TSB launches new switcher offer worth up to £160, plus choice of reward

• New customers switching to TSB will receive £100 upfront
• Customers can also earn double the cashback (increasing from £5 to £10 a month) in the first six months of account opening – earning up to £60
• Customers can also choose a reward for staying

From today, new customers who switch to a TSB Spend & Save or Spend & Save Plus current account, can receive £100, and £60 - £90 in cashback in the first year of account opening, plus the choice of one of three rewards.

New customers must switch to TSB using the Current Account Switch Service from 23 May 2024 and before the offer is withdrawn. 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 using Google/Apple pay on their new Spend & Save or Spend & Save Plus account and log into the TSB Mobile Banking app at least once, by 5 July. If these conditions are met, TSB will pay £100 into the new account between 17 July 2024 and 31 July 2024.

The offer is limited and can be withdrawn at any time. TSB will give notice of the withdrawal date ahead of time.

Earning double cashback

For the first six months, TSB is also offering new customers the chance to earn double cashback, raising the cashback offer 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 (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 maintaining the account fee.

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
• 2 Odeon cinema tickets every month for 3 months (6 tickets in total)
• A Now TV entertainment 6-month subscription

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.” 

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Notes to Editors

• ·The full terms and conditions of TSB’s switching offer including the information on the reward can be found here.

Spend & Save accounts also come with valuable features:  

• Access to offers and discounts across a range of leading retailers and brands in the new My TSB Rewards Portal.  
• On top of the switching and cashback offers, TSB’s Spend & Save and Spend & Save Plus accounts come with instant access savings called Savings Pots. Customers can earn 2.92% interest AER variable. 
• TSB also has its Monthly Saver account. Customers can earn 6.00% Gross/AER, fixed for 12 months. 
• Auto Balancer – allows customers to choose a minimum balance limit on their account. If the balance falls below that level, it will automatically move money from a chosen Savings Pot to top it up. 
• ‘Save the Pennies’ – customers can arrange to have debit card transactions rounded up to the nearest pound, so the ‘change’ goes straight into a Savings Pot.  
• In addition, Spend & Save Plus offers customers:    
  • No TSB charges for using their Spend & Save Plus debit card abroad.   
  • £100 interest-free Arranged Overdraft for short-term borrowing, subject to application and approval. Overdrafts are repayable on demand.