TSB launches £160 current account switch offer with extra rewards

3 min Read Published: 28 May 2024

TSB bank logoTSB has launched a new £100 current account switch offer with extra perks such as double cashback and rewards including hotel stays and free cinema tickets. Eligible customers who complete the required steps can earn up to £60 in cashback in addition to the £100 switch bonus. They can also choose from one of three rewards if they keep their TSB account open until at least January 2025.

To benefit from the offer, you'll need to open a TSB Spend & Save account and begin a full switch of an existing current account before the offer is withdrawn. Find out whether you're eligible and how to qualify below.

Who is eligible for the TSB switch offer?

The offer is available to customers who have not received an incentive benefit for switching to TSB since October 1, 2022. So if you have already benefitted from a TSB current account switch offer since October 1, 2022, you won't be eligible. Joint accounts can make the switch too, as long as you switch to another joint account. You also need to be a UK resident and at least 18 years old.

What's on offer?

There are three distinct parts to the TSB switch offer. We'll cover all three below and then explain how to qualify for each of them.

£100 switch incentive

To receive the £100 bonus, you'll need to open a new TSB Spend & Save account or Spend & Save Plus account. You can do this via the TSB account, mobile app, or in branch. Once you've opened an eligible account, you'll need to submit a full switch request via the website or in branch using the Current Account Switch Service (CASS). You must initiate the full switch before the offer is withdrawn to qualify.

Once you've opened the account and requested the switch, you need to do the following by July 5, 2024:

  • Make at least five payments using your new debit card
  • Log in to your TSB Mobile Banking App

As long as you complete all of the steps above before July 5, 2024, you'll receive £100 into your new account between July 17 and July 31.

Double cashback offer

If you complete all of the steps above to claim the £100 switch incentive, you may also be eligible for the double cashback offer.

Typically, new customers with a Spend & Save account get £5 cashback if they make at least 20 payments per month using their debit card during the first six months of opening their account (or indefinitely with a Spend & Save Plus account).

However, if you open your account as part of the switch offer and make at least 20 payments per month using your debit card, this cashback will be doubled and you'll get £10 for the first six months instead.

This is effectively an additional £60 on top of your £100 switching bonus.

TSB partnership reward

The TSB partnership reward is available to those customers who keep their TSB account open until at least January 2025 and make at least 20 debit card payments in December 2024. If you do this, you could be eligible for one of three partnership rewards including:

  • A hotel stay for two people
  • Two ODEON tickets for three months
  • 6 months of NOW Entertainment

If you fulfil the criteria above, you'll be able to select one of these rewards. Bear in mind, however, that your TSB account will need to remain open when you're contacted about selecting your reward if you want to be eligible for it.

What are the eligible accounts?

There are two accounts which are eligible for this switch offer - TSB Spend & Save and TSB Spend & Save Plus. The table below sums up the key differences between the two to help you decide which one is right for you.

Feature  Spend & Save  Spend & Save Plus 
Monthly fee FREE £3
Cashback when you make 20 debit card payments per month £5 for six months (£10 with switching offer) £5 ongoing (£10 for the first six months with the switching offer)
Savings pot (Earn 2.89% Gross / 2.92% AER Variable) tick tick
Save the pennies (round-up feature) tick tick
Auto balancer (automatically moves money from savings pot to current account to reach minimum balance) tick tick
Fee-free spending abroad cross tick

The Spend & Save Plus account comes with a monthly fee but also offers ongoing cashback after the promotional period, as well as fee-free spending which could justify the fee for some. If you keep your Plus account for more than six months and you continue to make at least 20 debit card payments each month, you'll effectively earn £2 cashback on your account each month after the promotional double cashback period ends.

Should you go for the TSB switch offer?

There are lots of bank account switching offers on the market right now. Santander recently launched a £175 switching bonus for customers who switch to a Santander Edge or Santander Edge Up account, while First Direct has £175 up for grabs for eligible customers switching to their 1st Account. TSB's new offer comes with a smaller welcome bonus, but the double cashback and rewards on offer could make it a worthwhile option particularly if you want to make TSB your main bank account.

Check out our latest bank account switching offers and incentives if you want to keep up to date with the latest offers on the market. We update this list frequently, so it's worth bookmarking it.