TSB launches new £125 bank switching offer and ‘doubles’ cashback for customers | Personal Finance | Finance
As of today, new TSB customers can get up to £215 with the bank’s new current account switch and cashback offers.
New customers switching to TSB’s Spend and Save, or Spend and Save Plus current account can receive £125 and up to £90 in cashback in the first year of account opening.
To get the £125 in full, people need to open an account and switch to TSB using the Current Account Switch Service (CASS) between January 15, 2024, and before the offer is withdrawn.
The switch must be completed within 21 days, and new customers can apply online, in a branch or through the TSB Mobile Banking app.
To qualify, 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 by March 15, 2024.
If these conditions are met, TSB will pay £125 into the new account between March 20, 2024, and March 29, 2024.
The offer is limited and can be withdrawn at any time, however, TSB said it will give notice of the withdrawal date ahead of time.
Earning double cashback
For the first six months, TSB is offering new customers the chance to earn double cashback, raising the cashback offer from £5 to £10 a month. This means new customers can earn up to £60 (£10 will be paid each month).
For Spend and Save Plus, which comes with a £3 monthly fee, the same cashback is available for the first six months, and it will then revert to £5 cashback a month. This amounts to 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 My TSB Rewards Portal, and double cashback, this offer is another great reason to make the switch.”
New customers joining TSB will also benefit from access to savings and discounts across several retail products and services through the My TSB Rewards portal, which launched in December.
Discounts are available for discounts with retailers such as Samsung, Vue Cinemas, The Body Shop, and more.
The portal is available to new and existing customers through TSB’s Mobile Banking app and online.
