TSB Bank has introduced a compelling incentive for new customers to switch their current accounts: a £100 cash bonus. This offer applies to those who open either a Spend & Save or Spend & Save Plus account using the Current Account Switch Service (CASS). Accessing this offer is straightforward, with applications accepted through the TSB mobile app, the bank’s website, or in person at any of its 220 UK branches. To qualify for the £100 bonus, new customers must fulfill two key requirements. First, they must initiate the switch through CASS. Second, they must make at least five debit card transactions using the new account before March 14th. The bonus will be credited to eligible accounts between March 28th and April 11th. This offer presents a significant opportunity for those considering switching their current accounts.
The enticing offer from TSB doesn’t stop at the £100 switching bonus. The bank further sweetens the deal with a cashback program that could earn customers an additional £60. To qualify for this cashback, customers who have fulfilled the initial switching requirements must make at least 20 debit card payments each calendar month. For every month this criterion is met, TSB will reward customers with £10 cashback, paid directly into their accounts the following month. This offers a continuing incentive for customers to use their new TSB account as their primary spending account. This combined with the initial switching bonus makes the TSB offer particularly attractive for those seeking both immediate and ongoing financial rewards.
TSB’s commitment to rewarding its new customers extends beyond the initial welcome and ongoing cashback. The bank has introduced a “loyalty treat” for those who remain with TSB until September. Customers who qualify for the £100 switching bonus and maintain at least 20 debit card payments per month, including in August, will be eligible for a choice of three exciting rewards. These rewards cater to diverse interests, ranging from a complimentary night away for two at participating hotels booked via Take Time, to two Odeon cinema tickets each month for three months, or a six-month NOW Entertainment membership. This loyalty program reinforces TSB’s desire to build lasting relationships with its customers, offering valuable perks for continued engagement.
Eligibility for this compelling suite of offers from TSB carries a key stipulation. Customers cannot have received a switching bonus from TSB since October 1, 2022. This condition ensures the offer targets new customers or those who have not recently benefited from similar incentives. The combination of the £100 switching bonus, the potential for £60 in cashback, and the loyalty rewards makes this a potentially lucrative opportunity for eligible customers. This well-rounded offer positions TSB competitively within the current switching market.
The attractiveness of TSB’s offer is further underscored by its recognition from financial experts. Martin Lewis’ Money Saving Expert platform has highlighted the deal as one of the “top bonuses for switching,” lending credibility to its value proposition. While TSB’s offering is noteworthy, it is not the only contender in the market. Other banks are also vying for new customers with enticing switch incentives. This competitive landscape benefits consumers, providing a range of options to choose from based on individual needs and preferences. Comparing available offers ensures customers maximize their potential benefits when switching accounts.
Among the alternative switching deals available, First Direct presents a compelling proposition with a £175 bonus for new customers who switch to their 1st Account using CASS. This bonus, however, comes with specific requirements. Customers must set up at least two Direct Debits or standing orders, deposit a minimum of £1,000, make at least five debit card payments, and log into their online banking within 45 days of account opening. The £175 bonus is then paid by the 20th of the following month. Crucially, this offer is exclusively for new First Direct customers. Furthermore, individuals who have held an HSBC current account since January 1, 2018, are ineligible due to the two banks’ affiliation. Comparing offers like those from TSB and First Direct allows consumers to identify the best fit for their individual banking habits and financial goals.
