TSB has launched its lowest ever personal loan rate for existing TSB bank account customers.

The Bank is reducing rates for personal loans from 6.9% APR representative to 4.9% APR representative on amounts between £7,500 and £20,000 and from 7.4% APR representative to 5.4% APR representative on loans between £20,001 and £25,000.

The new rates are applicable for all loan terms between one and five years.

Nick Smith, head of loans at TSB, said: “We are pleased to be able to reward our customers’ loyalty by offering them TSB’s lowest ever loan rate. We know our customers like to bank with us in a variety of ways which is why we’ve made it easy to apply for a loan in branch, over the phone or online.

“Applying for a personal loan with TSB is quick and easy and, in our branches, nine out of every 10 personal loan applications are approved.”