TSB has intensified the competition among banks by introducing a new offer that provides customers with the opportunity to earn up to £200 when switching current accounts. The incentive, aimed at encouraging more customer engagement, requires individuals to fulfill specific criteria to receive the cash rewards.
To qualify for the initial £150 bonus, customers must complete the switch process, log into the TSB mobile banking app, and deposit £1,000 into their account by March 20, 2026. Additionally, they need to make at least five debit card payments with the newly switched account by the same date to be eligible for the bonus payment by April 7. Customers can earn an extra £50 by depositing another £1,000 into their TSB account in April, with the bonus payment scheduled for May 31.
Moreover, customers opening a new Spend & Save current account can receive £5 cashback per month for the first six months, while those opting for a Spend & Save Plus account, which costs £3 per month, can earn the same cashback monthly by making a minimum of 20 debit card payments each month to any recipient.
Existing TSB customers who previously opened a personal current account with the bank can also take advantage of the offer by completing a full switch to their account using the Current Account Switch Service (CASS). This move ensures that both new and existing customers have the opportunity to benefit from the lucrative switching offer.
TSB’s Head of Current Accounts and Savings, Carys Barnes, emphasized the appeal of the offer, stating that the Spend & Save accounts come with various features and benefits that cater to customers’ financial needs. The current offer, valued at up to £200, adds to the list of reasons why customers should consider banking with TSB.
While TSB’s previous switching incentive was £150 until November last year, it now faces competition from other banks offering higher bonuses, such as Club Lloyds and Santander. Alastair Douglas, CEO of TotallyMoney, highlighted the importance of considering switching accounts to maximize benefits, as many banks provide incentives for doing so, and the process is made convenient by the Current Account Switch Guarantee, ensuring a seamless transition of payments and balances within seven days.