TSB launches new £200 bank switch offer – with access to 5% savings interest

From today, eligible Britons who switch to a TSB Spend and Save or Spend and Save Plus current account will receive £200, paid in two instalments.

New customers who open an account between July 10, 2023, and before the offer is withdrawn, and switch to TSB using the Current Account Switch Service (CASS) before August 31, 2023, will receive £125.

Customers will also need to set up at least two direct debits, use their debit card at least once and log into the TSB Mobile Banking app to get the first instalment paid into their account by August 31, 2023.

A further £75 will be paid into eligible accounts by March 31, 2024, if they keep their account open and pay in at least £500 each month, make five debit card payments, and continue to have two direct debits.

Opening one of these accounts will also grant customers access to a number of additional perks, such as cashback rewards and high-interest savings accounts.

Commenting on the deal, Marta Edwards, head of personal current 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.”

Account holders will only be able to benefit from this offer once and if a customer has already received an incentive for switching to TSB Bank using CASS since October 1, 2022, they will not be eligible.

How to earn the £5 cashback

TSB customers can earn £5 in cashback a month for the first six months with a Spend and Save account.

The same applies for the Spend and Save Plus, but on an ongoing basis, meaning customers can earn up to £60 in the first 12 months.

To earn their cashback, account holders must make at least 20 debit card payments each month.

According to TSB, this was recently reduced from 30 to 20 to “make it easier” for customers to earn the monthly £5 cashback.

TSB Monthly Saver – five percent

Current account holders also have access to open TSB’s competitive Monthly Saver offering an Annual Equivalent Rate of five percent.

The account can be opened with a minimum deposit of £25 and up to £250 can be invested every month. This means a total of £3,000 is the maximum that can be paid into the account.

Savers must also be over 16, a UK resident, and only one payment can be made each month and interest is calculated daily and paid at the end of the 12-month term. Withdrawals can also be made at any time, penalty-free, however, the funds can not be replaced.