TSB offers free £200 to customers to switch current account - plus £60 cashback offer

TSB is offering a free £200 cash incentive to customers who switch current bank accounts.

All customers who change to a TSB Spend & Save or Spend & Save Plus current account from Wednesday (1 February) will receive £200 - paid in two separate instalments.

Those who apply by 3 March and switch using the bank’s Current Account Switch Service by 24 March will receive £125 cashback. A further £75 will then be paid by 31 October if their account remains open.

To get the first £100 instalment, customers will need to set up at least two direct debits, use their debit card at least once and log into the TSB Mobile Banking app by 21 April.

To receive the second payment, customers must pay at least £500 each month and make five debit card payments and two direct debits.

TSB customers can also earn up to £60 cashback in the first year by switching to a Spend & Save account.

Customers can gain £5 per month cashback for the first six months with this account and for a Spend & Save Plus the same cashback is available on an ongoing basis.

TSB said the number of debit card payments needed to claim the cashback is set to drop from 30 to 20 each month and includes payments online, in shops and mail order purchases.

The bank states the new account must be open for the cashback to be paid and it won’t pay if the account is closed, even if the customer had already qualified. Customers who have received an incentive for switching to TSB using the CASS since 1 October 2022 will not be eligible for the offer.

Ian Ramsden, Products Director, TSB said: “Our current accounts provide convenient ways to help you manage your money better and this offer, alongside our increased savings rates, is another great reason to make the switch.”

Other banks offering a switching payment

Lloyds Bank

Lloyds Bank recently launched a £200 bonus for customers but this is only available until 20 March 2023.

The offer is available to those who switch to a Lloyds Silver Account, Club Lloyds Silver Account, Lloyds Platinum Account or Club Lloyds Platinum Account.

Existing Lloyds customers can take advantage of the switching bonus, but will not qualify for the offer if they received a cashback for switching to the bank from April 2020.

First Direct

First Direct is offering a switching incentive of £175. The money can be claimed if customers open a 1st Account with the bank and fully switch within three months. Customers will need to pay £1,000 or more within this three-month period.

Santander

From 23 January, any customer can receive £200 if they switch to a Santander Edge current account, Santander 123 current account, Select current account, Private current account, and its Everyday current account.

Customers will need to do a full switch using the Current Account Switching Service (CASS) and set up two active direct debits within 60 days, as well as deposit at least £500 a month, and log in to online or mobile banking.

After this, Santander will pay the £200 offer directly into the qualifying account within 30 days.