TSB’s latest switch incentive offering up to £190

From 1 August 2024, customers switching their current account to TSB could receive a £190 bonus.

The latest switch incentive from TSB offers up to £190 to new customers who open a Spend & Save or Spend & Save Plus current account.

This comes in the form of a £100 upfront payment plus up to £90 in cashback over the next six months.

Working out at £15 a month, this cashback bonus is an increase from the £5 per month cashback that TSB offered on its previous switching offer.

Furthermore, customers who keep their TSB current account open until at least April 2025 and make 20 or more payments with their debit card in March 2025 could receive an extra reward. They will be able to choose from a night away for two at a participating hotel, two Odeon cinema tickets a month for three months, or a six-month membership to NOW Entertainment.

"The new offer from TSB is enticing and the account does include some additional benefits for both those who spend or save, such as access to Savings Pots which is an easy access account that pays 2.92% AER,” commented Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

“However, it’s worth checking the small print on this current account, as while customers get £100 cashback relatively early, and then up to £90 on the cashback offer for debit card spending, they will need to make payments all the way up to March 2025 before they get their additional reward in April 2025,” she added.

How can I receive the bonus?

To qualify for the switch incentive, you need to switch your existing current account to a TSB Spend & Save or Spend & Save Plus account using the Current Account Switch Service (CASS).

Anyone who has received an incentive for switching to TSB since 1 October 2022 won’t be eligible for this latest offer.

Bear in mind that the Spend & Save account doesn’t have a monthly fee while the Spend & Save Plus account charges a £3 monthly fee.

Once the full switch is complete, you need to log into TSB’s mobile banking app and make at least five payments with your new debit card before 27 September 2024.

Assuming you meet all these conditions, TSB will pay £100 into your account between 15 and 25 October.

For the first six months after opening, you can also receive up to £15 a month in cashback by making 20 or more payments (of any value) each month with your debit card. TSB will then pay any cashback into your account in the following month.

After six months, Spend & Save Plus account holders will continue to earn up to £5 cashback each month as part of their current account package.

Is it worth switching?

TSB joins a handful of other banks in offering a switch incentive and, if you’re considering changing your bank account, it’s worth considering the different options available.

For example, Barclays Bank offers a competitive £175 incentive when you switch to its Barclays Bank Account or Premier Current Account. However, as this offer ends on 30 August 2024, you need to act relatively quickly if you want to benefit from it.

Similar to TSB, The Co-operative Bank also offers a switch incentive of a £100 payment and up to £60 in cashback if you switch to its Everyday Extra account. However, this account comes with a £15 monthly fee.

As well as thinking about the switch incentive when choosing a bank account, it’s important to consider other features such as the overdraft, any overseas transaction fees and if there’s a monthly fee.

“Consumers hoping to switch their current account may wish to consider the latest offers, but they must not be swayed by a free cash boost alone and, instead, ensure the new account suits their everyday banking needs,” Springall commented.