TSB is intensifying the competition among banks by offering a cash incentive of up to £200 for customers switching their current accounts. The high street lender’s new offer highlights the increasing rivalry in the banking sector.
Customers opening a TSB Spend or Save, or Spend & Save Plus current account can qualify for the cash reward by meeting specific requirements. To receive an initial £150 bonus, they must complete the switch process, log into the TSB mobile banking app, and deposit £1,000 into the account by March 20, 2026. Additionally, they need to make at least five payments using the debit card on the new account by the same date. The £150 bonus will be credited by April 7 upon meeting these conditions.
Furthermore, customers can earn an extra £50 by depositing an additional £1,000 into their TSB account in April, with the bonus paid out by May 31.
In addition to these incentives, customers can receive £5 cashback per month for the first six months upon opening a new Spend & Save current account, or £5 cashback monthly with a Spend & Save Plus account, which incurs a £3 monthly fee. To qualify, they must make at least 20 debit card payments each month to any recipient or company.
Like other banks, the account switch must be facilitated through the Current Account Switch Service (CASS). TSB differs from some competitors by allowing existing customers to participate if they previously opened a TSB personal current account and complete a full switch using the CASS service.
Carys Barnes, head of current accounts and savings at TSB, emphasized the benefits of their Spend & Save accounts and the new switching offer, highlighting the opportunity for customers to earn up to £200.
Previously offering a £150 switching incentive, TSB’s latest deal falls short of the current highest paying bonus, which is £250 with Club Lloyds accounts. Santander’s Edge account offers £200 with the chance to earn 1% cashback on select household bills, while First Direct’s 1st Account provides a £175 bonus alongside a generous 7% interest on its Regular Saver account.
Alastair Douglas, chief executive of TotallyMoney, emphasized the importance of switching banks for financial benefits, highlighting the ease and speed of the process through the Current Account Switch Guarantee, available with various banks including TSB, First Direct, HSBC, Lloyds, Nationwide, and Santander.