TSB banking newbies can open one of two current accounts online, in branch or via the mobile app to net the switch and cashback offer.
If you’ve received an incentive or benefit for switching to TSB Bank using the Current Account Switch Service since 1 October 2022, you won’t be eligible for this offer.
The offer applies to the fee-free TSB Spend & Save current account, or the Spend & Save Plus current account which carries a £3 a month fee.
TSB was named Best Reward Current Account Provider at the YourMoney.com Awards 2022.
You need to move your existing current account via the Current Account Switch Service “before the offer is withdrawn”, but TSB has yet to disclose this date, though it did say it will give customers notice before pulling the deal.
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To get the £125 cash, you need to complete the switch within 21 days of the request and do the following by 15 March:
- Set up at least two Direct Debits
- Use your debit card at least once
- Log into the TSB mobile banking app.
Once you meet these requirements, the £125 will be paid into your new account between 20 and 29 March 2024.
TSB current account cashback
On top of the £125 switch incentive, cashback is also available to customers with these current accounts as long as you make at least 20 debit card payments each month.
As you’d expect, there are some exclusions, so make sure to check what is and isn’t eligible.
Usually customers of the fee-free Spend & Save account receive £5 cashback a month for six months, but this has been doubled to £10 a month in cashback for the first six months for new customers, totalling £60.
For those opening the £3 a month Spend & Save Plus account, cashback of £5 is usually paid from when the account opens, to when it’s closed. But with the latest offer it will double to £10 a month for the first six months.
Then over the next six months, account holders can earn £5 a month, meaning a total of £90 cashback can be earned in the first year on top of the £125 cash sweetener. Once you factor in the monthly account fee (£36 a year), it means these account holders will net £179.
Both accounts also come with a linked Monthly Saver Account paying 6% gross/AER on monthly deposits of between £50 and £250.
They also come with instant access savings called Savings Pots which pay 2.92% interest AER variable.
Meanwhile, TSB also recently launched My TSB Rewards giving customers access to savings and discounts across retail products and services via the app and online.
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.”
Are there any other current account switch deals?
The only other bank to offer a current account switch deal at the moment is First Direct with its long-standing £175 bonus for newbies.
Account holders also gain access to the First Direct Regular Saver which offers 7% AER/gross to customers with a First Direct 1st Account.
