30 October 2017

TSB’s popular bank account switching deal is back – offering up to £255 in the first year

TSB’s Classic Plus account is already one of the best current accounts on the market and from today, new customers switching to Classic Plus via MoneySavingExpert or MoneySuperMarket will receive £130 for switching.

The switching offer will run until 4 December 2017. Switchers will need to make sure at least £500 is paid into the new account within 28 days of the switch. All active credits and debits will be transferred as part of the switch.

No bank gives you more with no monthly fee

In addition to the switcher offer, customers can also earn up to £10 cashback each month until the end of June 2018. Account holders will receive £5 every month just for having two monthly Direct Debits set up, plus another £5 cashback will be received every month for using the Classic Plus debit card at least 20 times a month, including by using Apple and Android Pay. That’s an extra £80 on top of the £130 customers will receive for switching.

Classic Plus also comes with 3% AER credit interest on balances up to £1,500 that means customers can earn up to £45 in credit interest in the first year of account opening 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 consumers and that includes ensuring people look at their existing current account and make sure they are getting the best deal. Sadly we know too few people are switching their current accounts and are missing out on some great benefits.

“With our switching offer, customers can earn up to £255 by switching to TSB’s Classic Plus account – so there’s never been a better time to switch over to our most popular bank account and one of the best current accounts on the market.”

Helping Norwich & Peterborough Building Society customers

Earlier this year, Norwich and Peterborough Building Society (N&P) revealed that all of its current accounts would be closing, affecting around 100,000 people.

Although N&P is not part of the banking industry’s seven-day Current Account Switch Service, to help customers with a smooth switch, TSB has created a bespoke ‘manual’ switching service for N&P customers. This means that N&P customers can take advantage of TSB’s new current account switching offer at MoneySavingExpert / MoneySuperMarket, unlike similar offers which typically require a customer to use the Current Account Switch Service. In these instances, customers can visit their local TSB branch once the account has been opened through MoneySavingMarket / MoneySuperExpert, where a TSB partner will help arrange the manual switch for N&P customers.

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Notes to editors

  • Switching offer applies for accounts opened on or after 30 October 2017 only through MoneySavingExpert or MoneySavingMarket. Offer ends 4 December 2017. You must be registered for internet banking. T&Cs apply.
  • Before starting the application, customers must accept cookies in internet browser to receive the £130 payment.
  • Complete a full switch to TSB using the Current Account Switch Service by 22 December 2017. This process takes seven working days so customers will need to start switch before 16:00 on 14 December 2017.
  • For accounts opened on or after 1 March 2017 only. Offer ends 30 June 2018. You must be registered for internet banking. T&Cs apply. Earning the full £80 cashback assumes that a customer starts earning cashback from November onwards.
  • 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.

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

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

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