09 February 2018

TSB Launches New £75 ‘Recommend A Friend’ Offer For Customers Switching To Popular Classic Plus Account

TSB customers can earn up to £375 for recommending TSB’s Classic Plus account to friends and family

Customers referred to join Classic Plus will receive £75 for switching, and can earn up to £1541,2 in their first year

Act now: offer open to first 5,000 customers who switch

TSB’s Classic Plus account is already one of the best current accounts available and Britain’s most recommended high street bank3 is now offering £75 to its Classic Plus customers who refer a friend that switches from their current bank to TSB’s Classic Plus account. 

This new offer enables the challenger bank to bring great banking to more people – rewarding its existing customers alongside new customers who join. Existing customers can refer up to five friends – earning up to £375 if all five friends switch. Friends who have been referred and switch their bank account to TSB will also receive £75, giving new customers a great start with TSB. 

The offer is currently only available to the first 5,000 customers who switch and runs until 5 March 2018. 

Existing Classic Plus customers should visit www.tsb.co.uk/recommend-tsb/ to recommend TSB’s Classic Plus account to their friends and family.

No bank gives you more with no monthly fee 

New customers opening a TSB Classic Plus account will be rewarded with £5 for making 20 debit card payments within a month plus an extra £5 if they make at least two direct debits each month. That’s a total of £110 in their first year1. Designed to give new customers a great start with TSB, the cashback offer will run until the end of 2018.

In addition, Classic Plus also comes with 3% AER credit interest on balances up to £1,5002 – that means customers can earn up to £44 in credit interest over a year if they have £1,500 in their account at all times. All for no monthly fee. 

Craig Bundell, TSB’s Director of Personal Current Accounts, says: “As Britain’s challenger bank, it’s our mission to make banking better for all UK customers and this new offer is another example of that. 

“Classic Plus is already one of the best current accounts available in the UK and we saw around 1,000 customers a day vote with their feet to bring their banking to TSB in 2017. Our new ‘recommend a friend’ offer is a great way for us to continue to bring great banking to more people – rewarding our existing customers alongside new customers who join us – with both people pocketing £75 each.”

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Notes to editors

  • 1 Based on customers earning £10 per month in cashback from February 2018 to December 2018 inclusive.
  • 2 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.
  • 3 BDRC Customer Advocacy (NPS) Benchmark.  Based on 16,000 consumers surveyed in Q3 and Q4 2017.
  • Terms and conditions for the recommend a friend offer can be viewed here and are detailed below. 

Classic Plus £75 recommend a friend offer terms and conditions

1. Eligibility

If you’re an existing Classic Plus customer (the referrer):

1.1 Your Classic Plus account must be open at the time the reward is paid.

1.2 You can receive a maximum of five reward payments per Classic Plus account.  If you have more than one Classic Plus account (for example a Classic Plus account in your own name and a Classic Plus account in joint names), you can receive a maximum of five reward payments for each account.

If you’ve been referred by an existing Classic Plus customer (the referee):

1.3 You must be 18 or over and a UK resident.

1.4 You must not already have a Classic Plus account with TSB at the time of referral.

1.5 Account opening is subject to status and our assessment of your circumstances.

2.     How to apply

If you’re an existing Classic Plus customer (the referrer):

2.1 Complete and submit the form on tsb.co.uk/recommend.  By submitting the form, you confirm that the referee has agreed to be referred by you for this offer.

2.2 Once the form has been submitted, we will send an email to you with a link that you can share with the referee.

If you’ve been referred by an existing Classic Plus customer (the referee):

2.3 Apply for a Classic Plus account between 5 February 2018 and 5 March 2018 using the link you have received from the referrer.

2.4 Before starting the application, cookies will need to be enabled on your browser so that you and the referrer can receive the reward payment.

2.5 Complete a full switch from your existing current account with another provider to TSB using the current account switch service.  You can choose to switch your account to us when you apply for a Classic Plus account or after you’ve opened it.

2.6 Within 28 days of the switch completing, you must have a minimum of two active Direct Debits registered on your TSB Classic Plus account and pay at least £500 into it.

3. Payment

3.1 The reward payment will be made as long as the conditions of this offer have been met.

3.2 The reward payment will be made to the referrer’s and referee’s Classic Plus accounts 28 days after the referee has completed their switch to the TSB Classic Plus account.

3.3 If the payment date is a non-working day, we’ll make the payment on the next working day.

4. Timings and other conditions

4.1 This offer is valid from 5 February 2018 to 5 March 2018. The last day that the referee can apply for a Classic Plus account is 5 March 2018.

4.2 The referee must open a Classic Plus account and complete the switch of their existing current account to TSB by 23 March 2018.  The switch process takes 7 working days so the referee will need to start their switch before 16:00 on 15 March 2018.

4.3 The offer is limited to the first 5,000 referees who open and switch to a TSB Classic Plus account. 

About TSB

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 identified as one of the top 10 big companies to work for in 2017.

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

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