TSB offering free £125 to new customers who switch accounts to bank - plus £90 cashback
TSB has launched an account switching deal for new customers
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TSB has kickstarted the New Year with a new switching offer and updated its cashback deal which could put an extra £215 in peoples’ bank accounts.
New customers switching to either the bank’s Spend & Save, or Spend & Save Plus current account will get £125 and up to £90 in cashback in the first year of the account opening.
This latest offer from TSB is available to new customers as of today.
The £125 deal is accessible to new customers in full if they open an account and switch to the bank using the Current Account Switch Service between January 15, 2024 and before the offer is withdrawn from the market.
The financial institution has also doubled its cashback deal
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This switch has to be initiated before the offer is withdrawn and completed within 21 days from the initial request.
Bank customers can apply through TSB’s website, visiting a local branch or using the financial institution’s mobile banking app.
Customers will need to arrange at least two Direct Debits, use their debit card at least once and log into the TSB Mobile Banking app by March 15 to get the incentive paid into their accounts.
Once these conditions have been met, TSB will pay customers £125 into their new account between March 20 and March 29.
Anyone interested in this deal must be aware that the offer is limited and can be withdrawn at any time.
The bank will give potential customers notice of the withdrawal date ahead of time, according to TSB.
As well as this, TSB has doubled its cashback offer from £5 to £10 a month which means customers could potentially get £60 for the first half of the year.
This same cashback deal is also available for the first six month for Spend & Save Plus before reverting back to £5 cashback monthly.
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GETTYOver a full year, customers could get an extra £90 in their accounts thanks to TSB’s cashback deal.
In order to earn this cashback deal, customers have to make 20 debit card payments each month to qualify.
Carys Barnes, the head of personal current accounts at the bank, said the TSB wants to assist customers to “help them manage their money better”.
He explained: “Our current accounts provide lots of ways to do that, and with new features such as the My TSB Rewards Portal, and double cashback, this offer is another great reason to make the switch.”
Any new customers to the bank will also have access to new savings and discounts through the My TSB Rewards portal.