TSB is intensifying the competition among banks by launching a lucrative current account switching offer, providing customers with the opportunity to earn up to £200 in cash rewards. The move reflects the growing rivalry in the banking sector.
To qualify for the incentive, customers need to open a TSB Spend or Save, or Spend & Save Plus current account and fulfill specific requirements. By completing the switch process, logging into the TSB mobile banking app, depositing £1,000 into the account by March 20, 2026, and making at least five debit card payments, customers can secure an initial £150 bonus, which will be credited by April 7.
Furthermore, customers stand to receive an extra £50 if they deposit an additional £1,000 into their TSB account in April, with the bonus payment scheduled for May 31.
Additionally, customers opening a new Spend & Save current account can earn £5 cashback per month for the first six months, while those opting for a Spend & Save Plus account can receive £5 cashback every month, provided they make a minimum of 20 debit card payments each month, regardless of the recipient.
The account switch must be facilitated through the Current Account Switch Service (CASS), a standard practice in the industry. Unlike some banks that exclude existing customers from switching offers, TSB allows current account holders who previously opened a TSB personal current account to participate by completing a full switch using the CASS service.
Carys Barnes, head of current accounts and savings at TSB, highlighted the appeal of their current account offerings and the £200 switching offer as a compelling reason for customers to consider banking with TSB.
While TSB’s previous switching perk was valued at £150 until November last year, it now faces competition from other banks offering higher incentives. For example, Club Lloyds accounts provide a £250 switching bonus, with the perk paid within 40 working days of the switch. Santander’s Edge account offers £200 along with 1% cashback on select household bills, while First Direct’s 1st Account includes 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 for financial gain, citing the ease of the process through the Current Account Switch Guarantee, which ensures a seamless transition of payments, income, and balances within seven days.