TSB has intensified the competition among banks by introducing a new offer for current account switching, providing customers with the opportunity to earn up to £200 in cash rewards. This move reflects the growing rivalry in the banking sector.
Customers opening a TSB Spend or Save or Spend & Save Plus current account are eligible for the cash incentive. To receive an initial £150 bonus, they need to complete the switch process, log into the TSB mobile banking app, deposit £1,000 into the account by March 20, 2026, and make at least five payments using the debit card by the same date. The £150 bonus will be paid out by April 7 upon meeting these conditions.
An additional £50 can be earned by depositing another £1,000 into the TSB account in April, with the cash reward to be received by May 31. Furthermore, customers can benefit from £5 cashback per month for the first six months with a new Spend & Save current account, or £5 cashback every month with a Spend & Save Plus account, which incurs a monthly fee of £3. To qualify for cashback, customers must make a minimum of 20 debit card payments each month to any recipient.
The account switch process must be conducted using the Current Account Switch Service (CASS). Unlike some banks, TSB allows existing customers who previously opened a personal current account with them to participate in the switching offer by completing a full switch using the CASS service.
Carys Barnes, head of current accounts and savings at TSB, emphasized the benefits of their Spend & Save and Spend & Save Plus current accounts, highlighting the attractive features and the up to £200 switching offer as compelling reasons for customers to choose TSB for their banking needs.
While TSB previously offered a £150 switching incentive, their latest deal falls short of the current best offer of £250 available with the Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum accounts. Other banks like Santander and First Direct also offer competitive switching bonuses and additional benefits to entice customers to switch accounts.
Alastair Douglas, chief executive of TotallyMoney, advised consumers on the importance of considering account switching for financial benefits, as many banks provide rewards for moving accounts. He highlighted the ease of switching through the Current Account Switch Guarantee, ensuring a seamless transfer of regular payments, income, and balance within seven days.