Customers who open a Spend & Save current account with TSB and switch over their existing account by the end of August will receive £125.

A further £75 will then be paid if you keep the account until 28 February 2024.

The switch will need to be carried out through the Current Account Switch Service, with at least two direct debits in place. You will also need to log into the mobile banking app at least once to qualify for the cashback.

To get the additional £75, you must make at least five debit card payments per month ‒ excluding withdrawals ‒ and pay at least £500 into the account each month.

What do you get from the TSB Spend & Save accounts?

There are two versions of the Spend & Save account to choose from. 

The basic Spend & Save account is fee-free, and allows users to earn £5 cashback in the first six months when you make at least 20 debit card payments during the month. It also comes with an overdraft of up to £2,000, as well as the option to earn 2.50% gross through saving pots.

There is also a premium version, which comes with a £3 monthly fee. 

With the Spend & Save Plus the ability to earn cashback for making 20 debit card payments is ongoing, rather than limited to six months, while the first £100 of the overdraft is interest free. There are also no charges from TSB when using your debit card overseas.

Get paid to switch your bank account

TSB is just one of a host of banks and building societies which are currently offering cash bonuses to those who open a new bank account with them.

For example, NatWest and RBS are paying £200 to those taking out the Reward account from the banks. The accounts cost £2 a month, but you get £5 per month so long as you use the app and have at least two direct debits in place. 

To qualify for the cashback you’ll need to pay in at least £1,250 per month and use the app within 60 days.

Then there’s First Direct, which pays £175 to new holders of its 1st Account. The account opens up access to the bank’s regular saver, which pays 7%, as well as a £250 interest-free overdraft. In addition, the debit card now comes with no fees for overseas use.

To qualify you will need to pay in £1,000 within the first three months.

Finally there’s Lloyds Bank, which is offering £150 to new customers who open a Club Lloyds, Club Lloyds Silver or Club Platinum Account. With Club Lloyds you will need to pay in at least £2,000 a month or else face a £3 monthly fee.

The account pays 1.5% interest on the first £4,000 in the account, rising to 3% on balances from £4,000 to £5,000.