TSB has intensified the competition among banks by introducing a new switching incentive that offers customers the opportunity to receive up to £200 in cash. This move by the high street lender signifies a positive trend of competition in the banking sector.
Customers who open a TSB Spend or Save or Spend & Save Plus current account can qualify for the cash reward by meeting specific requirements. To receive an initial £150 bonus, they must complete the switch process, log into the TSB mobile banking app, and deposit £1,000 into the account by March 20, 2026. Additionally, they need to make at least five payments using the debit card on the new account by the same date, with the bonus payment expected by April 7.
By depositing an additional £1,000 into their TSB account in April, customers can earn an extra £50, which will be paid out by May 31. Moreover, those opening a new Spend & Save current account can receive £5 cashback per month for the first six months, while the Spend & Save Plus account offers a monthly £5 cashback, with the latter being a paid-for account at £3 per month. Customers must make 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), and existing TSB customers who complete a full switch to their account using the CASS service are also eligible for the offer.
Carys Barnes, head of current accounts and savings at TSB, highlighted the benefits of the TSB Spend & Save accounts and emphasized the value of the new switching offer, encouraging customers to take advantage of the up to £200 incentive.
While TSB previously offered a £150 switching perk, its current deal, although lucrative, falls short of the highest paying bonus offered by Club Lloyds accounts at £250. Other banks like Santander and First Direct also provide attractive switching incentives, with Santander’s Edge account offering £200 and the opportunity to earn cashback on household bills, while First Direct’s 1st Account provides a £175 bonus and an appealing 7% interest rate on its Regular Saver account.
Alastair Douglas, chief executive of TotallyMoney, emphasized the importance of switching accounts to benefit from these offers, noting that loyalty to a single bank may not be as rewarding as moving money between different institutions. The ease and efficiency of the Current Account Switch Guarantee make the process straightforward for customers looking to switch accounts and take advantage of the various incentives available in the market.