31 January 2023 , 00:01
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TSB is introducing a new £200 switch offer - and a way to boost this by a further £60 cashback.
Those switching to a TSB Spend & Save or Spend & Save Plus current account from this Wednesday (February 1) will receive £200 paid in two instalments.
Customers will get £125 cashback if they apply by March 3, 2023 and switch to TSB using the Current Account Switch Service by March 24, 2023.
A further £75 will be paid into their accounts by October 31, 2023 if they keep their account open.
To get the first instalment, customers will need to set up at least two direct debits, use their debit card at least once and log into Internet Banking or the TSB Mobile Banking app by April 21.
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The new £200 switching offer will launch on February 1 2023 (PA)To then claim the second payment and the full £200, those switching must each month pay at least £500 and make five debit card payments and two direct debits.
TSB says the new account must be open when it pays the cashback and it won’t pay if the account is closed, even if the customer had already qualified for the cashback.
Customers who have received an incentive for switching to TSB using the CASS since October 1 last year will not be eligible for the cash.
On top of the £200 switch bonus, TSB users can earn up to £60 in cashback in the first year by switching to a Spend & Save account.
TSB says customers can earn £5 a month cashback for the first six months with a Spend & Save account and for a Spend & Save Plus, the same cashback is available on an ongoing basis.
TSB announced that it had also reduced the number of debit card payments you need to make to claim the cashback.
It is dropping from 30 debit card payments to 20 each month and they can be debit card payments for online and mail order purchases, as well as in-store purchases, including contactless, Apple Pay and Google Pay.
Ian Ramsden, Products Director, TSB said: “Our current accounts provide convenient ways to help you manage your money better and this offer, alongside our increased savings rates, is another great reason to make the switch.”
The "battle of the switching offers" is starting to intensify.
The past few months have seen several banks launch generous deals for those willing to swap their current account, with a £200 offer from Lloyds, a £175 from First Direct, and a £200 offer from Santander.
Big Four banks made £20billion in 9 months as households battled interest rates