TSB is launching up to £160 free cash for new customers who switch bank accounts, plus a choice of a free reward

TSB has launched a new switching offer and updated its cashback deal, which could see an extra £160 deposited into people’s bank accounts.

New customers can take advantage of the Banks switcher offer worth up to £160, plus a choice of reward.


From today, new switching customers can receive £100 and £60 – £90 in cashback in the first year of account opening, plus the choice of one of three rewards.

To qualify, customers must switch to a TSB Spend & Save or Spend & Save Plus current account.

Customers are warned that the offer may be withdrawn, so they should switch as soon as possible.

New customers must switch to TSB via the Payment Account Switching Service from 23 May 2024 and before the offer is withdrawn.

TSB

The transfer must be completed within 21 days of the request.

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The transfer must be completed within 21 days of the request. New customers can sign up via tsb.co.uk, in a branch or in the TSB Mobile Banking app.

To receive the £100, customers must:

  • Make at least five payments using their debit or contactless card with Google/Apple Pay on their new Spend & Save or Spend & Save Plus account
  • Log in to the TSB Mobile Banking app at least once before July 5.

If these conditions are met, TSB will deposit £100 into the new account between July 17, 2024 and July 31, 2024. Customers are warned that the offer is limited and may be withdrawn at any time.

TSB will announce the withdrawal date in advance.

Carys Barnes, head of personal current accounts at TSB, said: “We are 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 checking accounts.” New customers can also take advantage of the chance to earn double cashback for the first six months after account opening.

Earn double cashback

The cashback offer is increasing from £5 to £10 per month, meaning new customers can earn a total of £60 (£10 paid each month).

For Spend & Save Plus, the same cashback is available for the first six months, after which it returns to £5 cashback per month.

This means customers can receive a total of £90 in the first 12 months.

To earn the cashback, customers must make twenty debit card payments every month.

The Spend & Save Plus account has a monthly maintenance fee of £3.

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Customer reward

New customers who meet the £100 payment requirements will be offered a free reward if they make 20 or more payments with their new TSB payment card by December 2024.

They can choose from:

  • A night away for two at a choice of leading hotels
  • Two Odeon cinema tickets every month for three months (six tickets in total)
  • A 6-month Now TV entertainment subscription

Kate Steere, banking expert at personal finance comparison site finder.com, said: “TSB’s new switching deal will be eagerly welcomed by switchers as it will be only the third deal currently on the market.

“On the face of it, the £100 switch deal falls short of Santander and First Direct’s offer of £175. However, there are a few additional benefits that bridge the gap. Particularly eye-catching is the prospect of a TSB Partnership Reward. This could be a hotel stay for 2, up to 6 Odeon cinema tickets or a 6 month membership with Now Entertainment.

“Regular switchers should take into account that they will have to make twenty or more debit card payments in December 2024 to qualify for this. And be prepared to wait until January 2025 to qualify for their Partnership Reward.

“These additional benefits, plus the cashback offer of up to £60 and access to savings interest, significantly increase the monetary value of switching to TSB, so it’s certainly a good option for those looking to get a switching bonus, even if it’s not a quick switch . to win.”

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