TSB has intensified the competition among banks by launching a new current account switching offer worth up to £200. Customers opening a TSB Spend or Save or Spend & Save Plus account can earn the bonus by fulfilling certain criteria. To receive the initial £150 bonus, they must complete the switch process, log into the TSB mobile banking app, deposit £1,000 into the account by March 20, 2026, and make at least five debit card payments by the same date. The bonus will be paid by April 7 upon meeting these conditions.
Additionally, customers can secure an extra £50 by depositing another £1,000 into their TSB account in April, with the cash to be received by May 31. Furthermore, opening a new Spend & Save current account allows customers to earn £5 cashback per month for the first six months, while opting for a Spend & Save Plus account entails a monthly cashback of £5 but with a £3 monthly fee. To qualify for the cashback, customers must make a minimum of 20 debit card payments each month to any recipient.
To switch accounts, customers must utilize the Current Account Switch Service (CASS). Existing TSB customers who previously opened a personal current account with TSB are also eligible for the offer if they complete a full switch to their account using the CASS service.
Carys Barnes, head of current accounts and savings at TSB, emphasized the appeal of the TSB Spend & Save and Spend & Save Plus accounts, highlighting the various features and benefits they offer. The current switching offer, valued at up to £200, provides customers with another compelling reason to bank with TSB.
While TSB previously offered a £150 switching incentive until November last year, it now faces competition from other banks offering higher bonuses. Club Lloyds, for instance, provides a £250 switching bonus, while Santander’s Edge account offers £200 along with 1% cashback on select household bills. First Direct’s 1st Account features a £175 bonus and an attractive 7% interest rate on its Regular Saver account.
Alastair Douglas, chief executive of TotallyMoney, emphasized the benefits of switching banks to maximize rewards, highlighting that banks like TSB, First Direct, HSBC, Lloyds, Nationwide, and Santander all offer incentives for switching accounts. The process is made convenient and efficient through the Current Account Switch Guarantee, ensuring a seamless transition of regular payments, income, and balance within seven days.