TSB will withdraw its current account switch incentive of Monday so if you’re looking for a new home for your everyday banking and TSB is right for you, don’t hang around.
New customers switching their everyday banking to TSB have until 23:59 on Monday 9 October to bag up to £210 for the move.
By opening the TSB Spend & Save, or Spend & Save Plus (£3 a month fee) current account via the Current Account Switch Service (CASS) before the deadline, new customers will receive £150, subject to the following:
- Setting up at least two Direct Debits
- Using your debit card at least once
- Logging into the TSB mobile banking app by 31 October 2023.
Once you meet these requirements, the £150 will be paid into your new account by 30 November 2023.
On top of the £150 payment, cashback is also available to customers with these current accounts as long as you make at least 20 debit card payments each month. As you’d expect, there are some exclusions, so make sure to check what is and isn’t eligible.
Usually customers of the free Spend & Save account receive £5 cashback a month for six months, but this has been doubled to £10 a month in cashback for the first six months for new customers, totalling £60.
For those opening the Spend & Save Plus account which has a £3 monthly fee, cashback of £5 is usually paid from when the account opens, to when it’s closed. But with the latest offer it will increase to £10 a month for the first six months.
The next six months allows holders to earn £5 a month for these fee-paying customers, meaning a total of £90 cashback can be earned in the first year on top of the £150 cash sweetener.
Both accounts also give customers access to an instant access savings account, paying a variable rate of 2.92% AER (2.89% gross) and there is also a monthly saver account, paying 5% AER on balances between £25 and £250 each month for a year.
How does TSB’s current account offer compare?
If you’re after cold, hard cash but also want higher interest rates on your savings, then Nationwide may be one to consider.
Last month, it launched an inflation-smashing and market-leading 8% regular saver which unlike other similar products, allow three penalty-free withdrawals a year, on top of a £200 cash sweetener for new current account holders.
By combining the two offers, customers opening its popular FlexDirect current account could earn up to £377 in the first year (£200 switching offer, 5% interest on balances up to £1,500 which generates £73 interest, and £104 in interest by putting away £200 in the regular saver on the first day of each month).
Meanwhile, First Direct continues to offer its £175 switch bonus while Lloyds Bank also launched a £175 sweetener which runs until 14 November.
