TSB kicks off the new year with its latest switching offer and doubles cashback for switchers

15th January 2024

New customers switching to TSB will receive £125
Customers can also earn double the cashback (increasing from £5 to £10 a month) in the first six months of account opening
Customers will also benefit from offers and discounts across a range of leading retailers and brands in the new My TSB Rewards Portal

From today, new customers who switch to a TSB Spend & Save, or Spend & Save Plus current account, can receive £125 and up to £90 in cashback in the first year of account opening.

New customers will receive £125 in full if they open an account and switch to TSB using the Current Account Switch Service between 15 January 2024 and before the offer is withdrawn.

The switch must be initiated before the offer is withdrawn and completed within 21 days from request. New customers can apply through tsb.co.uk, in branch or in the TSB Mobile Banking app.

By 15 March 2024, customers will 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 incentive paid into their account. If these conditions are met, TSB will pay £125 into the new account between 20 March 2024 and 29 March 2024.

The offer is limited and can be withdrawn at any time. TSB will give notice of the withdrawal date ahead of time.

Earning double cashback

For the first six months, TSB is also offering new customers the chance to earn double cashback, raising the cashback offer from £5 to £10 a month – meaning new customers can earn a total of £60 (£10 will be paid each month).

For Spend & Save Plus, the same cashback is available for the first six months, and it will then revert to £5 cashback a month (a total of £90 in the first 12 months).

To earn the cashback, customers must make 20 debit card payments each month.

Carys Barnes, Head of Personal Current Accounts at TSB, said: “We want our customers to feel money confident and we want to help them manage their money better. Our current accounts provide lots of ways to do that, and with new features such as the Rewards Portal, and double cashback, this offer is another great reason to make the switch.”

Rewarding customers

New customers joining TSB will also benefit from access to savings and discounts across a number of retail products and services through the My TSB Rewards portal, launched in December. It is available to new and existing customers through TSB’s Mobile Banking app and online.

- Ends -

Notes to editors

Notes to Editors

The full terms and conditions of TSB’s switching offer can be found here: tsb.co.uk.
The Spend & Save Plus account comes with a £3 monthly maintaining the account fee.
TSB launched My TSB Rewards portal in December 2023. Customers can see offers in the app and through Internet Banking.

Spend & Save accounts also come with valuable features:  

On top of the switching and cashback offers, TSB’s Spend & Save and Spend & Save Plus accounts come with instant access savings called Savings Pots. Customers can earn 2.92% interest AER variable.
TSB also has its Monthly Saver account. Customers can earn 6.00% Gross/AER, fixed for 12 months.
Auto Balancer – allows customers to choose a minimum balance limit on their account. If the balance falls below that level, it will automatically move money from a chosen Savings Pot to top it up.
‘Save the Pennies’ – customers can arrange to have debit card transactions rounded up to the nearest pound, so the ‘change’ goes straight into a Savings Pot.   
In addition, Spend & Save Plus offers customers:   
No TSB charges for using their Spend & Save Plus debit card abroad.  
- £100 interest-free Arranged Overdraft for short-term borrowing, subject to application and approval. Overdrafts are repayable on demand.

The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.