the UK – investing more in innovative products, digital services and support for customers.”
Santander aims to achieve cost savings of at least £400 million following the takeover. Mahesh Aditya, Santander UK’s new chief executive, said: “This is excellent news for UK banking, with the acquisition representing the single largest investment in the sector for over 15 years.
“Bringing TSB into the Santander group strengthens competitiveness in the market and is an important step in creating the best bank for customers.” Nicola Bannister, who became chief executive of TSB on Friday, said: “Today marks a significant new chapter for TSB as we become part of Santander.
“I look forward to leading TSB as we combine the very best of these two great businesses.”
