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TSB offers new current account customers £10 cashback a month

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01/03/2017
New TSB Classic Plus current account customers can earn up to £10 cashback a month for day-to-day banking.
TSB offers new current account customers £10 cashback a month

They can earn £5 for making 20 debit card payments within a month and an extra £5 if they make at least two direct debits each month.

Couples can have three accounts between them – one sole each and a joint – meaning together they can earn £30 cashback a month.

To qualify, customers must be registered for internet banking and must not have had a Classic Plus account with TSB before.

The cashback will be paid until June 2018.

The account pays 3% interest on balances up to £1,500. This rate was reduced in January from 5% on £2,000. To earn 3% interest, customers must deposit a minimum of £500 a month.

TSB has also extended its credit card cashback offer for new and existing customers for a further nine months until June 2018

Customers holding a Classic Plus account and a TSB MasterCard credit card can earn 1% cashback for the first £500 spent on their credit card each month – worth up to £60 over a year.

Verdict

There aren’t a huge number of good cashback deals in the current account market at the moment. Co-op Bank is offering switch customers £110 up front and a monthly reward of up to £5.50. Halifax has cut its cashback offer from £100 to £75 and offers £3 reward per month.

Andrew Hagger, personal finance expert at Moneycomms, said: “Asking customers to have at least two direct debits per month is more likely a move to encourage customers to use the TSB account as their main current account as opposed to a glorified savings account which I’m sure many people have been doing up to now – especially when it was paying 5% on £2,000.

“I’m not convinced that it’s really that much of a stand out deal. Current account switching has been quite subdued even with some providers paying £100 or £150 golden hellos upfront, so I don’t expect people to get overly excited about this offer.”

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