TSB is increasing its efforts in the battle of current account switching among banks by introducing a cash incentive of up to £200. This move by the high street lender signifies a positive surge in competition within the industry.
According to TSB, customers who open a TSB Spend or Save or Spend & Save Plus current account can qualify for a cash reward of up to £200 by fulfilling specific conditions. To receive an initial £150 bonus, individuals must complete the switch process, log into the TSB mobile banking app, and deposit £1,000 into the account by March 20, 2026. Additionally, they need to make at least five payments using the debit card associated with the switched account by the same date. The £150 bonus will be credited by April 7 upon meeting these criteria.
Customers also have the opportunity to earn an extra £50 by depositing an additional £1,000 into their TSB account in April, with the cash reward being disbursed by May 31 upon completion of this step.
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 can enjoy £5 cashback every month. The Spend & Save Plus account incurs a monthly fee of £3 and requires a minimum of 20 debit card payments per calendar month to qualify for the cashback, which can be made to any company or recipient.
Similar to other providers, the account switch must be facilitated through the Current Account Switch Service (CASS). Notably, TSB allows existing customers who previously opened a TSB personal current account to participate in the incentive offer by completing a full switch through the CASS service.
Carys Barnes, head of current accounts and savings at TSB, expressed that as the New Year commences, many individuals are reassessing their financial situation to maximize their resources. The TSB Spend & Save and Spend & Save Plus current accounts offer various beneficial features, with the latest switching offer of up to £200 serving as a compelling reason for customers to choose TSB.
Although TSB previously offered a £150 switching bonus until November of the previous year, its current deal does not surpass the leading bonus available for switching, which is £250 with the Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum accounts, where the bonus is paid within 40 working days post-switch.
In the market, Santander’s Edge account provides a £200 bonus along with 1% cashback on select household expenses. Additionally, First Direct’s 1st Account offers a £175 bonus and an attractive 7% interest on its Regular Saver account, making it a popular choice for its exceptional customer service.
Alastair Douglas, chief executive of TotallyMoney, emphasized the importance of switching banks to benefit from various incentives. Banks such as TSB, First Direct, HSBC, Lloyds, Nationwide, and Santander offer rewards for switching accounts, facilitated by the hassle-free Current Account Switch Guarantee, ensuring a seamless transfer of regular payments, income, and balances within seven days.
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