High street bank TSB has unveiled a significant financial incentive for customers, offering bonus payments worth up to £200 for those who switch their current account. The offer, which also includes monthly cashback rewards, is available to both new and existing customers who meet specific criteria.
How to Claim the £200 Switching Bonus
To be eligible for the headline £150 switching bonus, individuals must open a new TSB Spend & Save or Spend & Save Plus account before Friday 20 March 2026, provided the offer has not been withdrawn earlier. They must then complete a full switch using the Current Account Switch Service (CASS).
Existing TSB customers can also qualify if they opened a personal current account before Tuesday 13 January 2026 and use the CASS to switch into a new Spend & Save account.
Once the switch is complete, customers must log into the TSB Mobile Banking app and deposit £1,000 into the new account by 20 March 2026. Additionally, they are required to make at least five payments using the account's debit card before the same deadline. If all conditions are met, the £150 bonus will be paid by 7 April 2026.
Earning an Extra £50 Payment
Customers have the opportunity to earn a further £50 bonus on top of the initial £150. To secure this extra payment, they must deposit another £1,000 into their TSB account during April 2026. Those who complete this step will see the additional £50 land in their account by 31 May 2026.
Monthly Cashback Rewards Explained
Alongside the switching bonus, TSB is promoting the ongoing cashback benefits of its Spend & Save accounts. All new customers opening a standard Spend & Save current account can earn £5 cashback per month for the first six months, totalling £30.
For those opting for the Spend & Save Plus account, the £5 monthly cashback continues indefinitely, not just for the introductory period. To qualify for cashback in any given calendar month, customers must make at least 20 debit card payments. Any cashback earned is paid automatically in the following month.
Applications for the accounts and the switch offer can be made via the TSB Mobile Banking app, the TSB website, or in a local branch, including those in Birmingham.
Bank's Statement on the New Offer
Carys Barnes, Head of Current Accounts and Savings at TSB, commented on the launch. "As we kick off the New Year, many of us will be looking at our finances to make sure we’re getting the most from our money," she said.
"Our TSB Spend & Save and Spend & Save Plus current accounts come with a range of fantastic features and benefits and our latest switching offer, worth up to £200, is just one of the many reasons for customers to bank with TSB."
This move by TSB represents one of the more substantial switching incentives currently on the UK market, as banks compete to attract new business in the new year.
