TSB has launched a new current account switching bonus with £125 on offer to those who switch from a rival bank.
From today, new customers who switch to a TSB Spend & Save, or Spend & Save Plus current account can receive the cash bonus.
To get it the £125, customers need to open an account and switch to TSB using the Current Account Switch Service between 15 January 2024 and before the offer is withdrawn.
The switch must be completed within 21 days from request.
Money maker: TSB is the latest bank to dangle a carrot in front customers with a new £125 switching incentive
New customers can apply online on the TSB website, in branch or on its banking app.
By 15 March 2024, customers will need to set up at least two direct debits, use their debit card at least once and log into the banking app to get the incentive paid into their account.
If these conditions are met, the bonus will be paid into the new account between 20 March 2024 and 29 March 2024.
Customers who want to nab this deal may want to act quickly as the offer is limited and can be withdrawn at any time. TSB will give notice of the withdrawal date ahead of time.
Only one other bank offers a switching bonus and this is First Direct, which hands out £175 to customers if they switch from their current provider through the Current Account Switch Service.
First Direct’s deal requires switching customers to pay in at least £1,000 to the new account within three months of opening it.
When this condition is met, First Direct will pay the switching bonus within 28 days.
Double cashback
Alongside the switching bonus, TSB has also announced a double cashback offer for switchers, who can earn up to £90 in the first year of switching.
For the first six months, TSB is raising its cashback offer from £5 to £10 a month – meaning new customers can earn a total of £60, with £10 being paid into customers’ account each month.
For customers with Spend & Save Plus accounts, the same cashback is available for the first six months, and it will then revert to £5 cashback a month – a total of £90 in the first 12 months.
To earn the cashback, customers must make 20 debit card payments each month.
If you have a joint account, you need to make 20 transactions per month between you, not each.
If you don’t make enough qualifying payments in a calendar month TSB won’t pay any cashback.
Not all transactions count towards cashback, for example cash withdrawals and direct debits are excluded.
Carys Barnes, head of personal current accounts at TSB, said: ‘We want our customers to feel money confident and we want to help them manage their money better.
‘Our current accounts provide lots of ways to do that, and with new features such as the My TSB Rewards Portal, and double cashback, this offer is another great reason to make the switch.’
Its Spend & Save account comes without a monthly fee, and the Plus account with a £3 monthly fee. Both accounts offer access to a 6 per cent regular saver.
The only difference on the paid-for account is that debit card transactions come without a ‘TSB fee’.
