TSB is intensifying the competition among banks by launching a new offer that allows customers to earn up to £200 when switching current accounts. This move by the high street lender reflects the increasing rivalry in the banking sector.
To qualify for the £150 bonus, customers need to switch to a TSB Spend or Save or Spend & Save Plus current account, log into the TSB mobile banking app, deposit £1,000 into the account, and make at least five debit card payments by March 20, 2026. The bonus will be credited by April 7. Customers can receive an additional £50 bonus by depositing another £1,000 in April, with the extra cash paid by May 31.
Moreover, customers opening a new Spend & Save current account can earn £5 cashback per month for the first six months, while those with a Spend & Save Plus account can receive the same amount monthly by making at least 20 debit card payments each month.
Existing TSB customers who opened a personal current account before are also eligible for the offer if they complete a full switch using the Current Account Switch Service (CASS).
Carys Barnes, head of current accounts and savings at TSB, emphasized the benefits of the offer, stating that the new switching deal, worth up to £200, provides customers with compelling reasons to choose TSB.
Although TSB previously offered a £150 switching incentive, the current deal falls short of the highest bonus in the market, offered by Club Lloyds accounts at £250. Other banks like Santander and First Direct also provide attractive switching bonuses and benefits to customers.
Alastair Douglas, chief executive of TotallyMoney, highlighted the importance of considering switching banks to benefit from lucrative offers, emphasizing that loyalty may not always be rewarding financially. He noted that several banks, including TSB, offer incentives for switching accounts, facilitated by the easy and efficient Current Account Switch Guarantee service.