High street bank TSB has rolled out a fresh financial incentive aimed at attracting new customers, offering a £200 cash bonus for those who switch their current account.
How to Claim the TSB Switching Bonus
The offer is available on both the standard Spend & Save account and the paid-for Spend & Save Plus version. To secure the initial £150 payment, customers must complete their switch using the Current Account Switch Guarantee by March 20, 2026.
Applicants must also meet three key conditions: deposit a minimum of £1,000, make five debit card purchases, and log into the TSB mobile banking app.
A further £50 reward is available later in the spring. To qualify for this top-up, account holders need to deposit an additional £1,000 during April 2026.
Spend & Save Plus Account Benefits
The Spend & Save Plus account carries a £3 monthly fee but comes with a suite of added financial perks. These include an interest-free overdraft facility, fee-free spending on debit cards while abroad, and opportunities to earn monthly cashback.
Seamless Switching and Market Competition
The switch is managed under the Current Account Switch Guarantee, which promises a hassle-free transition within seven working days. The service automatically moves a customer's balance, regular outgoing payments, and incoming salary deposits.
TSB's move comes amid strong competition in the UK current account market. Lloyds Bank currently leads with a £250 cash offer for switches to a Club Lloyds account, but this deal closes on February 3, 2026.
Meanwhile, Santander is providing a £200 switch incentive for customers moving to its Edge, Edge Up, or Everyday current accounts. To be eligible, customers must pay in £1,500 and have two active direct debits within 60 days of requesting the switch.
The array of offers highlights a competitive period for UK retail banking, encouraging consumers to move away from traditional loyalty to seek out the best financial rewards.
