The financial institution is providing an preliminary switching bonus and additional money and reward if you happen to keep on with the account.

This short-term TSB change supply from 22 January may earn you as much as £100 for switching, whereas double rewards for six months and welcome cashback may add one other £90 on prime! After which there’s an additional freebie if you happen to keep longer. Right here’s what it is advisable know.

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How a lot are you able to get for switching to TSB?

This TSB supply has three components. You’ll get a set £100 if you happen to meet the situations outlined beneath. Then there’s £60 extra if you happen to proceed to satisfy further necessities into subsequent 12 months.

There’s additionally as much as one other £30 on supply if you open the account through a cashback website. All in, you may have £160 over six months!

Then if you happen to’re nonetheless about in September 2025 you will get Odeon tickets or a NOW streaming go on prime, value one other £60ish.

This is identical supply that twice final 12 months, although the earlier model was value £30 extra with triple relatively than double rewards.

Who can get the TSB switching supply?

The supply is out there from TSB’s branches and web site for considered one of two accounts:

  • TSB Spend & Save
  • TSB Spend & Save Plus

You’ll be able to solely get one bonus per individual, no matter whether or not you’ve got multiple solo or any further joint accounts.

You’ll additionally solely get one fee per joint account, not one every. So if two of you need the money you’re higher off opening two new particular person accounts.

You’re barred from getting the free money if you happen to’ve beforehand had switching money from TSB since 1 October 2022.

Nevertheless, there’s nothing within the phrases and situations to say present TSB prospects can’t get the cash – although you will want to open up a brand new account to qualify.

When will the supply finish?

The supply runs from 22 January till an unspecified date. Nevertheless, primarily based on earlier gives and the requirement, I feel that is prone to be on the finish of February, or maybe the beginning of March 2025.

So long as you begin the change earlier than it’s pulled, you’ll nonetheless be eligible. You’ll have to satisfy another deadlines after this to get all of the money, they usually’re detailed within the evaluation beneath.

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What are the necessities for the TSB switching supply?

£100 switching bonus

To get the £100 it is advisable open one of many new accounts detailed above earlier than the supply is withdrawn.

As with most switching offers, it is advisable use the Current Account Switching Service to maneuver over an account from a special financial institution. You’ll want to full this inside 21 days of the supply being withdrawn.

You can’t have closed the account or be within the strategy of switching away earlier than the fee is due – so wait till the money is in your account if you happen to do wish to transfer on.

In contrast to earlier gives from TSB, there’s no want to maneuver over any direct debits through the change.

You then want to make use of the debit card 5 instances and log into on-line or app banking a minimum of as soon as by 14 March 2025.

As much as £60 further cashback

The extra bonus is by incomes double reward cashback from the present account itself for six months. That is usually set as £5 a month with each accounts, so that you’ll get £10 every month you meet the factors.

It will whole £60 if you happen to do it every month. Nevertheless, since TSB Spend & Save Plus has a £3 charge every month, you’ll get £18 much less total with this account over these six months – so I’d go together with the usual TSB Spend & Save account.

You’ll earn £10 cashback each month for six months if you happen to make 20 debit card transactions every calendar month. This begins if you open the account, so watch out if you happen to open the account in late January.

After six months the cashback ends on the Spend & Save. When you’ve got the Plus account it’ll keep on however at the usual £5 a month charge (earlier than that £3 charge ).

The debit card transactions could be on something, so you may add small quantities to a financial savings account that permits debit card funds, repay cashback bank cards and even prime up Amazon credit score. We’ve additionally rounded up extra hacks to help you “spend” with your debit card to fulfil this requirement.

TSB Partnership Reward

For those who maintain your account going into September 2025, you’ll have the ability to declare one other freebie! To be eligible it is advisable have made 20 debit card transactions in August 2025 – so don’t cease these as soon as the opposite components of the supply have been accomplished.

You’ll be despatched a code through e-mail in September, and also you’ll have 30 days to assert your freebie. The rewards are:

  • Six Odeon tickets
  • Six months of NOW Leisure
  • A one-night resort keep for 2

You get two cinema tickets a month for 3 months. They’ll additionally solely be for normal 2D tickets.

It’s additionally value noting you may’t get the NOW go if you happen to’re already signed as much as one, although if you happen to’re within the final 30 days of a deal you may add this.

At full value, I’d say these two freebies might be value round £60, although there are sometimes offers and different financial savings which suggests I’d give them a real worth of £30.

