18 September 2023

TSB launches its latest switching offer and doubles cashback for switchers

From today, new customers who switch to a TSB Spend & Save or Spend & Save Plus current account can receive over £200. There is currently no end date to the offer, which can be withdrawn at any time.

New customers will receive £150 in full if they open an account between 18 September and before the offer is withdrawn and then switch to TSB using the Current Account Switch Service before 31 October 2023. Customers can apply through tsb.co.uk, in branch or in the TSB Mobile Banking app.
Customers will also need to set up at least two Direct Debits, use their debit card at least once and log into the TSB Mobile Banking app to get the incentive paid into their account.
If these conditions have been met, TSB will pay £150 into the new account by 30 November 2023.
Earning double cashback
Customers can also earn £10 in cashback each month for the first six months with a Spend & Save account totalling £60.
For Spend & Save Plus, the same cashback is available for the first six months and it will then revert to £5 cashback a month (a total of £90 in the first 12 months). 
To earn their cashback, customers must make 20 debit card payments each month.

Spend & Save accounts also come with valuable features:  

  • On top of the switching and cashback offers, TSB’s Spend & Save and Spend & Save Plus accounts come with instant access savings called Savings Pots. Customers can earn 2.92% interest AER variable.
  • TSB also has its Monthly Saver account. Customers can earn 5.00% Gross/AER, fixed for 12 months.
  • Auto-balancer – allows customers to choose a minimum balance limit on their account. If the balance falls below that level, it will automatically move money from a chosen Savings Pot to top it up.
  • ‘Save the Pennies’: customers can arrange to have debit card transactions rounded up to the nearest pound, so the ‘change’ goes straight into a Savings Pot.   
In addition, Spend & Save Plus offers customers:
  • No TSB charges for using their Spend & Save Plus debit card abroad.  
  • £100 interest-free Arranged Overdraft for short term borrowing, subject to application and approval. Overdrafts are repayable on demand.  

Carys Barnes, Head of Personal Current Accounts at TSB said: “Our current accounts provide lots of ways to help customers manage their money better, and this offer is another great reason to make the switch.” 

- Ends -

Notes to editors

  • Terms and Conditions of the offer can be found here
  • More information on Spend & Save accounts can be found here
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. ‚Äč