TSB launches up to £160 free cash to new customers who switch bank accounts - plus choice of free reward

TSB logo outside bank branch

TSB launches up to £160 free cash to new customers who switch

PA
Temi Laleye

By Temi Laleye


Published: 23/05/2024

- 11:03

Updated: 23/05/2024

- 12:40

TSB's cashback offer is being raised from £5 to £10 a month

TSB has launched a new switching offer and updated its cashback deal which could put an extra £160 in peoples’ bank accounts.

New customers can benefit from the Banks switcher offer worth up to £160, plus choice of reward.


From today, new customers who switch 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 be switching to a TSB Spend & Save or Spend & Save Plus current account.

Customers are warned the offer may be withdrawn so they should switch as soon as they can.

New customers must switch to TSB using the Current Account Switch Service from 23 May 2024 and before the offer is withdrawn.

TSB

The switch must be completed within 21 days from request.

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The switch must be completed within 21 days from request. New customers can apply through tsb.co.uk, in branch or in the TSB Mobile Banking app.

To receive the £100, customers must:

  • Make a minimum of five payments using their debit card or contactless card using Google/Apple pay on their new Spend & Save or Spend & Save Plus account
  • Log into the TSB Mobile Banking app at least once, by July 5.

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 Customers are warned the offer is limited and can be withdrawn at any time.

TSB will give notice of the withdrawal date ahead of time.

Carys Barnes, head of personal current accounts at TSB, said: "We’re 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 current accounts." New customers can also benefit from the chance to earn double cashback for the first six months of opening the account.

Earning double cashback

The cashback offer is being raised from £5 to £10 a month – meaning new customers can earn a total of £60 (£10 will be paid each month).

For Spend & Save Plus, the same cashback is available for the first six months, and it will then revert to £5 cashback a month.

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

To earn the cashback, customers must make 20 debit card payments each month.

The Spend & Save Plus account comes with a £3 monthly maintenance of the account fee.

LATEST DEVELOPMENTS:

Customer reward

New customers who meet the terms for the £100 payment will be offered a free reward if they make 20 or more payments using their new TSB debit card in 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 Now TV entertainment 6-month subscription

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

"On the face of it, the £100 switching deal lags both Santander and first direct’s offer of £175. However, there are a few additional perks that close 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 to Now Entertainment.

"Regular switchers should factor in the fact they’ll need to make 20 or more debit card payments in December 2024 in order to be eligible for this. And be prepared to stick around until January 2025 to be in line to receive their Partnership Reward.

"These additional perks, 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 people looking to net a switching bonus, despite not being a quick win."

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