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Last chance to bag TSB’s £160 bank switch bonus

Last chance to bag TSB’s £160 bank switch bonus
Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
24/06/2024
Updated:
24/06/2024

TSB will end its £160 switching sweetener TONIGHT, so go quick to apply for an eligible current account if it’s the right product for you.

TSB will end its £160 bank switch deal at 11:59pm tonight, Monday 24 June 2024.

The bank launched its current account switch offer a month ago, offering new customers £100 upfront for opening the fee-free TSB Spend & Save or the £3 per month Spend & Save Plus current account.

To get the remaining £60, you have to make a minimum number of transactions per month using your new debit card (more on this below).

The move to withdraw the cash offer follows in the footsteps of Santander, which closed its £175 current account switch deal last week. It means after TSB’s withdrawal, there will be four switching offers available in the market, offering up to £200 for your custom.

But back to TSB’s deal, 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 by 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 at the time of launch: “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