22 May 2017

New bank account switching deal from TSB offers up to £250 in your first year

  • £130 for switching PLUS up to £120 cashback a year PLUS 3% AER credit interest
  • No bank gives you more with no monthly fee

New customers switching to TSB’s Classic Plus bank account via MoneySavingExpert or MoneySuperMarket can now receive £130 for switching, plus up to £120 cashback in the first year and 3% AER credit interest.

£130 for switching

Customers can get £130 cashback when they apply by 26 June 2017 and complete the switch to TSB using the Current Account Switch Service before 14 July 2017. Switching current accounts to TSB is easy and will only take seven working days, which is part of the Current Account Switch Guarantee.

Switchers will need to make sure at least £500 is paid into the new account within 28 days of the switch, and that all active credits and debits, including at least two active Direct Debits, are transferred.

Plus get up to £120 cashback in the first year

Switchers can get up to £10 cashback each month just for doing what they normally do. Receive £5 every month just for having two Direct Debits per month, plus another £5 cashback every month for using the Classic Plus debit card at least 20 times a month, including Apple and Android Pay.

Plus 3% AER interest paid monthly on balances up to £1,500

On top of the switching and cashback offers, the Classic Plus account also comes with 3% AER variable interest on balances up to £1,500 – all for no monthly fee.

Craig Bundell, TSB’s Director of Personal Current Accounts, said: “By teaming up with MoneySavingExpert and MoneySuperMarket to provide switchers up to £250 in their first year, our most popular bank account gets even better. When you also consider that we are Britain’s most recommended high street bank1, there really is no other bank account on the market that gives you more with no monthly fee.”

Helping Norwich & Peterborough Building Society customers

To be eligible for the switching offer through MoneySavingExpert / MoneySuperMarket, the switch must normally be completed via the Current Account Switch Service.

But for customers whose providers are not part of the Current Account Switch Service, TSB has created a ‘manual’ switch process to make sure these customers can take advantage of the MoneySavingExpert and MoneySuperMarket offer. This includes Norwich & Peterborough Building Society, which is not part of the Current Account Switch Service and whose current accounts will soon be closing (see details). In these instances, customers can visit their local TSB branch once the account is open, where a TSB partner will help arrange the switch.

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The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.

Notes to editors

  • For accounts opened on or after 1 March 2017 only. Offer ends 30 June 2018. You must be registered for internet banking. T&Cs apply.
  • Classic Plus - 3% AER / 2.96% gross variable interest (paid monthly) on balances up to £1,500. Must pay in minimum of £500 a month, register for Internet Banking, paperless statements and paperless correspondence.
  • 1 Source: Independent benchmark study (covering all major banks) conducted by BDRC Continental; sample 15,000 UK consumers, November 2016.

TSB was built to bring more competition to UK banking and ultimately make banking better for all UK consumers. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our five million customers appear to notice: TSB is Britain’s most recommended high street bank and was recently identified as one of the top 10 big companies to work for.

For further information about TSB Bank plc, please visit our website www.tsb.co.uk.