High street bank TSB has unveiled a substantial financial incentive programme designed to attract new customers to its Spend and Save current account. The scheme offers a potential total of £230 in rewards, structured across three distinct criteria that savers can meet.
Three-Tier Reward Structure Explained
The headline offer is a £150 switching bonus, available to individuals who complete a full transfer to TSB using the official Current Account Switch Service. To qualify for this initial sum, customers must initiate and finalise their switch before the deadline of 20th March 2026 and also deposit a minimum of £1,000 into the new account prior to that date.
Additional Loyalty and Usage Incentives
Beyond the initial switch, TSB is providing further opportunities to earn. A £50 reward is on offer for customers who maintain their account into April 2026, provided they deposit an additional £1,000 during that period. This is designed to encourage continued banking with the institution.
The third component of the offer is a recurring monthly benefit. Account holders can receive £5 in cashback for each calendar month in which they make 20 or more debit card payments. This creates an ongoing incentive for active use of the account for everyday spending.
Important Eligibility and Service Details
It is crucial for potential switchers to note that this offer carries specific eligibility restrictions. The bank has confirmed that anyone who has previously switched to TSB and received a cash incentive since October 2022 will not qualify for this new promotion.
For those who are eligible, the switching process is designed to be seamless. The Current Account Switch Service guarantees that the bank will transfer the existing balance, close the old account, and automatically move all direct debits and standing orders. Incoming payments such as salaries, pensions, and state benefits will be redirected to the new TSB account for a period of 36 months.
Customer Responsibilities During the Switch
While the service handles many transfers automatically, customers are reminded that they must update certain payment details themselves. This includes any recurring card payments set up with retailers and the details stored in digital wallets like Apple Pay or Google Pay. Ensuring these are updated promptly will prevent any disruption to regular payments.
This competitive offer from TSB arrives during a period of heightened activity in the current account market, as banks vie for customer loyalty. The structured reward system aims not just to attract new clients initially but also to foster longer-term banking relationships through its loyalty and usage bonuses.
