New switching offer from TSB worth up to £310

Customers can receive a range of rewards; however, the incentive may be withdrawn at any time.

Another current account switching offer joins the market this month after TSB launched its own incentive earlier in the week.

The provider is offering a £100 lump sum, followed by up to £90 in cashback instalments for customers moving to either its Spend & Save or Spend & Save Plus accounts, as well as a choice of rewards.

“We’re pleased to be able to reward new customers who choose to bank with TSB,” said Surina Somal, Everyday Banking Director at TSB.

To qualify for the initial £100, customers must complete a full switch to one of these accounts using the Current Account Switch Service (CASS) before 19 July 2025. They’ll also need to log into the TSB mobile app and make a minimum of five payments using their new debit card (including mobile payment services like Apple Pay and Google Pay) in the same timeframe.

Provided these criteria are met, TSB will pay the £100 between 2 and 16 August 2025, though keep in mind customers who previously benefited from any of the provider’s offers since 1 October 2022 won’t be eligible.

Switch and stay rewards

For the first six months after receiving the initial £100 sum, customers can also earn triple cashback (£15) for each month they make at least 20 card payments for a total of £90.

What’s more, those who make these 20 payments in December 2025 can then choose an additional reward in January 2026. This includes either access to activity tickets for a range of UK-based attractions for up to 12 months, or a £120 voucher towards a hotel of their choosing via the Travel Credits website.

When combining all three parts of the offer, customers could therefore earn up to the equivalent of £310 for making the switch.

However, as Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, points out: “It’s important consumers assess the overall package of any deal before they commit, such as any fees or incentives.”

Indeed, both accounts come with access to the provider’s Monthly Saver Account paying up to 5.00% AER on maturity, and an arranged overdraft (subject to application and approval). Account holders can also take advantage of a range of offers through ‘My TSB Rewards’.

Meanwhile, those opting for the Spend & Save Plus can also benefit from paying no transaction fees while abroad, as well as having the first £100 of their overdraft interest-free, though this must be weighed against its £3 monthly fee.

Choose the right account for you

While various providers have pulled their switching offers from the market in recent months, the number of incentives has since gradually recovered, which could encourage consumers to shop around for the deal that works for them.

“Free cash switching offers don’t last long, they come and go, so it’s wise for consumers to keep an eye out for lucrative offers over the summer,” Springall added.

As it stands, TSB currently has the highest cash sum incentive at £190 (excluding the additional reward), though again it’s important to look beyond any headline incentives.

For instance, consumers can still earn up to £175 for moving to The Co-operative Bank, or when switching to first direct’s 1st Account, both of which grant access to regular savers paying a competitive 7.00% AER on maturity.

Alternatively, NatWest continues to offer £150 for switching to one of its Reward current accounts where customers could earn up to £5 cashback each month.

Keep in mind that some of these exclusive benefits will also be subject to monthly fees, and with switching criteria varying between providers, it’s important to compare any incentives carefully before making the switch.