From today, new customers moving their everyday banking to the fee-free TSB Spend & Save or the £3 per month Spend & Save Plus current accounts can bag up to £190 for the switch.
The deal is split into two parts, with £100 upfront followed by up to £90 cashback in the first six months of opening the account.
You can open the current account 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 in to the TSB mobile banking app at least once by Friday 27 September.
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If these conditions are met, TSB will pay £100 into the new account between 15 and 25 October 2024.
TSB said this is a limited-time offer, so it can be withdrawn at any time. However, it added it will give notice of a withdrawal date ahead of time.
The latest offer comes after TSB ran an up-to-£160 switch offer that ended in June 2024.
And it comes in good time, as just this week, both First Direct and Lloyds Bank pulled their £175 switch deals.
Including TSB, savers also have the choice of earning £175 with Barclays and £160 with the Co-operative Bank.
But, back to the TSB deal…
TSB’S TRIPLE CASHBACK DEAL
To get the second part of the offer – the up to £90 cashback – you must make 20 debit card or Google/Apple Pay payments (of any value) each month in the first six calendar months of the account opening.
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
Carys Barnes, head of personal current accounts at TSB, said: “This is a great opportunity for new customers to switch to a TSB current account and enjoy some fantastic benefits when they do.”
