The bank is offering an initial switching bonus and extra cash if you stick with the account.
This short-term offer from 15 January could earn you up to £125 for switching, while double rewards for six months and welcome cashback could add another £90 on top! Here’s what you need to know.
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How much can you get for switching to TSB?
This TSB offer has two parts. You’ll get a fixed £125 if you meet the conditions outlined below. Then there’s £60 more if you continue to meet additional requirements next year.
There’s also up to another £30 on offer when you open the account via a cashback site. All in, you could have £215 over six months!
Who can get the TSB switching offer?
The offer is available from TSB’s branches and website for one of two accounts:
- TSB Spend & Save
- TSB Spend & Save Plus
You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts.
You’ll also only get one payment per joint account, not one each. So if two of you want the cash you’re better off opening two new individual accounts.
You’re barred from getting the free cash if you’ve previously had switching cash from TSB since 1 October 2022.
However, there’s nothing in the terms and conditions to say existing TSB customers can’t get the money – though you will need to open up a new account to qualify.
When can you get the TSB switch offer?
The offer runs from 15 January 2024 until an unspecified date. However based on previous offers and the requirement, I think this is likely to be in early to mid February.
** Update 27/1/24 – you must start the switch before 31 January 2024 **
You’ll have to meet some other deadlines after this to get all the cash, and they’re detailed in the analysis below.
Previous offers ran in
- September / October 2023 (£150 + double rewards)
- July / August 2023
- February / March 2023
- October / November 2022
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What are the requirements for the TSB switching offer?
£125 switching bonus
To get the £125 you need to open one of the new accounts detailed above by before the offer is withdrawn.
As with most switching deals, you need to use the Current Account Switching Service to move over an account from a different bank. You need to complete this by 15 March 2024. Since this takes at least seven working days (so 9 days in total), I’d make sure you’ve begun this by 6 or 7 March at the very latest.
** Update 27/1/24 – you must start the switch before 31 January 2024 **
The new account must include two active direct debits. The terms and conditions do not say these have to be switched over, so you can add them to the account. However they will need to have paid out by 31 October. If you don’t already have these on the old account you’re using to switch, I’ve written about some quick ones you can set up.
You also need to use the debit card at least once and log into online or app banking at least once by the same 15 March 2024 date.
Up to £60 extra cashback
The additional bonus is by earning double reward cashback from the current account itself for six months. This is normally set as £5 a month with both accounts, so you’ll get £10 each month you meet the criteria.
This will total £60 if you do it each month. However, since the TSB Spend & Save Plus has a £3 fee each month, you’ll get £18 less overall with this account over those six months – so I’d go with the standard TSB Spend & Save account.
You’ll earn £10 cashback every month for six months if you make 20 debit card transactions each calendar month. This starts when you open the account, so be careful if you open the account in late January or late February.
After six months the cashback ends on the Spend & Save. If you have the Plus account it’ll carry on but at the standard £5 a month rate (before that £3 fee ).
The debit card transactions can be on anything, so you could add small amounts to a savings account that allows debit card payments, pay off cashback credit cards or even top up Amazon credit. I’ve listed some options in my Halifax Reward hack article.
What are the requirements for the extra bonuses?
Up to £40 cashback site payment
*Update 18/1/24 – Quidco is now offering £30 for the free Spend & Save account**
TopCashback is offering money for opening the account, so you can do this in conjunction with the switching offer.
Rates change, but there’s £20 from TopCashback for the free account and £40 for the paid one at the time of writing, though this can change. It’s worth checking Quidco too as they’ve previously also offered cashback (though not right now).
There are some extra terms and conditions here. You’ll need to deposit £500 a month and make two debit transactions (direct debits, standing orders and card payments) in three of the first four months.
You’ll also need to register for internet banking and paperless statements in the first 90 days. After 120 days they’ll check to see if you’ve met the criteria, though payment will probably take a lot longer.
If you’ve not already signed up to either cashback sites make sure you get a welcome bonus worth up to £20 here.
When will the money be paid?
As long as you meet the criteria, the first £125 will be paid to your account between 20 and 29 March 2024.
The additional account cashback from TSB is paid after the qualifying months, though you might get the bonus at a different time to the standard £5 payment. You will need to keep the account open until you receive the money.
