Major banking customers across the UK are being targeted with a fresh cash incentive, as TSB launches a new £200 payment to attract switchers from rivals including Nationwide, NatWest, and Lloyds.
How to Claim the £200 Switching Bonus
The offer, confirmed on 14 January 2026, is available on both TSB's free Spend & Save account and its Spend & Save Plus account, which carries a £3 monthly fee. To secure the full £200, new customers must complete a series of steps.
First, applicants must switch to TSB using the Current Account Switch Service by 20 March 2026. They are then required to deposit at least £1,000, make five debit card purchases, and log into the TSB mobile banking app. Completing these actions will earn an initial £150.
A further £50 can be claimed by depositing another £1,000 during the month of April.
Expert Advice on Bank Switching
Financial experts highlight that such offers are a competitive tactic to secure new business and stress that customer loyalty is rarely rewarded. Alastair Douglas, CEO of TotallyMoney, commented on the simplicity of the process.
"When it comes to banks, it’s important to remember that loyalty doesn’t pay, but moving your money can," said Douglas. "And it’s easy with the Current Account Switch Guarantee, with your regular payments, income, and balance automatically shifted within seven days."
The paid Spend & Save Plus account includes additional perks such as an interest-free overdraft, fee-free spending abroad, and the potential for up to £5 in monthly cashback.
A Competitive Market for New Customers
TSB's move is part of a wider trend in the UK banking sector, where cash incentives are frequently used to lure customers. First Direct, HSBC, Lloyds, Nationwide, and Santander are also known to have offered similar switching bonuses at various times.
For consumers looking to boost their finances, regularly checking the market for the latest current account offers can be a straightforward way to earn a significant cash sum with minimal effort.
