The latest promotion allows customers who switch banks to receive up to £310 in cash and rewards, with no requirement for a monthly deposit. TSB has introduced what MoneySavingExpert describes as the "largest bank switching reward of the year." New customers can earn a total of £310 by transferring their current account. This offer includes £190 in direct cash and an additional £120 reward, which can be redeemed as either a hotel voucher or a year-long activity pass.
To qualify for the bonus, customers must transfer their current account to TSB's Spend & Save account through the official switching service.
The initial part of the bonus is simple: customers who switch and complete five debit card transactions while logging into the TSB app by July 19 will receive £100, which will be deposited directly into their account once the requirements are met.
Following that, TSB provides an additional £15 each month for six months, totaling £90. To earn each monthly payment, customers must make at least 20 debit card purchases during that month.
In December, customers have the opportunity to earn a final reward. If they make 20 or more debit card payments during the month, they can select a reward valued at £120. This can be either a hotel voucher or a 12-month activity pass.
The hotel voucher provides £120 in credit through Expedia’s Travel Credits platform, which can be used to book stays at various hotels without a minimum spending requirement. Prices on this platform typically match those on Expedia’s main site.
Alternatively, customers can choose a year-long access pass to the National Activities Network, which includes attractions such as escape rooms, trampoline parks, museums, and more. However, it's important to note that the pass is valid for one person only, making it less suitable for families.
There is no minimum monthly income needed to qualify for this offer. Customers are required to use the seven-working-day switch service, which transfers all direct debits and standing orders to the new account. The old account will be closed automatically.
Incoming payments, such as salaries or benefits, will be directed to the new account. Customers will also need to undergo a standard credit check.
According to Martin Lewis’s MoneySavingExpert, switching banks is typically straightforward. In a recent survey of over 5,000 individuals who changed banks, nearly 90 percent reported that the process was easy and hassle-free.
TSB's offer includes a linked regular saver account that provides a fixed interest rate of five percent for one year. Customers can save up to £250 each month, potentially earning around £71 over the year.
Other banks are also offering incentives for switching. First Direct is providing £175 to new customers, while Co-op Bank is offering a total of £175 through a combination of upfront and monthly payments.
NatWest is offering £150 along with monthly cashback, but it does impose a £2 monthly fee, which slightly diminishes the overall benefit. In contrast, TSB's offer is notable for its high total value, straightforwardness, and the absence of a requirement to deposit a specific amount each month. This deal is available to new customers who have not received a TSB switch bonus in the past 12 months. For complete details and eligibility criteria, please visit TSB’s website.