The cashback site payment will be at least 120 days after opening, probably longer.
TSB switching summary
| Switching bonus | £125 |
| Additional bonus | Double cashback for six months (Up to £60 total) |
| Cashback site bonus | Up to £40 |
| Bonus paid | By 29 March 2024 |
| Open to existing customers | Yes |
| Switching requirements | Switch using the Current Account Switch Service and close old account by 15 March 2024 |
| Add or switch two active direct debits | |
| Use the debit card | |
| Log in to online or app banking | |
| Additional bonus requirements | Make 20 debit card transactions per calendar month for six months |
| Cashback site bonus requirements | Make two debit payments in three of the four months from opening Pay in £500 a month in three of the four months from opening |
| Exclusions | Not already have received a TSB switching bonus since 1 October 2022 |
| Offer limited to once per person and account | |
| Offer ends | Unknown – likely early February 2024 |
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Which TSB account should you open?
I had TSB Classic accounts for a long time (they offered great interest rates), but their replacement accounts – the I feel the monthly reward on the Spend & Save and Spend & Save Plus are overly complicated.
I get why TSB want you to do this, but I think the effort to use your debit card 20 times a month isn’t worth it and you’re better off using a cashback credit card. Even when it’s doubled to £10 a month it’s a bit of a faff.
As mentioned, I’d go for the free TSB Spend & Save, but if you really think you’ll stick at it for a year and a bit, if not more, than the Plus will earn you more. And you’ll get a higher cashback site bonus on top with the latter account.
TSB Spend & Save account benefits
| Benefits | £5 cashback a month for six months |
| Savings pots paying 2.52% | |
| Save the pennies auto savings feature | |
| Fee | None |
| Requirements | Make 20 debit card payments each calendar month |
| Multiple accounts? | TBC |
TSB Spend & Save Plus account benefits
The extra features found with this account are available for free elsewhere.
| Benefits | £5 cashback a month |
| Savings pots paying 2.52% | |
| Save the pennies autosaving feature | |
| £100 interest-free overdraft buffer | |
| Fee-free spending overseas | |
| Fee | £3 a month |
| Requirements | Make 20 debit card payments each calendar month |
| Multiple accounts? | TBC |
Is it worth switching to TSB?
Andy’s analysis
If you’ve not had a switching bonus from the bank since October 2022 then this is a great one to get at least the first £125. Make sure you go via a cashback site too for an extra £40!
However I’m not sure whether it’s worth making 20 card payments a month for an extra tenner. If you think you’ll do that naturally as your main debit card then go for it. But if you’re trying to hack it, your time might be better spent elsewhere.
Are there better switching offers?
If you’re a repeat switcher and aren’t planning to keep an account then this one to consider. But if you plan to just switch once I’d actually look at other options which have added rewards or cashback.
These come and go, so here’s everything you need to know about all these and other different bank switching deals.
I opened an account on 30/2/24 then filled in the switch form so it was by 31/1/24 to qualify for the £125
Tsb only acknowledge the switch on 2/2/24 and moved the completion date to 12/2/24
I hope they don’t set 2/2/24 as my start date and refuse the £125. 🤷♂️ I have a pdf email of the switch form showing I completed it before 31/2/24!!!
Today was meant to be the last day but there’s no mention of the offer on their site, typical. Was meant to do it yesterday but plain forgot.
I didn’t get the £75 Additional bonus because I the requirements on this website at the time of 20/2/23 were: “Pay in £500 a month between February and July, Make 5 debit card transactions between February and July, Keep two active direct debits between February and July” but this was not accurate. The T&Cs actually stated: To qualify for the £75 stay incentive you must complete all of the following each month between 01/04/2023 and 30/09/2023….
Annoying but I should have checked TSB’s website rather than trusting the info on here was accurate
Damn, I think … no I KNOW I messed up with the conditions on this one. I got it open and switched, no problem. Then just forgot to set up the DDs required by 31 October. Nor did I use the debit card. Fool!
Regarding DD requirements mentioned in the article: However they will need to have paid out by 31 October.
I cannot see it being the case. Where did you find the above requirement?
