TSB is intensifying a competition among banks by introducing a new offer of up to £200 for customers switching their current accounts. The move signifies a positive trend of increasing rivalry in the banking sector.
According to TSB, customers who open a TSB Spend or Save or Spend & Save Plus current account can receive up to £200 by fulfilling certain requirements. To qualify for an initial £150 bonus, they must 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 disbursed by April 7 upon meeting these conditions.
Customers have the opportunity to earn an additional £50 by depositing another £1,000 into their TSB account in April, with the cash reward scheduled for payment by May 31.
Moreover, customers opening a new Spend & Save current account can earn £5 cashback per month for the first six months, while those opting for a Spend & Save Plus account can receive £5 cashback every month. The Spend & Save Plus account has a monthly fee of £3 and requires a minimum of 20 debit card payments each month to qualify for the cashback.
The account switch must be facilitated through the Current Account Switch Service (CASS), a requirement common among various providers. Unlike some banks, TSB allows existing customers who previously opened a TSB personal current account to be eligible for the switching offer by completing a full switch using the CASS service.
Carys Barnes, head of current accounts and savings at TSB, highlighted the appeal of TSB’s Spend & Save and Spend & Save Plus current accounts, emphasizing the array of features and benefits they offer. Barnes mentioned that the latest switching incentive, valued at up to £200, provides customers with another compelling reason to choose TSB for their banking needs.
Previously, TSB had a £150 switching incentive until November last year. However, the current offer does not surpass the highest paying bonus for switching, currently at £250 with Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum accounts, with the bonus disbursed within 40 working days of the switch.
Other banks like Santander and First Direct also offer attractive switching incentives to customers, with Santander’s Edge account providing £200 and the opportunity to earn 1% cashback on select household bills. First Direct’s 1st Account features a £175 bonus and a competitive 7% interest rate on its Regular Saver account.
Alastair Douglas, chief executive of TotallyMoney, emphasized the importance of switching accounts to benefit from the rewards offered by various banks. He highlighted that banks such as TSB, First Direct, HSBC, Lloyds, Nationwide, and Santander incentivize customers to switch by offering monetary rewards, facilitated by the efficient Current Account Switch Guarantee process ensuring a seamless transition of payments, income, and balances within seven days.
