10 July 2023

TSB launches its latest switching offer – offering customers £200

From today, customers who switch to a TSB Spend & Save or Spend & Save Plus current account will receive £200, paid in two instalments.

New customers will receive £125 if they open an account between 10 July 2023 and before the offer is withdrawn, and then switch to TSB using the Current Account Switch Service before 31 August 2023. 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 first instalment paid into their account by 30 September 2023.

A further £75 will be paid into their accounts by 31 March 2024 if they keep their account open, and each month: pay in at least £500, make five debit card payments and have two direct debits.

Earning cashback

Customers can earn £5 in cashback a month for the first six months with a Spend & Save account.

For Spend & Save Plus, the same cashback is available on an ongoing basis – so customers can earn £60 in the first 12 months.

To earn their cashback, customers must make 20 debit card payments each month. This was recently reduced from 30 to 20 to make it easier for customers to earn the cashback.

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 2.52% 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.
Marta Edwards, Head of Personal Current Accounts at TSB said: “Our current accounts provide lots of ways to help you manage your money better and this offer is another great reason to make the switch.”

- Ends - 

Media Contacts

Rebecca Kinghorn, Communications Manager, 07825 728 965, rebecca.jolly@tsb.co.uk 

Joseph Eyre, Senior Media Relations Manager, 07483 432 546, joseph.eyre@tsb.co.uk

Notes to editors

  • The full terms and conditions of the offer can be found here.
  • Spend & Save Plus has a £3 monthly maintaining the account fee.
  • More information about TSB’s Spend & Save accounts can be found here: Open A Bank Account Online | Current Bank Accounts | TSB Bank
  • To qualify for the £125 cashback
    • Between 10 July 2023 and the offer is withdrawn you must: apply for a new TSB Spend & Save or Spend & Save Plus account through tsb.co.uk, the TSB Mobile Banking App or in Branches.
  • By 31 August 2023 you must do all of the following:
    • Complete a full switch to your new TSB Spend & Save or Spend & Save Plus account using the Current Account Switch Service. A full switch means you need to transfer all active credits and debits from your old account and close it. This must include a minimum of two active Direct Debits.
    • Make a minimum of one payment using the debit card on your new Spend & Save or Spend & Save Plus account.
    • Log into the TSB Mobile Banking App at least once.
    • Have a minimum of two active Direct Debits on your new Spend & Save or Spend & Save Plus account If you’ve done all these things, we’ll pay £125 cashback into your new Spend & Save or Spend & Save Plus account by 30 September 2023.
  • To qualify for the additional £75 cashback customers, need to do all of the following each month between 1 September 2023 and 28 February 2024:
    • Make at least 5 debit card payments per month (excluding cash withdrawals and bill payments made in a TSB branch).
    • Pay at least £500 into your account each month.
    • Have a minimum of two active Direct Debits on your new Spend & Save or Spend & Save Plus account. If they do all these things we’ll pay £75 cashback into your new Spend & Save or Spend & Save Plus account by 31 March 2024.
  • Other conditions
    • Your account must be open when TSB pays the cashback. TSB won’t pay cashback after the account is closed, even if you’d already qualified for the cashback.
    • If a customer has received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service since 1 October 2022, they’re not eligible for this offer.
    • You can only benefit from this offer once. TSB won’t pay cashback again if you open a second account, either in your own name or in joint names.
    • Only one payment will be made to an account, so if a customer make it into a joint account and another party switches in, no cashback will be paid.
    • If you have applied for a Spend & Save or Spend & Save Plus and we then withdraw the offer before your account is open, you’ll still be eligible for the cashback as long as you meet the eligibility criteria outlined above.
    • TSB have the right to withdraw, alter or replace the offer at any time without notice.
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.