TSB has intensified the competition among banks by launching a new offer that allows customers to earn up to £200 when switching to a TSB Spend or Save account. To qualify for the £150 bonus, customers must complete the switch process, log into the TSB mobile banking app, deposit £1,000 into the account, and make at least five debit card payments by March 20, 2026. An additional £50 can be earned by depositing another £1,000 in April, with the bonus paid by May 31.
Moreover, customers opening a new Spend & Save current account can receive £5 cashback per month for the first six months, while those opting for a Spend & Save Plus account can get the same cashback offer but at a monthly cost of £3. To be eligible for the cashback, customers need to make at least 20 debit card payments each month.
Existing TSB customers who previously opened a personal current account with TSB can also benefit from this switching offer by completing a full switch to their account using the Current Account Switch Service (CASS).
Carys Barnes, head of current accounts and savings at TSB, highlighted the value of the new offer and the benefits of TSB’s current accounts. While TSB previously offered a £150 switching incentive, it now competes with banks like Club Lloyds, Santander, and First Direct, which offer bonuses ranging from £175 to £250 for switching accounts.
Alastair Douglas, chief executive of TotallyMoney, emphasized that moving money between banks can be financially rewarding, with various banks offering incentives for switching accounts. The process is made easy and efficient through the Current Account Switch Guarantee, ensuring a seamless transition of regular payments and balances within seven days.