TSB has launched a brand new current account switch offer which is worth up to £190. Eligible customers who switch to either the Spend & Save or Spend & Save Plus account will get a £100 bonus and will then be able to earn £15 cashback every month for 6 months. Additionally, those who remain with TSB until at least April 2025 will get an extra treat of their choice.
However, you won't be eligible for the bonus if you've received a TSB switching incentive for switching via the Current Account Switch Service since October 1, 2022. The offer launched on 1st August 2024 and can be withdrawn at any time. Read on to find out how to qualify if this is of interest.
How to qualify for the £100 TSB switching bonus
To qualify for the £100 TSB switching bonus, you'll need to complete the following steps before the offer is withdrawn:
- Apply for an eligible TSB account (either TSB Spend & Save or TSB Spend & Save Plus) via the TSB website, app, or in one of their branches.
- Submit a full switch request using the Current Account Switch Service (CASS) and ensure the switch is completed within 21 days.
- Make a minimum of 5 payments using your new debit card before 27th September 2024.
- Log in to the TSB Mobile Banking App at least once before 27th September 27 2024.
If you complete all of the steps above, you will receive £100 into your new TSB account at some point between 15th October 2024 and 25th October 25 2024.
This offer is indefinite which means it can be pulled at any time. So it's worth initiating the switch as soon as possible if it's of interest.
How to earn up to £90 TSB cashback
If you have completed all of the above steps and earned the switching bonus, you could be eligible for the triple cashback offer. This means you will earn £15 per month every month for six months. Typically, the monthly cashback available via the eligible accounts is £5.
To qualify for the offer, you will need to:
- Make at least 20 payments per month with your new debit card in the first six months following the opening of your account; this includes the month in which your account is open.
- Meet the general terms and conditions for TSB's cashback scheme that outline which payments count towards the cashback and which don't.
If you qualify, your cashback will be paid into your account the following month.
How to qualify for the extra treat in April 2025
Customers who stay with TSB until at least April 2025 and who make 20 debit card payments in March 2025 will qualify for an additional "treat" which they can select. Some of the perks on offer include:
- A night away for two at a participating hotel of your choice
- 2 ODEON tickets a month for three months
- NOW Entertainment for six months
Eligible accounts: Spend & Save vs Spend & Save Plus
In order to benefit from the offer, you will need to open and switch to an eligible account. This includes Spend & Save or Spend & Save Plus; the former is free while the latter comes with a £3 monthly fee that will eat into your switching bonus.
We outline the differences between the two in the table below to help you decide whether they're right for you.
| Spend & Save | Spend & Save Plus | |
| Monthly fee | FREE | £3 |
| £15 cashback for the first 6 months (Ts & Cs apply) |  |
|
| Savings Pot with 2.92% AER Variable | |
|
| Up to £2,000 overdraft subject to approval | |
+ interest-free overdraft on the first £100 |
| TSB Rewards including savings on holidays and cinema tickets | |
|
| Fee-free spending abroad (no TSB fees on debit cards) |  |
|
As you can see, the key difference between the Spend & Save account and the Spend & Save Plus account is the fee-free spending abroad as well as a £100 interest-free overdraft. If you're planning on spending a lot of time abroad, Spend & Save could make sense. Equally, the £100 interest-free overdraft could be of interest to some, particularly those customers looking for access to cash to pay for outgoings between paydays. That said, for most people, the Spend & Save account will work just as well and it's available for free.
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 the best current account switching offers in August. We update this article frequently as new offers come out, and we also include a range of other cashback offers and incentives, so we'd recommend bookmarking it for future reference
