TSB bank switch offer: Up to £100

The bank is offering an initial switching bonus and extra cash if you stick with the account.

This short-term offer could earn you up to £100 -if you stay with the bank until next July. Here’s what you need to know.

How much can you get for switching to TSB?

This TSB offer has two parts and could total £100. You’ll get a fixed £50 if you meet the conditions outlined below. Then there’s £50 more if you continue to meet additional requirements next year.

The previous offer was worth up to £180 (in October and November 2022), so this is a significant cut in value.

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.

Andy’s podcast

Listen to Cash Chats, Andy’s twice-weekly podcast. Episodes every Tuesday and Friday.

What are the requirements for the TSB switching offer?

£50 switching bonus

To get the £50 you need to open one of the new accounts detailed above by 16 December 2022.

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 13 January 2023. Since this takes at least seven working days, so I’d make sure you’ve begun this by 4 January 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 13 January 2023 date.

£50 extra cashback

To get the extra money you’ve got to take actions every month between 1 February 2023 and 31 July 2023.

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.

When will the money be paid?

As long as you meet the criteria, the first £50 will be paid to your account by 10 February 2023.

The second £50 payment will be made by 31 August 2023. You will need to keep the account open until you receive the money.

TSB switching summary

Switching bonus£50
Additional bonus£50 extra cashback
Bonus paidFirst payment by 10 February 2023 & second by 31 August 2023
Open to existing customersYes
Switching requirementsSwitch using the Current Account Switch Service and close old account by 13 January
Switch two direct debits
Use the debit card
Log in to online or app banking
Cashback requirementsPay 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
ExclusionsNot already have received a TSB switching bonus since 1 October 2022
Offer limited to once per person and account
Offer ends16 December 2022

Is TSB any good?

I had TSB Classic accounts for a long time (they offered great interest rates), but their replacement accounts – the Spend & Save and Spend & Save Plus are overly complicated.

You can earn extra cashback on top of the aforementioned £55 cashback, but you’ve got to use your debit card a lot! Here are the details of the two options.

TSB Spend & Save account benefits

I think the effort to use your debit card 30 times a month isn’t worth it and you’re better off using a cashback credit card.

Benefits£5 cashback a month for six months
Savings pots
Save the pennies auto savings feature
FeeNone
RequirementsMake 30 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
Save the pennies autosaving feature
£100 interest-free overdraft buffer
Fee-free spending overseas
Fee£3 a month
RequirementsMake 30 debit card payments each calendar month
Multiple accounts?TBC

Is it worth switching to TSB?

Andy’s analysis

The first version of this deal, which ran in October 2022 was worth up to £180. This up to £100 offer is a huge drop in value so I’d be tempted to hold fire in case it’s ever increased.

Personally I wouldn’t use it as my primary bank because you can get better apps or better rewards 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.

11 thoughts on “TSB bank switch offer: Up to £100

  1. Samantha Baumgardner October 31, 2022 at 1:52 pm

    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?

  2. 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?

  3. 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.

    1. Different uses per offer. So the 5 times is for the switching deal. THe 30 times is for the ongoing Spend & Save cashback

  4. 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?

  5. 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.

  6. Hi Andy, would using the debit card to add money to my Help to Save account count as a purchase too?

  7. 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 ?

  8. 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?

  9. I don’t *think* I’ve ever had a switching bonus from TSB. When did they do them before?

    1. Yeah, it wasn’t a massive offer. I think a similar deal with MSM and MSE

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