TSB LAUNCHES £200 CURRENT ACCOUNT SWITCHING DEAL AS COMPETITION BETWEEN BANKS RAMPS UP

TSB is the latest major bank to launch a current account switching cash carrot in a bid to reel in customers. 

The high street bank has kicked off the new year with a switching bonus of £200. 

It will pay new customers the sum if they switch their current account to a Spend & Save or Spend & Save Plus current account. 

The payment arrives in two installments - firstly £150, followed by a further £50. 

To get the switching bonus, new customers must open an account before Friday 20 March 2026 and complete a full switch using the Current Account Switch Service. 

Existing TSB customers are also eligible if they opened a personal current account before Tuesday 13 January 2026, and complete a full switch to their account using Cass. 

Customers can apply through the TSB app, website or in branch.

To get the first £150 payment, customers must complete their switch, log into the TSB app and deposit £1,000 into the account they’re switching into by 20 March 2026. 

Customers must also make at least five payments using the debit card on the account they’ve switched to before 20 March 2026. The £150 bonus will be paid by 7 April 2026.

The next £50 will be paid if customers deposit £1,000 in their TSB account in April 2026. If they do this, customers will receive the extra £50 by 31 May 2026.

On top of the switching cash, customers will be able to nab up to £30 cashback from TSB in the first six months of opening the account. 

Customers can earn £5 cashback a month for the first six months when they open a new Spend & Save current account, or £5 cashback every month when they open a Spend & Save Plus account. 

To get this, customers must make at least 20 debit card payments in each calendar month. Any cashback will be automatically paid in the next calendar month.

It means that customers who have the patience to wait six months could be in line to receive £230 from TSB for switching their account. 

The Spend & Save account has no monthly fee, while Spend & Save Plus costs £3 per month. 

The main difference is Plus offers fee-free spending abroad and cashback for unlimited period, as opposed to six months with the free account.

How does it stack up to other deals? 

TSB joins the likes of Lloyds which last week launched a bigger and better £250 cash deal to customers who open one of its Club Lloyds accounts. 

New and existing customers who move from another bank to a new Club Lloyds account will receive the payment within 30 days of switching.

Club Lloyds has a £5 monthly fee, but this is refunded each month you pay in £2,000 or more.

This account has no fees on debit card spend abroad and a choice of either a 12 months Disney+ subscription, cinema tickets, Coffee Club and Gourmet Society membership or an annual magazine subscription.

Other banks currently offering current account switching deals include Santander with a £200 carrot, while Nationwide Building Society and First Direct are both offering £175 to switching customers. 

2026-01-13T11:50:19Z