Savings alert as Bank offers 'great opportunity' for customers to get free £190 cash plus choice of reward
TSB is offering new customers the chance to earn triple cashback
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TSB has launched their latest switcher offer worth up to £190, plus a choice of reward.
The switch must be completed within 21 days from request.
New customers who switch to a TSB Spend & Save or Spend & Save Plus current account can receive £100 upfront, and £90 to £120 in cashback in the first year of account opening, plus the choice of one of three rewards.
To receive the £100, customers must make a minimum of five payments (of any value) using their debit card including using Google/Apple Pay on their new Spend & Save or Spend & Save Plus account.
They must also log into the TSB Mobile Banking app at least once, by September 27.
If these conditions are met, TSB will pay £100 into the new account between October 15, 2024 and October 25, 2024.
The majority of savings account currently have a higher interest rate than inflation GETTY For the first six months, TSB is also offering new customers the chance to earn triple cashback.
This raises the cashback offer from £5 to £15 a month, meaning new customers can earn a total of £90 (£15 will be paid each month).
For Spend & Save Plus, the same cashback is available for the first six months, and it will then revert to £5 cashback a month (customers can receive a total of £120 in the first 12 months).
The Spend & Save Plus account comes with a £3 monthly fee to maintain the account.
To earn the cashback, customers must first complete the switch conditions to meet the £100 incentive and then make 20 payments (of any value) each month in the first six calendar months the new account is open using their debit card or using Google/Apple pay on their new Spend & Save or Spend & Save Plus account.
New customers who meet the terms for the £100 payment will be offered a free reward if they make 20 or more payments using their new TSB debit card in March 2025. They will receive the award in April 2025.
They can choose from:
- A night away for two at a choice of leading hotels
- Two Odeon cinema tickets every month for three months (six tickets in total)
- A Now TV entertainment 6-month subscription
Carys Barnes, head of personal current accounts at TSB, said: "This is a great opportunity for new customers to switch to a TSB current account and enjoy some fantastic benefits when they do."
The offer is limited and can be withdrawn at any time. TSB will give notice of the withdrawal date ahead of time.
Andrew Hagger, founder of MoneyComms said: "The issue for the banks is how many customers actually stick around for any meaningful length of time - there will certainly be an element switching away for the next cash freebie as soon as they can."