03 October 2022

TSB offers £180 account switching deal

  • Receive £180 by switching to a TSB current account
  • Offer available from today until 31 October 2022

From today, customers who open a new Spend & Save or Spend & Save Plus current account will receive £180 paid in two instalments*. Applications must be made through MoneySuperMarket or Money Saving Expert and the offer runs until 31 October 2022.

Customers need to use the Current Account Switch Service (CASS), set up at least two direct debits and use their debit card to have £125 paid into their account by 16 December 2022.

A further £55 will be paid into their accounts by 30 June 2023 if they keep their account open, and each month: pay in at least £500, make five debit card payments and two direct debit payments. 

In addition to the switching offer, Spend & Save accounts also offer other valuable features:  

  • £5 a month cashback for the first six months if a customer makes 30 debit card payments in that month. Spend & Save Plus offers the same cashback but it is not restricted to six months.   
  • Savings Pots – providing instant access to an interest rate of 1.52% AER.
  • 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 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.” 

Media Contacts

Rochelle d'Cruz | Media Relations Manager, TSB
T: 07483 949420 | rochelle.d'cruz@tsb.co.uk

Follow us on twitter: @TSB_News

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.
  • We’ll pay £125 cashback into new Spend & Save or Spend & Save Plus accounts if customers do the following by 18 November 2022:
    • Complete a full switch to a 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 a new Spend & Save or Spend & Save Plus account
    • Log into Internet Banking or the TSB Mobile Banking App at least once
    • Have a minimum of two active Direct Debits on their new Spend & Save or Spend & Save Plus account
  • To receive the additional £55 cashback, customers need to do the following each month between 1 December 2022 and 31 May 2023:
    • Make at least five debit card payments per month (excluding cash withdrawals and bill payments made in a TSB branch)
    • Pay at least £500 into the account each month
    • Have a minimum of two active Direct Debits on their new Spend & Save or Spend & Save Plus account

Other conditions

  • The account must be open when we pay the cashback. We won’t pay cashback after the account is closed, even if customers had already qualified for the cashback
  • Customers are not eligible for this offer if they’ve previously received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service
  • Customers can only benefit from this offer once. We won't pay cashback again if they open a second account, either in their own name or in joint names
  • Only one payment will be made to an account, so if customers later make it into a joint account and another party switches in, no cashback will be paid
  • This offer is not available to employees of TSB Bank plc
  • TSB has the right to withdraw, alter or replace the offer at any time

  

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