01 February 2023

TSB raises savings rates and launches switching offer for customers offering up to £260 in first year

  • From 1 February, customers switching to a TSB current account will receive up to £200.
  • Customers opening a TSB Spend & Save Plus account can also earn a further £60 cashback.
  • TSB increases interest on Savings Pots to 2.52% AER variable and increases interest on its Monthly Saver to 5.0% Gross/AER, fixed for 12 months.
From 1 February, customers who switch to a TSB Spend & Save or Spend & Save Plus current account will receive £200, paid in two instalments. 
 
Customers will get £125 cashback if they apply by 3 March 2023 and switch to TSB using the Current Account Switch Service by 24 March 2023. Customers will need to set up at least two direct debits, use their debit card at least once and log into Internet Banking or the TSB Mobile Banking app to get the first instalment paid into their account by 21 April 2023.
 
A further £75 will be paid into their accounts by 31 October 2023 if they keep their account open, and each month: pay in at least £500, make five debit card payments and two direct debits. 
 
Customers can earn up to £60 in cashback in the first year
 
Customers can earn £5 a month cashback for the first six months with a Spend & Save account.
 
For Spend & Save Plus, the same cashback is available on an ongoing basis.  
 
To make it easier for customers to earn their cashback, TSB has reduced the number of debit card payments they need to make from 30 to 20 each month.
 
Savings rates increased on Savings Pots and Monthly Saver
 
On top of the switching and cashback offers, TSB’s Spend & Save and Spend & Save Plus accounts come with instant access savings and TSB has increased the interest paid on its Savings Pots to 2.52% AER variable.
 
TSB has also increased interest on its Monthly Saver account for customers to 5.0% Gross/AER, fixed for 12 months.
 
Ian Ramsden, TSB’s Products Director said: “Our current accounts provide convenient ways to help you manage your money better and this offer, alongside our increased savings rates, is another great reason to make the switch.” 

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Notes to editors

o    Between 1 February 2023 and 3 March 2023 customers 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

o    By 24 March 2023 customers must do all of the following: 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).

o    Make a minimum of one payment using the debit card on a new Spend & Save or Spend & Save Plus account.

o    Log into Internet Banking or the TSB Mobile Banking App at least once.

o    Have a minimum of two active Direct Debits on their new Spend & Save or Spend & Save Plus account.

  • To qualify for the additional £75 cashback, customers need to do all of the following each month between 1 April 2023 and 30 September 2023:

o    Make at least five debit card payments per month (excluding cash withdrawals and bill payments made in a TSB branch)

o    Pay at least £500 into the account each month.

o    Have a minimum of two active Direct Debits on their new Spend & Save or Spend & Save Plus account. If they do all these things TSB will pay £75 cashback into their new Spend & Save or Spend & Save Plus account by 31 October 2023.

  • Other conditions:

o    The new account must be open when TSB pays the cashback. TSB won’t pay cashback after the account is closed, even if the customer had already qualified for the cashback. If customers have received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service since 1 October 2022, they are not eligible for this offer.

o    Customers can only benefit from this offer once. TSB won’t pay cashback again if customers open a second account, either in their own name or in joint names.

o    Only one payment will be made to an account, so customers later make it into a joint account and another party switches in, no cashback will be paid.

o    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.