Blue 449, Goodstuff Communications, Havas Media, Initiative and the7stars are in contention for TSB’s media account, after incumbent Vizeum exited the process.
Vizeum will continue to work with the bank until the new agency takes over in the new year.
Commenting on the decision, TSB chief marketing officer Pete Markey said the Dentsu Aegis Network shop had been "a great partner to TSB for the last three years and we are grateful to them for all their work".
But he added: "After much discussion between us and some soul-searching on both sides, we’ve agreed that we need to go in a new direction."
The five contenders will take part in "acid test" meetings, with the shortlist then cut to three ahead of a final pitch in October. The process is being managed by The How to Buy a Gorilla Company.
Vizeum had held the account since 2016, when it defeated previous incumbent Manning Gottlieb OMD in a competitive pitch.
Mike McCoy, previously executive director at The Story Lab, starts at Vizeum this month as its new UK chief executive, after Jem Lloyd-Williams left earlier in the year to join Mindshare as chief executive.
TSB’s advertising is handled by Joint.