TSB has reintroduced its current account switching incentive, with a new offer worth up to £230 for eligible customers. This revised package is structured as a £150 upfront cash payment and £50 for depositing funds in April, which can be supplemented by an additional £30 in bonus cashback over six months. The offer is available to new customers who use the official Current Account Switch Service (CASS) to move their existing account from another bank to the fee-free TSB Spend & Save or the premium Spend & Save Plus account (which has a £3 monthly fee).
This new incentive is more streamlined than previous TSB offers, focusing on immediate cash rewards rather than long-term benefits that required customers to remain with the bank for over a year. However, there is a crucial eligibility clause: individuals who have received a switching incentive from TSB since 1st October 2022 are not eligible for this promotion. This is a standard practice across the banking sector designed to manage the costs associated with customer acquisition.
How to qualify for the £150 TSB switching bonus
To secure the initial £150 cash bonus, all of the following steps must be completed by the deadline of 20th March 2026. The requirements are designed to ensure that new customers are actively using the account.
- Initiate a full switch: You must complete a full switch to a new TSB Spend & Save or TSB Spend & Save Plus account (or an existing TSB current account) using the seven-working-day Current Account Switch Service (CASS). This service is guaranteed to move your account balance, existing payees, Direct Debits, and standing orders from your old bank, which will then be closed automatically.
- Deposit £1,000: This step encourages switchers to redirect their main source of income, such as their salary, to TSB, thereby establishing it as their primary bank account.
- Make 5 debit card payments: You are required to use your TSB debit card for a minimum of five transactions.
- Log in to the TSB Mobile Banking App: You must log in to the TSB app at least once.
If all these conditions have been met by the 20th March 2026 deadline, the £150 bonus will be paid directly into your TSB account by 7th April 2026.
How to qualify for the extra £50 TSB switching bonus
An additional £50 bonus is available if you pay £1,000 into your new account during April 2026. This can be over multiple transactions, but does need to come from a non-TSB account. The £150 main switching bonus will not count towards the total.
If you have paid in £1,000 in April, the extra £50 will be paid into your account by 31st May 2026.
How to qualify for the cashback offer
Both eligible accounts initially provide a £5 monthly cashback for customers who make 20 or more debit card payments within a calendar month. It is important to note that pending transactions do not count; the payment must have fully cleared and been debited from your account within that month to qualify. Qualifying payments include most day-to-day spending, such as in-store purchases, online shopping, and transactions made using mobile wallets like Apple Pay or Google Pay. However, ATM withdrawals and Direct Debits are explicitly excluded.
There is a key distinction between the two accounts:
- With the standard Spend & Save account, the £5 monthly cashback is only available for the first six months after opening the account.
- With the Spend & Save Plus account, this is an ongoing benefit that continues for as long as you hold the account and meet the conditions, though there is a £3 fee.
This means that if you switch to a Spend & Save account and make 20 or more debit card payments each month, you can earn £30 in bonus cashback in the first six months. You can also earn the same amount of cashback through the Spend & Save Plus account, but you will need to pay a £3 monthly fee.
Choosing your account: Spend & Save vs. Spend & Save Plus
The switching offer is available with two different current accounts. Below provides a summary of the key features of each.
| Feature | Spend & Save | Spend & Save Plus |
|---|---|---|
| Monthly Fee | FREE | £3 |
| Switching Bonus | Up to £230 (£150 + £50 + £30 bonus cashback) | Up to £200 |
| Monthly Cashback | £5/month for the first 6 months (Ts&Cs apply) | £5/month ongoing (Ts&Cs apply) |
| Arranged Overdraft | Standard (39.9% EAR variable) | £100 interest-free buffer, then 39.9% EAR variable |
| Fee-Free Foreign Use | No | Yes (No TSB fees on debit card purchases or withdrawals) |
| Savings Pots Interest | Yes (1.70% AER variable for first 12 months) | Yes (1.70% AER variable for first 12 months) |
| Access to Monthly Saver | Yes (5.00% AER fixed for 12 months) | Yes (5.00% AER fixed for 12 months) |
| Smart Saving Features | Yes (Save the Pennies, Auto Balancer) | Yes (Save the Pennies, Auto Balancer) |
Other current account switch offers
If you don't qualify for TSB's switch offer or you'd just like to shop around to find the best current account for your needs, we'd recommend taking a look at our 'Best bank account switching offers, cashback & incentives' page. We update this article frequently as new offers come out, and we also include a range of other cashback offers and incentive. Currently, there are several other banks offering cash incentives to attract new customers. For instance, Lloyds Bank is offering £250 as a switching bonus and Santander £200, while First Direct and Nationwide are offering £175.
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