Get a £200 cash boost by switching your current account to TSB

Customers could receive an initial £150 cash bonus when switching to an eligible account, followed by a £50 top-up a few months later.

The high street bank, TSB, is the latest provider to launch a current account switching incentive this year.

It announced today (13 January) that customers who switch to its Spend & Save or its Spend & Save Plus account by using the Current Account Switch Service (CASS) could receive a total of £200, as long as they meet the necessary criteria.

“Current account providers have launched some free cash offers for switchers to kick-off 2026. The latest offer from TSB should not go unnoticed, as not only will it pay £150 in cash, but the account will reward a further £50 by the end of May if customers meet specific requirements,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, explained.

“The first month of any new year can be tight for many customers, after the festive splurge, so a free cash boost could make a big difference. However, it is vital customers pick the right current account that suits their everyday needs,” she added.

How to get the £200 bonus

To get the first £150 payment from TSB, customers need to log into the TSB app, deposit £1,000 or more into their account and make at least five payments with their debit card.

Assuming they meet all these requirements before 20 March 2026, they will receive £150 in their account by 7 April 2026.

TSB will then pay the final £50 instalment by 31 May 2026 if customers deposit a minimum of £1,000 in their account in April 2026.

Earn an additional £30 cashback

Once they have opened an account, TSB customers could receive an extra cash boost of £5 per month, thanks to the bank’s cashback scheme.

To earn the £5 cashback, customers simply need to make 20 or more payments on their debit card per month. Spend & Save customers will only receive this perk for the first six months, meaning they could get a maximum of £30 with this monthly cashback scheme, but Spend & Save Plus customers can continue earning £5 per month as long as the account is open (or until TSB changes the offer).

The Spend & Save Plus account comes with a £3 monthly fee but, assuming customers continue to meet the terms of the cashback scheme, the cashback they earn can cancel out the cost of the account. This account also offers the extra benefits of fee-free spending abroad and a £100 interest-free overdraft.

Both Spend & Save and Spend & Save Plus customers can also access TSB’s Monthly Saver Account that pays a competitive 5.00% AER (fixed for one year) on monthly deposits of £25 up to £250. However, bear in mind there are other regular savings accounts that can offer higher rates.

Moreover, TSB customers may be able to access special offers and savings thanks to My TSB Rewards.

New year, new current account?

Many consumers may use the start of the new year as an opportunity to review their existing accounts and make a switch if there is a more suitable and better value option available. And, with several current accounts now offering some form of switching incentive, it’s worth seeing if you can get a cash bonus to kick off 2026.

“It’s quick and easy to switch using the Current Account Switch Service (CASS), and there are a variety of free cash perks to choose from. The accounts are all very different, some pay credit interest, others reward customers each time they spend on bills, and some are simpler and carry a competitive overdraft tariff,” Springall explained.

“The right current account does depend on someone’s individual circumstances, so it is important consumers are not swayed by free cash alone,” she cautioned.

Last week, Lloyds Bank launched a £250 switching bonus on its range of Club Lloyds accounts, which is one of the largest switch incentives available. However, this offer ends on 3 February, so customers don’t have long if they want to take advantage of it.

“The suite of current accounts from Lloyds Bank are tailored for varying needs, but the Club Lloyds is seen as its most affordable option for those who want some additional benefits. There is a £5 monthly fee to pay, but this is waived when customers fund the account with £2,000 per month,” Springall commented.

Alternatively, Nationwide BS will pay a £175 bonus to those who switch to its FlexDirect account, which also offers the perk of paying 5.00% AER interest, fixed for 12 months, on balances up to £1,500 (as long as at least £1,000 is paid in per month).

Meanwhile, Santander offers a £200 cash bonus on its Edge accounts, which come with a range of perks including cashback on household bills. However, customers should consider that these accounts charge a monthly fee.

Elsewhere, Springall highlights that first direct continues to pay a £175 switching bonus on its 1st account, which may appeal to those who want a “simple, fuss-free account”.

Compare switching incentives

Want to find out more about the latest current account switch bonuses and how to access them? Visit our current account switching chart for more information.