Additional perks are also up for grabs if you continue to use your new account.
If earning free cash by switching current accounts could brighten your January, you may be interested in the latest incentive from TSB. Launched yesterday, the high street bank is offering new customers the opportunity to receive up to £160 by making the move to either its Spend & Save or Spend & Save Plus current accounts.
This deal is split into two parts; to receive £100 upfront, you must complete a full switch from an existing account before the offer is withdrawn, using the Current Account Switch Service (CASS). You’ll also need to log into the TSB Mobile Banking app and make at least five debit card payments before 14 March 2025 to receive the lump sum paid into your account between 28 March and 11 April 2025.
For the first six months, you could then earn £10 cashback for each month you make at least 20 debit card payments – amounting to £60 in total, this is double the cashback usually paid by these accounts.
What’s more, TSB is offering an additional perk for maintaining the account. If you make 20 debit card payments in August 2025, you’ll receive the choice of a night away for two at a range of hotels, two Odeon tickets each month for three months or a six-month Now Entertainment membership.
To be eligible for the double cashback and choice of reward, you must meet the criteria for the initial £100 cash incentive; this includes having not benefited from a TSB switching deal since 1 October 2022.
Last updated: 24/01/2025
Account: Spend & Save
Arranged Overdraft Rate (EAR): 39.90%
Interest Rate (AER): 0.00%
Account Fee: N/A
Switching Incentive: £100 cashback for accounts opened and switched using Current Account Switching Service, log into the mobile banking app and make five debit card payments by 14 March 2025. Once the switch has been completed, make 20 or more debit card payments each month and earn up to £10 cashback each month for the first six months. Choose from three rewards if 20 debit card payments made in August 2025. T&Cs apply.
Representative Example: Based on an overdraft limit of £1,200 charged at 39.90% EAR Variable. Representative 39.9% APR variable.
Account: Spend & Save Plus
Arranged Overdraft Rate (EAR): 39.90%
Interest Rate (AER): 0.00%
Account Fee: £3.00 per month
Switching Incentive: £100 cashback for accounts opened and switched using Current Account Switching Service, log into the mobile banking app and make five debit card payments by 14 March 2025. Once the switch has been completed, make 20 or more debit card payments each month and earn up to £10 cashback each month for the first six months. Choose from three rewards if 20 debit card payments made in August 2025. T&Cs apply
Representative Example: Based on an overdraft limit of £1,200. Up to £100.00 charged at 0.00% EAR Variable. Over £100.00 charged at 39.90% EAR Variable. Representative 44.1% APR variable.
Both eligible accounts allow holders to open up to five savings pots which currently pay a variable rate of 2.72% AER – inclusive of a fixed introductory bonus for the first 12 months. Those looking to save little and often will also gain access to TSB’s Monthly Saver, which offers a fixed rate of 6.00% AER for a year. That being said, if you’re looking to maximise returns on your savings, keep in mind higher easy access and regular savings rates are available.
Nevertheless, they can also provide an arranged overdraft of up to £2,000 (subject to application and approval) as well as access to discounts on a range of brands as part of ‘My TSB Rewards’.
While its Spend & Save comes with no monthly fee, for £3.00 per month the Spend & Save Plus additionally charges no fees when used abroad and no interest on the first £100 of your arranged overdraft (again, subject to application and approval).
Following strong competition in the lead up to Christmas, many consumers will have been disappointed to see a number of switching deals pulled from the market over more recent weeks.
This latest offer joins the three remaining switch incentives and betters the £150 offered by Santander. Meanwhile, first direct and Nationwide BS both continue to pay a slightly higher £175 when making the move to an eligible account.
But, while free cash may be enticing, it’s important you consider all aspects of an account before switching to make sure it best meets your needs and circumstances.
For more information on the accounts mentioned, or to compare accounts from other banks and building societies, visit our current account charts.
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