The resort keep might be value much more, although there’s not but a listing of venues, and you may solely e-book 1 to 14 days prematurely of your keep. There’s additionally no refund if you happen to cancel the reserving.

As much as £40 cashback website fee

TopCashback is providing cash for opening the account, and you will get it along side the switching supply.

Charges change, however there’s £40 from TopCashback for the paid Plus account on the time of writing. Whereas Quidco is providing £30 for the free possibility.

There are some further phrases and situations right here. You’ll must deposit £500 a month and make two debit transactions (direct debits, standing orders and card funds) in three of the primary 4 months.

You’ll additionally must register for web banking and paperless statements within the first 90 days. After 120 days they’ll verify to see if you happen to’ve met the factors, although fee will most likely take loads longer.

For those who’ve not already signed as much as both cashback websites be sure to get a welcome bonus worth up to £20.

When will the cash be paid?

So long as you meet the factors, the primary £125 can be paid to your account between 28 March and 11 April 2025.

The extra account cashback from TSB is paid after the qualifying months, although you would possibly get the £10 bonus at a special time than the usual £5 fee. You’ll need to maintain the account open till you obtain the cash.

The cashback website fee can be a minimum of 120 days after opening, most likely longer.

TSB switching abstract

Switching bonus £100
Further bonus Double cashback for six months (As much as £60 whole)
Further reward Cinema tickets, resort keep or NOW go
Cashback website bonus As much as £40
Swap bonus paid Between 28 March and 11 April 2025
Open to present prospects Sure
Switching necessities Swap utilizing the Present Account Swap Service and shut outdated account with 21 days of the supply ending
Use the debit card 5 instances by 14 March 2025
Log in to on-line or app banking by 14 March 2025
Further bonus necessities Make 20 debit card transactions per calendar month for six months
Cashback website bonus necessities Make two debit funds in three of the 4 months from opening
Pay in £500 a month in three of the 4 months from opening
Exclusions Not have already got obtained a TSB switching bonus since 1 October 2022
Supply restricted to as soon as per individual and account
Supply ends Unknown, however prone to be late February 2025

Which TSB account must you open?

The month-to-month rewards on the Spend & Save and Spend & Save Plus are overly difficult.

I get why TSB need you to do that, however I feel the hassle to make use of your debit card 20 instances a month isn’t value it and also you’re higher off utilizing a cashback credit card. Even when it’s doubled to £10 a month it’s a little bit of a faff.

As talked about, I’d go for the free TSB Spend & Save, however if you happen to actually suppose you’ll stick at it for a 12 months and a bit, if no more, then the Plus will earn you extra. And also you’ll get the next cashback website bonus on prime with the latter account.

What TSB prospects suppose

TSB prospects rating the financial institution 3.6 out of 5. You’ll be able to learn extra about what they like and what they don’t on our sister site Smart Money People.

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TSB Spend & Save account advantages

Advantages £5 cashback a month for six months
Financial savings pots paying 2.52%
Save the pennies auto financial savings characteristic
Charge None
Necessities Make 20 debit card funds every calendar month
A number of accounts? TBC

TSB Spend & Save Plus account advantages

The additional options discovered with this account can be found totally free elsewhere.

Advantages £5 cashback a month
Financial savings pots paying 2.52%
Save the pennies autosaving characteristic
£100 interest-free overdraft buffer
Charge-free spending abroad
Charge £3 a month
Necessities Make 20 debit card funds every calendar month
A number of accounts? TBC

Is it value switching to TSB?

Andy’s evaluation

For those who’ve not had a switching bonus from the financial institution since October 2022 then this can be a good one to get a minimum of the primary £100. Be sure to go through a cashback website too for an additional £30!

I’m unsure the month-to-month reward and the freebie are value making 20 card funds a month. However if you happen to suppose you’ll do this naturally as your most important debit card then go for it.

Are there higher switching gives?

For those who’re a repeat switcher and aren’t planning to maintain an account then that is one to contemplate. However if you happen to plan to simply change as soon as I’d really take a look at different choices which have added rewards or cashback.

These come and go, so right here’s all the pieces it is advisable learn about all these and different different bank switching deals.

Newest financial institution change gives (A-Z)

As of twenty-two/1/25

Click on the hyperlinks for additional particulars and evaluation

Earlier TSB change gives ran in

  • August/September 2024 ((£100 + triple rewards + freebie)
  • Could/June 2024 (£100 + double rewards + freebie)
  • January 2024 (£125 + double rewards)
  • September / October 2023 (£150 + double rewards)
  • July / August 2023
  • February / March 2023
  • October / November 2022