I will let you know as I have switched everything within tsb allocated timeframes but the already active DDs from previous account didn’t come out of new tsb account until mid November so waiting to see by end of November if I have qualified for the £150.00
I want to switch my second Halifax Rewards account. I am due to receive £25 on October 15th as part of that switching offer for spending over £750 on my debit card in September.
I note the TSB switch has to be completed by October 31st. I have 2 active Direct Debits on the Halifax account I’m switching. As I want to switch after October 15th these won’t come out of my TSB account until November 1st. Is this a problem? Or is it sufficient they’ve previously come out of my Halifax account? Thanks.
Hi Andy,
You mentioned : £125 switching bonus
To get the £125 you need to open one of the new accounts detailed above by 3 March 2023.
As with most switching deals, you need to use the Current Account Switching Service to move over an account from a different bank. You need to complete this by 24 March 2023. Since this takes at least seven working days, so I’d make sure you’ve begun this by 14 March at the very latest.
My Question: Does this mean , if i open account by 3rd March. And start switch process on or before 14th March , which will allow switch to complete by 24th to get switch bonus? Or I should have both open and started switch process by 3rd march? Reason for question because on this page you also have mentioned : Offer end–3 March 2023 (last date to start a switch) Kindly clerify
Doesn’t seem possible to open a joint account online to apply for the switch. I wanted to contact them to clarify, but all contact numbers in the website ask me for account details ?! This is so odd and frustrating.
Quidco now offering £55 Cashback.
As Aiden says the TSB Ts&Cs say you must log in to the app. Please can you advise if you have information that says logging into TSB online banking is sufficient as I don’t like using apps. Many thanks.
“You also need to use the debit card at least once and log into online or app banking at least once by the same 24 March 2023 date”. The terms actually suggest it must be the app?
Re the £75 cashback later in the year, do the direct debits just need to be visible on account or do they actually need to pay out every month between April-September?
thanks
Am with virgin M Plus account and savings, please can you tell me if there are any better deals out there better for me thanks
Hi, Thanks for leaving the link up for the TSB switch. It’s been taken down everywhere else, but yours took me right to it in the nick of time. Today 31st October. Last day! I think it’s the only bank I have left that I ain’t switched to in the last 1-2 years! Ty I wonder if Barclays ever do a switch bonus?
I’ve been switching accounts around for a few years now. Is there any way I can find out if I’ve switched to tsb before please?
Is the debit card use 30 times a month or 5 x 6 months?
I think start of the page says 5 times pm but later says 30 pm.
Different uses per offer. So the 5 times is for the switching deal. THe 30 times is for the ongoing Spend & Save cashback
Hi Andy I saw the same comments and thought also 5 + 25 per month maybe clarify by adding in teh Spend and Save bit you only need to use 25 times per month if using the Save function otherwise its just 5 times per month for just the switch bonus as seeing the info in two places was a bit confusing
keep up the great work and thank you
I am going for the £125 on the spend And Save that will do for me. The two direct debits are plum and PayPal so when the switch happens do I need to pay the two again through TSB to get the £125 in April
Hi
What is an “active direct debit”? Is a credit card direct debit “active” if I did not spend with that credit card and therefore there was no direct debit drawdown – in the calendar month of the switch? Or in which month(s) is it needed to have a direct debit payment? If the water utility bill is only paid in April and October, is that direct debit still “active” in every month?
Or is every existing authorisation an “active direct debit”, if there was at least one actual payment in the last 12 months?
Andy, I got an email yesterdayfrom TSB offering me £100 cashback to convert my existing (and unused) TSB Classic Plus account to the TSB Spend & Save, and then switch as in the main deal above from an external account. So that is reduced cashback for existing customers, but still worth the effort.
Hi Andy, would using the debit card to add money to my Help to Save account count as a purchase too?
Switch two direct debits as in have 2 DD on the account you are switching ?
Or add 2 DD after the switch like for santander ?
I have the same question.
For some reason, I didn’t get a chance to initiate a switch when I joined. I am currently waiting for my online banking details through the post so I can action the switch.
Since I won’t be doing the switch immediately, will I still get this bonus? TSB taking forever to get through… Anyone know?
I don’t *think* I’ve ever had a switching bonus from TSB. When did they do them before?
Yeah, it wasn’t a massive offer. I think a similar deal with MSM and MSE