TSB offers free £160 cash plus choice of reward - but deadline looms
TSB has launched an account switching deal for new customers
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TSB customers can benefit from the Banks switching offer worth £160, plus choice of reward - but not for much longer.
The Bank's latest switching offer will close on Monday, June 24 at 23:59.
Customers who switch to a new TSB Spend & Save or Spend & Save Plus current account can receive £100, and £60.
New customers can get the £100 upfront for opening the fee-free TSB Spend & Save or the £3 per month Spend & Save Plus current account.
To get the remaining £60, they have to make a minimum number of transactions per month using their new debit card.
TSB's cashback offer is also being raised from £5 to £10 a month. New customers can apply through tsb.co.uk, in branch or in the TSB Mobile Banking app.
New customers can get the £100 upfront for opening the fee-free TSB Spend & Save
To get the cash, the switch needs to complete within 21 days of the request, and customers need to do the following:
- Make a minimum of five payments using their debit card or contactless via Google/Apple Pay on the new TSB account
- Log in to the TSB mobile banking app at least once by July 5
Earning double cashback
For the first six months, TSB is also offering new customers the chance to earn double cashback, raising the cashback offer from £5 to £10 a month.
This means new customers can earn a total of £60 (£10 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 £90 in the first 12 months).
To earn the cashback, customers must make 20 debit card payments each month.
The Spend & Save Plus account comes with a £3 monthly maintaining the account fee.
Customer reward
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 December 2024.
Customers 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 six -month subscription
Carys Barnes, head of personal current accounts at TSB, said at the time of launch: “We’re always looking for new ways to reward customers.
"Our latest switching offer and reward gives customers another great reason to switch and enjoy the benefits of our current accounts.”
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The news follows Santander's announcement about the closing of its own switching deal. The Bank's £175 current account switch deal closed yesterday evening.
It means after TSB’s withdrawal, there will be four switching offers available in the market, offering up to £200 free cash.