TSB launches new £150 switching offer and doubles cashback for customers

TSB Bank branch

From today, new customers who switch to a TSB Spend and Save or Spend and Save Plus current account can receive over £200.

New customers will receive £150 in full if they open an account between September 18 and before the offer is withdrawn and then switch to TSB using the Current Account Switch Service before October 31, 2023.

Customers can apply online, in a branch or in the TSB Mobile Banking app. There is currently no end date to the offer, but it can be withdrawn at any time.

Carys Barnes, head of personal current accounts at TSB said: “Our current accounts provide lots of ways to help customers manage their money better, and this offer is another great reason to make the switch.”

To qualify for the incentive, customers will also need to set up at least two direct debits, use their debit card at least once and log into the TSB Mobile Banking app.

Woman smiling at laptop

If these conditions are met, TSB will pay £150 into the new account by November 30, 2023.

Customers can also earn £10 in cashback each month for the first six months with a Spend and Save account, totalling £60.

For Spend and Save Plus, the same cashback is available for the first six months, after which it will return to £5 cashback per month, amounting to a total of £90 in the first 12 months. To earn their cashback, customers must make at least 20 debit card payments each month.

On top of the switching and cashback offers, both accounts come with instant access savings called Savings Pots. Customers can earn 2.92 percent interest AER variable.

Customers can also benefit from the bank’s Monthly Saver account paying a five percent Gross/AER, fixed for 12 months.

The accounts also come with a number of other appealing features, such as an “Auto-balancer” and a “Save the Pennies” function.

The Auto-balancer allows customers to choose a minimum balance limit on their account. If the balance falls below that level, it will automatically move money from a chosen Savings Pot to top it up.

Customers can arrange to have debit card transactions rounded up to the nearest pound with the Save the Pennies feature, so the ‘change’ goes straight into a Savings Pot.

In addition, Spend and Save Plus offers customers no TSB charges for using their debit card abroad, as well as a £100 interest-free arranged overdraft for short-term borrowing, subject to application and approval. Overdrafts are repayable on demand.

TSB isn’t the only bank currently offering a bank switch deal. Online bank, first direct, is also offering new customers an incentive to switch – as well as the opportunity to be entered into a £12,500 prize draw.

New first direct customers who switch using the Current Account Switch Service and deposit £1,000 within three months will be rewarded with £175.

To take part in the prize draw with five chances to win £12,500, people just need to switch their current account to us using the Current Account Switch Service and deposit £1,000 in their account within a shorter time period of 30 days. The prize draw offer ends on October 1, 2023.

Woman smiling at laptop, TSB bank branch