TSB has intensified a current account switching competition among banks by introducing a new offer of up to £200 in cash rewards. The high street bank’s latest incentive signifies a positive trend of rivalry in the banking sector.
Customers opening a TSB Spend or Save, or Spend & Save Plus current account can qualify for up to £200 by fulfilling certain requirements. 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 a minimum of five payments using the debit card by the same date. The £150 bonus will be credited 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 being disbursed by May 31.
Moreover, customers can earn £5 cashback monthly 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, a minimum of 20 debit card payments per month is required, without restrictions on the recipient.
The account transfer must be facilitated through the Current Account Switch Service (CASS), where TSB allows existing customers who had opened a personal current account previously to be eligible for the offer by completing a full switch using the CASS service.
Carys Barnes, TSB’s head of current accounts and savings, highlighted the attractiveness of the TSB Spend & Save accounts, emphasizing the benefits they offer along with the up to £200 switching incentive.
While TSB previously offered a £150 switching bonus until November last year, the current offer falls short of the leading £250 bonus provided by Club Lloyds accounts. Santander’s Edge account offers £200 plus 1% cashback on select household bills, while First Direct’s 1st Account presents a £175 bonus and an appealing 7% interest rate on its Regular Saver account.
Alastair Douglas, the CEO of TotallyMoney, emphasized the financial advantages of switching banks, mentioning that loyalty may not be rewarding, but transferring money can be beneficial. He noted that several other banks like First Direct, HSBC, Lloyds, Nationwide, and Santander offer incentives for switching accounts, with a seamless process ensured through the Current Account Switch Guarantee.