TSB confirmed its latest switching offer will close on Tuesday 10 September, with applications accepted until 11:59pm.
But, if you do miss out on this, First Direct has this week relaunched its £175 cash switch sweetener for 1st Account newbies.
The TSB £100 upfront and £90 to £120 cashback offer was launched in August, with TSB stating back then that it could be withdrawn at any time.
But for now, here’s a recap of the full offer and the eligibility criteria you need to meet to get your hands on the cash…
TSB current account switch offer
New customers moving their everyday banking to the fee-free TSB Spend & Save or the £3 per month Spend & Save Plus current accounts via the Current Account Switch Service (CASS) can bag between £190 and £220 for the switch.
The deal is split into two parts, with £100 upfront followed by up to £90 cashback for the fee-free current account (or £120 for the paid-for account) in the first year of opening.
You can do this in branch, using TSB online or via the mobile banking app.
To get your hands on the £100 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 (any value) using your debit card or contactless via Google/Apple Pay on the new TSB account
- Log into the TSB mobile banking app at least once by Friday 27 September
If these conditions are met, TSB will pay £100 into the new account between 15 and 25 October 2024.
TSB’s triple cashback deal
To get the second part of the offer – the £90 to £120 cashback – you must make 20 debit card or Google/Apple Pay payments (of any value) each month in the first six calendar months of opening the account.
Usually, customers of the fee-free Spend & Save account receive £5 per month cashback for six months, but this has been tripled to £15 per month in cashback for the first six months for new customers, totalling £90.
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 triple to £15 per month for the first six months before reverting to £5 cashback per month.
This means £120 in total over the year. But once you factor in the £3 per month fee, customers will be left with a net £84, on top of the £100 switch cash (£184 in total).
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 March 2025. You’ll receive the reward the following month and 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.
Related: Spanish bank BBVA gains approval for ‘hostile takeover’ of TSB
