- 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.
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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
- More information about TSB’s Monthly Saver can be found here: Monthly Savings Account | Savings | TSB Bank
- To qualify for £125 cashback customers must do all of the following:
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.