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Bag £160 switching your account to TSB

Bag £160 switching your account to TSB
Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
23/05/2024
Updated:
23/05/2024

Anyone switching their everyday banking to one of TSB’s eligible current accounts can bag £100 upfront and £60 in cashback in the first year.

New customers opening the fee-free TSB Spend & Save or the £3 per month Spend & Save Plus current account via the Current Account Switch Service (CASS) can net £100 for the move.

The accounts can be opened in branch, TSB online or via the mobile banking app.

To get your hands on the cash, the switch needs to complete within 21 days of the request, and you need to do the following:

  • Make a minimum of five payments using your debit card or contactless via Google/Apple Pay on the new TSB account
  • Log in to the TSB mobile banking app at least once by 5 July

 

If these conditions are met, TSB will pay £100 into the new account between 17 and 31 July 2024.

Double cashback deal

To get the second part of the offer – the £60 cashback – you must make 20 debit card payments each calendar month.

Usually, customers of the fee-free Spend & Save account receive £5 per month cashback for six months, but this has been doubled to £10 per month in cashback for the first six months for new customers, totalling £60.

For those opening the £3 per month Spend & Save Plus account, cashback of £5 is usually paid from when the account opens to when it’s closed. But with the latest offer, it will double to £10 per month for the first six months before reverting to £5 cashback per month.

This means £90 in total over the year, but once you factor in the £3 per month fee, customers will be left with a net £54, on top of the £100 switch cash (£154).

Free TSB reward

New customers who meet the terms for the £100 payment will be offered a free reward when making 20 or more payments using the TSB debit card in December 2024. You can choose from:

  • A night away for two at a choice of hotels
  • Two Odeon cinema tickets every month for three months (six tickets in total)
  • A Now TV entertainment six-month subscription

 

Carys Barnes, head of personal current accounts at TSB, said: “We’re always looking for new ways to reward customers. Our latest switching offer and reward gives customers another great reason to switch and enjoy the benefits of our current accounts.”

Related: Nationwide’s £200 current account switch offer, plus £175 from Santander and First Direct