Nigel Gilbert, the chief marketing and communications officer of TSB, will be leading the process, alongside Andrew Gillespie, the bank’s marketing director, and Oystercatchers as an intermediary.
Agency selection is expected to be finalised by mid-June and MG OMD is expected to re-pitch.
The Omnicom agency has held the account since November 2013, shortly after the bank was formed following the split of Lloyds TSB.
The bank said it reviews its major contracts every three years but has not said whether it expects to review its creative advertising requirements.
Last year MRM Meteorite won the bank’s direct marketing account, which was previously held by Havas Helia.
Gilbert said: "As part of good practice, we review our major contracts every three years. It gives us an opportunity to assess the impact of the changes in the market and our future needs.
"We have a successful partnership with Manning Gottlieb OMD and we are pleased they will be participating in the process."