The bank is offering an initial switching bonus and extra cash if you stick with the account.
This short-term offer from 1 February could earn you up to £200 – if you stay with the bank until next October. And there’s the potential for up to another £74 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 and could total £200. You’ll get a fixed £125 if you meet the conditions outlined below. Then there’s £75 more if you continue to meet additional requirements next year.
The previous offer was worth up to £100 so this is a significant jump in value.
There’s also up to another £50 on offer when you open the account via cashback site, and a further £24 to £30 available from the account itself. All in, you could have £274!
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 1 February 2023 until 3 March 2023. You’ll have to meet some other deadlines after this to get the cash, and they’re detailed below.
Previous offers ran in October and 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 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.
The switch must include two direct debits. 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 24 March 2023 date.
£75 extra cashback
To get the extra money you’ve got to take actions every month between 1 April and 30 September 2023. That’s a total of six months.
First you must use your debit card for purchases at least five times each month. This could be as simple as a £1 transfer to Amazon or a savings account that allows this (e.g. Chip or NS&I).
You also need to pay in £500 to the account each month, though this doesn’t need to stay in the account. Those two direct debits need to remain active during this period too.
What are the requirements for the extra bonuses?
Up to £55 cashback site payment
Both Quidco and TopCashback are offering money for opening the account, so you can do this in conjunction with the switching offer.
Rates change, but there’s £30 from Quidco and £20 from TopCashback for the Spend & Save account, while both offer £40 for the Spend & Save Plus account.
** Until 3 March 2022, or until 2,000 have opted in, you can get a £25 bonus from Quidco for the Spend & Save account, totalling £55 cashback. You must opt in from the Quidco home page/banner first **
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 could take a lot longer.
If you’re new to TopCashback then there’s an extra £10 welcome bonus you can gain. Usually you need to spend £10 to trigger this, but I’ve got a special link that will work with the TSB account offer.
£24 to £30 account cashback
This final £30 is part of the Spend and Save account itself – but it takes a fair amount of effort each month.
You’ll earn £5 cashback every month for six months if you make 20 debit card transactions each month (reduced from the previous 30). This starts when you open the account, so don’t wait until April to begin this step.
If you instead opt for the Spend and Save Plus you’ll keep earning that £5 after six months too, but you’ll have also been paying a £3 monthly fee. That means you’d need to keep it for 14 months to equal the £30 from the free account. So I’d probably ignore this.
When will the money be paid?
As long as you meet the criteria, the first £125 will be paid to your account by 21 April 2023.
The second £75 payment will be made by 31 October 2023. You will need to keep the account open until you receive the money.
TSB switching summary
| Switching bonus | £125 |
| Additional bonus | £75 extra cashback |
| Cashback site bonus | Up to £40, plus possible £10 on top |
| Bonus paid | First payment by 21 April 2023 & second by 31 October 2023 |
| Open to existing customers | Yes |
| Switching requirements | Switch using the Current Account Switch Service and close old account by 24 March 2023 |
| Switch two direct debits | |
| Use the debit card | |
| Log in to online or app banking | |
| Additional bonus requirements | Pay in £500 a month between April and September |
| Make 5 debit card transactions a month between April and September | |
| Keep two active direct debits between April and September | |
| 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 | 3 March 2023 (last date to start a switch) |
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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.
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 last year then this is a great one to get at least the first £125. And it’s not asking too much to get the extra £75. Make sure you go via a cashback site too for an extra £20 to £50!
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.
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
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